The Carolina Hurricanes (NHL) and the Centennial Authority reached agreement on a five-year PNC Arena lease extension through the 2028-2029 season.
“We are proud to call PNC Arena and the Triangle home,” said Don Waddell, President and General Manager of the Hurricanes, via press release. “This is an exciting time for our franchise on and off the ice and we plan to give this community plenty to cheer for now and into the future.”
The new lease calls for the Centennial Authority to pick up 50 percent of the arena’s operating costs, up to $3.885 million per year. In addition, $9 million annually from City of Raleigh and Wake County’s hotel and prepared food and beverage tax revenue will be applied to the arena budget. The goal, according to both sides, was to make the PNC Arena lease extension more in line with other NHL leases. Additionally, the lease extension includes the commitment of the Hurricanes Foundation to contribute cash and in-kind benefits of no less than $1M per year to youth hockey and/or charities throughout the state of North Carolina, solidifying the Hurricanes’ commitment to the Triangle Region.
“We are excited to extend this lease with the Carolina Hurricanes,” said Thomas McCormick, Centennial Authority board chair, via press release. “The Hurricanes were an integral part of the team who built PNC Arena and the Centennial Authority board is pleased to continue our operations of this regional arena with Hurricanes as a major tenant.”
The Hurricanes have called PNC Arena home since the building’s inception in 1999.
The lease extension comes after Tom Dundon completed the purchase of all remaining minority shares in the team in late June. The transaction was unanimously approved by the NHL’s Board of Governors; Dundon now owns 100 percent of the Canes.
Dundon, 49, has been the chief executive officer, owner and governor of the Carolina Hurricanes since acquiring a majority stake in the franchise on Jan. 12, 2018. The Hurricanes have qualified for the Stanley Cup Playoffs in each of Dundon’s three full seasons as owner. The transaction also marks the first time that Peter Karmanos Jr. has not owned at least a minority share of the Hurricanes franchise since he first acquired the Hartford Whalers on June 28, 1994.
Photo courtesy Carolina Hurricanes.