(Fort Lauderdale) The Florida Panthers have agreed to a five-year extension of their operating agreement with Broward County, ensuring the team remains in that market through 2033 and likely well beyond.
County commissioners unanimously approved the revised terms Tuesday, which call for the Panthers to pay $51.5 million to eliminate outstanding debt on the county-owned arena where the team plays. The current agreement runs through 2028.
The revised terms also give the county two five-year options to further extend the agreement. If those options are not exercised, the county would have to return some or all of the $51.5 million debt payment to the Panthers.
“It was important to the county to keep the Panthers in Broward County for the long term,” said Matthew Caldwell, Panthers president and general manager. “We are excited. This is a big step forward for our long-term future.”
Both sides made concessions: The county will invest $25 million annually for capital and operating expenses at Amerant Bank Arena, while the team agreed to feature Broward County advertising on players’ helmets, continue to use local businesses as vendors whenever possible and donate at least $11.7 million over the next nine years to local causes and the promotion of youth hockey.
“Public-private partnerships should be mutually beneficial, and this one is,” Caldwell said.
The team recently spent more than $65 million to renovate the War Memorial in Fort Lauderdale, east of its Sunrise Stadium, and transform the building into the franchise’s training facility, complete with new shops and restaurants.
The exact amount the team spent on the project is unknown; $65 million was budgeted, and all the Panthers have publicly conceded is that their final costs were much higher.
“People are excited that we’re here for the long haul, that we’re expanding,” Caldwell said.
Last season, the Panthers surpassed 1 million fans for the first time in their history. The team, which struggled to attract fans and was constantly the subject of relocation rumors before changing course, ranked ninth in the NHL in average regular-season attendance last season.