Charlotte, N.C., mayor Anthony Foxx said the city will give the Carolina Panthers $143.75 million over the next 15 years from a food and beverage tax increase.
The Charlotte Observer reported Friday that if the deal is finalized, the team would be required to stay in Charlotte during that time. The city has to approve a 1 percent food and beverage tax increase. About $62.5 million would come from the state. The Panthers are seeking $250 million to make improvements to Bank of America Stadium.
The deal was announced after the city council met with Panthers owner Jerry Richardson.
The Panthers have been linked as one of the teams looking to move to Los Angeles.