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Hurricanes, Centennial Authority agree to five-year lease extension

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The Hurricanes will call PNC Arena home through at least the 2028-29 season.

Jamie Kellner

The Hurricanes will call PNC Arena home for at least eight more seasons. The team and Centennial Authority signed a five-year lease extension Thursday, stating that the Hurricanes will occupy PNC Arena until Sept. 30, 2029, and through the 2028-29 season.

For those that need a refresher on how the Hurricanes and Centennial Authority’s relationship functions in regards to the ownership and operation of the arena, Brian did an excellent job breaking all of that down last year.

The team’s official release on the lease extension follows:

CENTENNIAL AUTHORITY AND HURRICANES SIGN FIVE-YEAR LEASE EXTENSION

Arena lease now goes through the 2028-29 season

RALEIGH, NC – The Centennial Authority, owners of PNC Arena, and Gale Force Sports and Entertainment, L.L.C announced today the signing of a five-year lease extension with the Carolina Hurricanes. The newly signed lease states that the Hurricanes will occupy PNC Arena until September 30, 2029.

“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.”

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 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 proud to call PNC Arena and the Triangle home,” said Don Waddell, President and General Manager of the Hurricanes. “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.”

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 THE 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. For media inquiries, please contact Jeff Merritt at (919) 624 – 1254 or jmerritt@centauth.com.

ABOUT THE CAROLINA HURRICANES:

The Carolina Hurricanes were established in Raleigh in 1997 after relocating from Connecticut, where the National Hockey League franchise was originally founded in 1979. Since their arrival in North Carolina, the Hurricanes have captured four division championships, two Eastern conference titles and the 2006 Stanley Cup championship. The team also hosted the 2004 NHL Draft and the 2011 NHL All-Star Weekend at PNC Arena, where it plays its home games.