Raleigh, NC – The Centennial Authority, owners of PNC Arena, and Gale Force Sports and Entertainment, L.L.C announced 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.
PNC Arena (photo by Gene Galin)
“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.