Canada-based Nortel Networks "and a handful of other
companies are interested in attaching their name" to the new
$158M arena in Raleigh in a deal that "could be worth up to"
$60M for 20 years, according to Carrick Mollenkamp in the
WALL STREET JOURNAL's Southeast Edition. But Hurricanes
Owner Gale Force Holdings must first "reach terms" with N.C.
State Univ., which owns the right to name the arena. Though
a Nortel spokesperson said that the company "is interested"
in discussing naming opportunities, it first "wants a clear
answer on who controls the rights." NC State originally
"committed" the naming rights to NC hog farmer Wendell
Murphy for between $7-10M, but Murphy "agreed" to relinquish
those rights, and the university is "holding out for more"
money if it passes those rights to Gale Force. Sources say
that NC State "wants part of any amount that's paid in
excess of" $10M in a name deal. Gale Force President Dean
Jordan: "If they want more than $10 million at the end of
the day, then there is not going to be a deal" (WALL STREET
JOURNAL -- SOUTHEAST EDITION, 9/29).
