SBD/27/Facilities Venues

DEAL DONE, RALEIGH HAS TWO YEARS TO PREPARE FOR HURRICANES

          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).

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