Carolina Panthers, Charlotte agree on funding deal

The Carolina Panthers won't be mentioned the next time NFL franchises are rumored to be moving to Los Angeles.

Anthony Foxx, the mayor of Charlotte, N.C., announced a tentative agreement was reached Friday in which the city will give the Panthers $143.75 million from a food and beverage tax increase paid out over the next 15 years. The team is required to remain in the city during that period, the Charlotte Observer reported.

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The Panthers are looking for cash from the city and state for upgrades to Bank of America Stadium. The deal, if finalized, will include $62.5 million from the state. The city must approve the 1-percent tax increase on food and beverages. The team has plans for $250 million in improvements for the stadium, which opened in 1996.

The announcement came after a meeting between the Charlotte city council, Panthers owner Jerry Richardson and team officials on Friday.

"Our biggest problem is poaching," Foxx said Thursday. "There are cities without teams who are building stadiums."

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