NC State Univ. is negotiating a "deal for relinquishing
its right to name" the Raleigh Entertainment & Sports Arena
and "wants at least" 35% of the proceeds from "any naming-
rights resale," according to Ned Glascock of the Raleigh
NEWS & OBSERVER, who noted that the 35% figure "could
deliver the university considerably more than" the $10M the
Hurricanes "had in mind" to pay for the rights. The
Hurricanes have already "promised to surrender" 38% of the
net proceeds of a naming rights deal to the governments of
the city of Raleigh and Wake County to "help offset" those
entities' $60M investment in the facility. If 35% goes to
NCSU, the Hurricanes' "portion would fall" to 27% -- "less
than team officials would like." Hurricanes Owner Peter
Karmanos, on NCSU's stance: "It gets to the point where if
somebody's trying to make too much for themselves, it
doesn't make sense [to sell the rights]." Glascock wrote
that it's "unlikely" a naming rights deal "will be struck in
the [11] days remaining before the arena opens" for the
Hurricanes debut in Raleigh, and "perhaps not before" the
NCSU basketball home opener November 19. Nortel Networks is
the "only" corporation that has "emerged as a naming-rights
bidder," but Dean Jordan, President & COO of Gale Force
Holdings, the Hurricanes parent company, said he has "never
spoken with Nortel" (Raleigh NEWS & OBSERVER, 10/17)
