SBD/December 15, 2010/Franchises

Hurricanes' Revenue Dropped 25% In Most Recent Fiscal Year

Hurricanes' Admissions Revenue Declined 38% To $22.9M Last Season

Revenue for Hurricanes parent company Hurricanes Hockey LP "plummeted by 25 percent, to $68.9 million, for the fiscal year ended June 30, 2010," according to Chris Baysden of the TRIANGLE BUSINESS JOURNAL. Financial data the team provides to RBC Center governing body The Centennial Authority indicated that that figure "was down from $91.8 million in the previous fiscal year." The Hurricanes "not making the playoffs -- and being a long shot to do so for much of the year -- caused admissions revenue to decline" by 38% to $22.9M last season, and declining attendance "caused drops in parking and concessions." Hockey revenue figures indicated that the Hurricanes' luxury suites line item "sunk from $5 million two season ago to $3.9 million in the most recently completed season," while advertising, "another corporate revenue source, dropped by about" 8% to $6.6M. Hurricanes President & GM Jim Rutherford has said that the team "lost money last year, but he declines to reveal how much." When asked about the overall revenue drop, Rutherford pointed to a "decline in revenue sharing." Baysden notes because the Hurricanes "didn't achieve certain benchmarks, the 'NHL' line item on the team's financials" showed a 16% drop to $23.5M. Rutherford said that ticket and corporate sales are "up a little so far this year, while suite sales are down." The team's attendance "has totaled 169,897 through the first 11 home games this season, or 15,445 per game." That is "up by about" 6% from the same period last year (TRIANGLE BUSINESS JOURNAL, 12/10 issue).

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