The city of Greensboro, NC, will pay the AHL Carolina
Monarchs $350,000 "over the next two years as compensation
for breaking" the team's "contract with the Greensboro
Coliseum and in an effort to secure the team's return" to
Greensboro in '99 from New Haven, CT, according to Simmons &
Michaux of the Greensboro NEWS & RECORD. The coliseum "will
pay the Monarchs $200,000 during this fiscal year and
$150,000 next year." Simmons & Michaux report that the pay-
out "could result in a lower net profit for the coliseum
over the next two years -- years that city leaders had hoped
the deficit-plagued facility would make money by hosting"
the NHL Hurricanes. City Manager Ed Kitchen: "The council
felt like this was a good move to ensure a good future of
hockey in the community beyond the Hurricanes." Hurricanes
Owner Peter Karmanos "agreed to rent the Monarchs" for the
two seasons the Hurricanes will play in Greensboro, paying
them $200,000 per season. After two years the Monarchs will
have the "option of selling out to Karmanos" for $2.2M, or
becoming the Hurricanes' AHL affil and returning to
Greensboro after the Hurricanes leave (NEWS & RECORD, 8/19).
