CENTENNIAL AUTHORITY, N.C. STATE UNIVERSITY AND THE CAROLINA HURRICANES AGREE IN PRINCIPLE TO TERMS FOR DISTRIBUTION OF NET PROCEEDS IN NAMING RIGHTS OF THE ENTERTAINMENT AND SPORTS ARENA
RALEIGH, NC – In a meeting today with the Centennial Authority, there was an agreement reached in principle among North Carolina State University, and the Carolina Hurricanes regarding the distribution of funds each party would receive from any naming rights package concerning the Entertainment and Sports Arena.
The key components of the agreement that was reached in principle include:
-North Carolina State University, which originally owned the right to name the Entertainment and Sports Arena, will receive $10 million with interest spread out over the first 10 years of any naming rights package.
-Starting in Year 11 of the naming rights package, North Carolina State University will receive a percentage of net proceeds, based upon a portion of their initial investment in construction of the Entertainment and Sports Arena.
-The percentage of proceeds that would be directed to the City of Raleigh and Wake County, which originally was established at 38%, will remain the same.
This agreement allows the Carolina Hurricanes to move forward in identifying a potential sponsor for the naming rights of the Entertainment and Sports Arena.