NC State Univ. (NCSU) on Friday "became the fourth
public body to endorse the latest proposal for sharing
naming-rights revenues" at the Raleigh Entertainment &
Sports Arena, according to Dan Kane of the Raleigh NEWS &
OBSERVER, who wrote that NCSU joined the Centennial
Authority, the Raleigh City Council and the Wake County
Board of Commissioners. The Hurricanes' parent company,
Gale Force Holdings, "remains opposed to the proposal." But
company officials "are hoping a compromise can be reached so
the long-delayed sale of naming rights can proceed." Kane
noted that for the first ten years of the proposed
agreement, NCSU would receive nearly $14M, but in the
remaining years, NCSU "would devote" its 12% share of naming
rights revenues to "upkeep of the arena" and parking areas
at Carter-Finley Stadium. Kane: "Though the latest proposal
wouldn't give the university as much of a naming-rights
share as one proposed early this year, it does provide other
incentives. It would give the university a bigger cut of
suite revenues than Gale Force wants to give up." But Gale
Force President Jim Cain won't agree to the concessions
"because they hurt Gale Force's bottom line." Cain also
"disagrees with a provision setting a limit on how much" the
naming rights sponsor can receive in free tickets, suites,
parking and advertising (Raleigh NEWS & OBSERVER, 11/18).
