North Carolina State University Athletics
Centennial Authority Approves Naming Rights Distribution Agreement
11/6/2000 12:00:00 AM | Pack Athletics
The plan provides North Carolina State University with $1,318,400 per year for 10 years and then 11.88 percent of the net revenues for years 11-20. The Centennial Authority will receive 38 percent of the net revenues beginning in year one and will increase to 49.88 percent in year 11. The Centennial Authority revenue will be used for a building enhancement fund dedicated to making renovations and repairs need to keep the arena a state of the art facility for its tenants. The Hurricanes, which operate the arena and absorb operating losses, will receive the remaining revenue, approximately one-half of the total revenues.
The building enhancement fund will receive all of the Centennial Authority's excess operating revenue and any funds that remain following the project's completion. This fund will ensure that the Entertainment and Sports Arena remains one of the finest multipurpose facilities in the United States.
Centennial Authority Chairman Steve Stroud commended the Authority, the Raleigh City Council and the Wake County Board of Commissioners for adopting a plan that will benefit all partners and ensure the continued prosperity of the arena. "I am excited about this development and hope that the other partners will act quickly to approve this plan. This plan will benefit the arena and all its partners," Stroud said.
The Centennial Authority is a 19-member public body created by the North Carolina General Assembly and charged with the construction and operation of a regional sports and entertainment facility.
