Charlotte Mayor Anthony Foxx announced late yesterday that the city of Charlotte and the Carolina Panthers organization have reached a tentative agreement that will keep the team put for at least the next 15 years.
A “tentative” agreement simply means the two sides have agreed in principle and are in the process of ironing out the details before it is made legal.
It’s also one less distraction for an organization that has seen a shake-up at the very top and through the coaching ranks over the past few months. The end result is that potential free agents won’t have that concern and will make the Panthers that much more attractive to sign with unlike the Rams, for instance.
While salary cap issues are going to prevent the team from being in any big free agent market, every team usually picks up a couple of them for depth so it might have been an issue but no more.
Foxx indicated the city of Charlotte would give the Panthers over $140 million in tax revenue from a 1% increase in the food and beverage tax over the next 15 years during which time the Panthers must remain within the city.
The city has to ratify the tax increase and it appears some portion of the tax comes from the state level. I’m guessing the “food and beverage tax” may be only on restaurants and not grocery stores but that distinction is still unclear. I’m just wondering how far down this funding reaches into the everyday lives of average people.
When cities that have no NFL franchise build stadiums to possibly attract a team, it complicates matters. It’s called “poaching” and is the city’s biggest problem with the issue, according to Mayor Foxx.
For their part, the Panthers plan on making $250 million in stadium improvements over that time. Bank of America Stadium was finished and ready for the Panthers in 1996.