The Carolina Hurricanes will remain in Raleigh, North Carolina, for the following two decades.
The 2006 Stanley Cup Champions have renewed their lease at their home playing ground, the PNC Arena, for 20 years, which would see the team play in the venue until the 2043-44 NHL season.
The Hurricanes have had considerable success for the past few years, making the playoffs in the last five seasons. They finished 52-21 in the 2022-23 NHL season, which is good for first place in the Metropolitan Division of the league.
The team made it to the Eastern Conference Finals of the 2023 Stanley Cup Playoffs. However, they were swept by the Florida Panthers, denying them a berth in the championship round.
The Hurricanes have played at the PNC Arena since it first opened in 1999, and it was initially named Raleigh Entertainment and Sports Arena from 1999 to 2002.
RBC Bank acquired the venue's naming rights afterward, and the venue became known as the RBC Center from 2002 to 2012.
Since PNC Financial Services bought RBC Bank's United States assets in 2011, the facility changed its name to the PNC Arena, which became official in March 2012.
According to Sports Pro Media, the venue is responsible for about US$262 million in annual revenue to the Wake County economy.
Hurricanes president and general manager Don Waddell have made it clear that they are planning to stay in Raleigh after rumors persisted throughout the years about the team potentially relocating to a different city after nine straight seasons of not making the Stanley Cup Playoffs from 2009-10 to 2017-18.
"That gets removed. No option for relocation," the 64-year-old team executive said regarding the topic.
The Hurricanes notably ended their affiliation with the minor league hockey team Chicago Wolves of the developmental league American Hockey League (AHL) at the end of the 2023-24 season.
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Plans to develop the area around PNC Arena
The new 20-year lease agreement includes a commitment from the City of Raleigh and Wake County to invest $300 million to develop the arena and its surroundings.
A thriving retail, dining, and entertainment district with vibrant work-play spaces will be developed during the lease.
The Carolina Hurricanes will be required to make a minimum investment of $800 million. They will also pay for the PNC Arena's private renovations for the next 20 years.
Hurricanes owner and governor Thomas Dundon says the development will transform PNC Arena into a year-round destination for residents while improving the event day experience for Hurricanes fans, North Carolina State fans, and concertgoers.
"North Carolina is the home of the Hurricanes, and I am proud to say that the Hurricanes will continue to call PNC Arena home," the 51-year-old businessman added.
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