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DEAL DONE, RALEIGH HAS TWO YEARS TO PREPARE FOR HURRICANES
Published October 27, 1997
The Hurricanes on Friday "agreed to spend" $20M as part of its deal to play in Raleigh's new sports arena and "pledged to stay" in the city for 20 years, according to Joe Dew of the Raleigh NEWS & OBSERVER. The team also "acknowledged - with a caveat" that N.C. State holds the naming rights to the facility. The Hurricanes had originally planned to contribute $10-12M towards the arena, but the extra money will help the Centennial Authority add a "long list of amenities," including 20 additional luxury suites, a special press section, and video scoreboards. The Hurricanes also "agreed to make it clear in the legal agreements" that N.C. State now holds naming rights, however Hurricanes attorney Jim Cain said "that could change" if a corporate sponsor offered "millions of dollars" for the rights. If so, in exchange for giving up the rights, N.C. State "would be guaranteed" a share of the money (NEWS & OBSERVER, 10/25).