The Hurricanes and the Centennial Authority "completed the new lease agreement for PNC Arena that extends through the 2028-29 NHL season," according to Wiseman & Alexander of the Raleigh NEWS & OBSERVER. The lease was originally set to expire in '24. The lease completed on Thursday stipulates the team "would owe [a] $31 million termination fee if it relocates prior to the 2024-25 season." That fee "drops each year from there until the end of the lease, falling to $20 million, then to $12 million, $6 million and finally $3 million for relocating prior to the 2028-29 season." 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 including enhancement of the arena." As part of the lease agreement term sheet, the authority "will pay 50% of the arena operating costs each year up to $3.885 million." The authority also agreed to a "reduction of the rent for fiscal 2020 of $1.78 million and no rent to be paid in the following years." Centennial Authority Chair Tom McCormick believes that this new lease "does all it can to keep the Hurricanes in a financial position to remain successful in Raleigh" (Raleigh NEWS & OBSERVER, 7/9).
