Carolina Hurricanes home to remain PNC Arena

Article posted by Coliseum, April 5^th, 2023

Image: NHL

The PNC Arena in Raleigh, North Carolina, US, home of the National Hockey League’s (NHL’s) Carolina Hurricanes and the NC State men’s basketball team, will remain the ‘PNC Arena’ for at least two more years after ‘the Canes’ and bank officials announced an agreement recently.

‘The Charlotte Observer’ stated that at a special Board meeting of the Centennial Authority, which officially owns and oversees the arena and its operation, the group agreed to the new agreement, which includes a two-year extension of the building’s naming rights, and a seven-year agreement overall between the Gale Force Holdings – parent company of the Hurricanes – and the PNC Bank.

The PNC Arena is an indoor arena located in Raleigh, North Carolina, US. The arena seats 18,680 for ice hockey and 19,500 for basketball, and boasts 61 suites, 13 luxury boxes and 2,000 club seats. The building has three concourses and a 300-seat restaurant.

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The Carolina Hurricanes are a professional ice hockey team based in Raleigh, North Carolina, US. They compete in the National Hockey League (NHL) as a member of the Metropolitan Division in the Eastern Conference, and play their home games at the PNC Arena.

The NC State Wolfpack men’s basketball team represents the North Carolina State University in National Collegiate Athletic Association (NCAA) Division I men’s basketball competition. The N.C. State is one of the seven founding members of the Atlantic Coast Conference.

The North Carolina State University is a public land-grant research university in Raleigh, North Carolina, US. Founded in 1887 and part of the University of North Carolina system, it is the largest university in the Carolinas.

Indianapolis (US)-based the National Collegiate Athletic Association (NCAA) is a nonprofit organization that regulates student athletics among about 1,100 schools in the United States, Canada and Puerto Rico.

North Carolina (US)-based the Atlantic Coast Conference is a collegiate athletic conference located in the Eastern United States.

The PNC Financial Services Group, Inc. is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania, US. Its banking subsidiary, the PNC Bank, operates in 27 States and the District of Columbia, with 2,629 branches and 9,523 ATMs.

‘The Charlotte Observer’ further stated that in addition to two years of building naming rights, PNC will have sponsorship of the previously unsponsored club level at the arena for seven years – a term that matches the currently agreed-to lease between the Centennial Authority and the Hurricanes. No financial terms have been disclosed.

The original 20-year deal between the Hurricanes and what was originally RBC Centura Bank, worth $4 million per year, expired at the end of August, but the two sides continued to extend the negotiating window to pursue a long-term extension. Any naming-rights revenue is divided among the Hurricanes, the N.C. State and the Centennial Authority.

The most recently negotiated lease agreement between the Hurricanes and the Centennial Authority runs through September 30^th, 2029, though longer-term deals have been discussed in conjunction with a major renovation project that would transform the 24-year-old arena into a more modern event venue.

The Centennial Authority and the N.C. State receive a flat fee for naming rights, per the lease agreement, even if there is no naming rights sponsor. The Centennial Authority receives about $1.7 million, and the N.C. State about $300,000 annually for naming rights.

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