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SBD/June 10, 2013/Facilities
Hurricanes' Rutherford Downplays PNC Arena Scheduling Conflict With N.C. State
Published June 10, 2013
BANK DEPOSITS: In Raleigh, Jason deBruyn notes N.C. State's cut from naming-rights revenue for PNC Arena "will be reduced by nearly three-quarters under terms of the 20-year agreement that's now entering its second decade." When the deal was struck in '03, the Centennial Authority government agency that owns the arena's naming rights "decided to give the Hurricanes a larger portion of the naming rights revenue" because the Hurricanes have more home games than the N.C. State basketball team. At the time, N.C. State "claimed to already have a naming rights deal" worth $10M in place. The Centennial Authority allotted N.C. State $1.3M per year for 10 years "to cover the agreement plus interest." For the second half of the contract, N.C. State "receives between $356,000 and $362,000 and must use that money for improvements at the arena complex." The Hurricanes receive about an 8% "bump in the second decade, hovering around" the $1.15M range (TRIANGLE BUSINESS JOURNAL, 6/7 issue).