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Hurricanes Allowed To Withhold Some Financial Figures Dubbed By Team As "Trade Secrets"

Hurricanes parent company Gale Force Sports & Entertainment "will no longer report two annual hockey-related revenue figures" to PNC Arena landlord Centennial Authority -- the "amount received by the team from the NHL and from its local television contract," according to Chip Alexander of the Raleigh NEWS & OBSERVER. Gale Force requested the change, saying those figures were “proprietary trade secret information.” Hurricanes President Don Waddell: "It was a very inaccurate report because not everything is reported in it, so we just said … let’s go back to what’s required by our lease agreement with the Centennial Authority. We fulfilled our lease obligation." He added, “What you were getting before was just half the revenues in some areas ... (and) painted a picture that was untrue. So we’re going to just cut that out and just give what we feel is deemed by our lease agreement. It eliminates all the other questions about people trying to guess are the Hurricanes and Gale Force making money or not making money.” Alexander notes the authority report for FY '15 "listed total revenue" for Hurricanes Hockey LP as about $96M, a "slight dip" from the $97.5M in '14. Hockey expenses were not listed. Of those totals, which Waddell "said included NHL revenue-sharing, NHL revenue was reported" at $43.25M in FY '15, an increase of more than $3M from FY '14. Television revenue in each year was about $14.4M. The authority will "continue to receive financial information from Gale Force" on such line items as arena admissions, advertising, suite sales and parking. The information came during a press conference held to "refute a media report" that Hurricanes Owner Peter Karmanos Jr. could be close to selling the team to a group that might seek to relocate the franchise. Waddell: "There’s not a chance. This franchise is not going anywhere” (Raleigh NEWS & OBSERVER, 12/2).

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