May 28 / 2020
Hurricanes and Centennial Authority Agree to Five-Year Lease Extension
RALEIGH, N.C. - The Centennial Authority, owners of PNC Arena, and Gale Force Sports and Entertainment, L.L.C announced today that the Centennial Authority board has approved a five-year lease extension with the Carolina Hurricanes. The newly negotiated lease states that the Hurricanes will occupy PNC Arena until July 1, 2029.
The Carolina Hurricanes, the first major professional sports franchise to locate in the Raleigh-Durham region, have called PNC Arena home since the building's inception in 1999. The current lease agreement between the Centennial Authority and the Carolina Hurricanes runs through June 30, 2024. The new lease extension includes operating expense agreements between the Centennial Authority and Gale Force, termination rights and repayment, and guarantee of performance. Additionally, it 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. "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 along with N.C. State University."
In the fall of 2019, the Centennial Authority announced plans for upgrades to PNC Arena to enhance the fan experience. The City of Raleigh and Wake County voted to support the upgrades with revenue from the Interlocal Agreement. As of May 2020, final contributions from that agreement have not been determined.
"This extension gives us the flexibility and time to make sure we make the best long-term decision for the Hurricanes and the Triangle -- whether that means a major renovation, development around this arena or a new arena," said Tom Dundon, chief executive officer, owner and governor of the Carolina Hurricanes. "We have a great place to play, but there are things we need to address based on the age of the facility, the arena's amenities and the area around the building."
PNC Arena contributes approximately $262M annually to the Wake County economy. With events ranging from Carolina Hurricanes and NC State Men's Basketball games to major concert tours to family-friendly programming, there is no other venue in the state that can support the varied types of events hosted by PNC Arena. Focused on the future, the facility looks to remain a world-class economic engine, serving as a catalyst for continued growth in the region.
About Centennial Authority
Created in 1995 by the General Assembly, The Centennial Authority owns and operates PNC Arena, located in Raleigh, N.C. Home to the North Carolina State Wolfpack men's basketball and the Carolina Hurricanes hockey franchise, the regional, multi-purpose facility contributes a first-class facility, employment opportunities, and revenue to the local economy. The Authority, as owners, provide facility oversight, finance monitoring, operations, and facility upgrades.