The Centennial Authority will pay 50% of the arena operating cost each year up to $3.885MGETTY IMAGES
The Hurricanes have moved closer to securing a deal to stay in Raleigh as the Centennial Authority has "received approval on financial funding from the city and county that was a stipulation in completing a new PNC Arena lease extension" with the team, according to Chip Alexander of the Raleigh NEWS & OBSERVER. The five-year agreement "would extend the Canes’ lease, which was to expire in 2024, through July 1, 2029." Centennial Authority Exec Dir Jeff Merritt yesterday said that the extension has been "turned over to attorneys for the authority and the Hurricanes for final inspection and approval." Alexander reports the annual stipend of $9M "will be used to assume part of the arena operating expenses detailed in the lease extension and for other purposes." As part of the lease agreement, the authority "will pay 50 percent of the arena operating costs each year" up to $3.885M. The authority also "agreed to a reduction of the rent" for FY '20 of $1.78M and to "no rent in the following years" (Raleigh NEWS & OBSERVER, 10/7).
