Carolina Hurricanes, Centennial Authority Agree to 20-Year Lease Extension

The Carolina Hurricanes completed their 25th season as a franchise earlier this year, celebrating with a trip to the Eastern Conference Finals and one of the best home crowds in the NHL at PNC Arena.

That support will continue, as it was announced on Tuesday that Carolina and Centennial Authority agreed to a 20-year lease extension, making PNC Arena home to the Hurricanes through the 2043-2044 campaign.

Not only will they remain in Raleigh, but the area surrounding the arena will undergo renovations, which is set to include a Sports & Entertainment district, along with public gathering space.

The entertainment district is expected to include a small, indoor music venue, parking decks, and housing.

“This is an exciting day for the Triangle,” stated Hurricanes owner Tom Dundon in a release. “This development will transform PNC Arena into a year-round destination for residents, while also improving the event day experience for Hurricanes fans, NC State fans and concertgoers alike. 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 Centennial Authority, which owns PNC Arena, will invest a maximum of $300 million, while Dundon will contribute a minimum of $125 million.

While this announcement has a major impact on the growth and development of PNC Arena and the city of Raleigh as a whole, it also will affect the NHL .

Both Carolina and the NHL have agreed for Raleigh to be the host of the NHL All-Star Game within three years of the development completion and the site of another Stadium Series contest within five years of completion.

“This potential development project is going to be the greatest thing to happen to Raleigh since North Carolina State decided to build its university there,” said Centennial Authority board chairman Philip Isley. “It’s going to really be the catalyst for an extraordinary entrance into our city.”

PNC Arena and NC State’s Carter Finley-Stadium stand next to another, causing some concern for future football contests, but a five-acre area will be preserved for tailgating.

With minor chatter regarding relocation from Raleigh, Tuesday’s announcement nixes any and all speculation and showcases the city’s commitment to the Hurricanes.

Carolina’s original lease was expected to run through the 2028-2029 season with an option to terminate the lease at the end of this coming season.