Stanley Cup champion Panthers agree to extend arena deal through at least 2033
FORT LAUDERDALE - The Stanley Cup champion Florida Panthers are extending their operating agreement with Broward County for five more years, ensuring that the team remains in Sunrise through 2033 and likely well beyond.
County commissioners on Tuesday unanimously approved the revised terms, which include the Panthers giving $51.5 million to eliminate remaining debt on the county-owned arena where the team plays. The current deal runs through 2028.
The Panthers began playing at the arena on Oct. 9, 1998 from its home in Miami. The arena has undergone several name changed and now is called Amerant Bank Arena.
The Panthers will open the season by raising the 2024 Stanley Cup champions banner against the Boston Bruins at 7 p.m. Oct. 8.
"The county and our team share a deep commitment to investing in a bright future for our community," Panthers owner Vincent Viola, who acquired the team in 2013, said. "Our strong partnerships - first and foremost with Broward County, as well as with the cities of Sunrise, Coral Springs and Fort Lauderdale - exemplify the way in which successful public-private partnerships can foster economic growth and cultural vibrancy."
The Panthers won the franchise's first title on June 24, defeating the Edmonton Oilers in the best-of-7 series. The Panthers were swept in 1996 by Colorado and routed 4-1 by Vegas in 2022.
And an estimated 400,000 people braved torrential rain and lightning for the parade in Fort Lauderdale.
The updated terms also give the county two five-year options to extend the agreement even further. If those extensions are not picked up, the county will 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 long term," Panthers President and CEO Matthew Caldwell said. "We're excited about it. It's a great, great step forward for our long-term future."
What was approved Tuesday was a term sheet. Binding documents have yet to be written, though that process is expected to be relatively smooth now that this stage has been cleared. There are concessions from both sides: The county will invest $25 million annually for capital expenditures and expenses related to the operating of Amerant Bank Arena, while the team agreed to have Broward County advertising on player helmets, to continue using local businesses as vendors whenever possible and to donate at least $11.7 million over the next nine years toward local causes and promoting youth hockey.
"Public-private partnerships have to be good for both sides, and this one is," Caldwell said.
The team recently spent well over $65 million to refurbish the War Memorial in Fort Lauderdale, east of the team's game-night home in Sunrise, and turn that building into the franchise's practice facility with new retail and dining options. The exact amount of what the team spent on that project isn't known; $65 million was the budget, and all the Panthers have conceded publicly is that their final costs were much higher.
"People are excited that we're here for the long-term, that we're extending," Caldwell said.
The Panthers, including playoff games, exceeded 1 million in attendance last season for the first time in team history. The team — which struggled with poor attendance and constantly dealt with relocation rumors before the franchise turned around its fortunes — was ninth in the NHL in average regular-season attendance last season.
Michael Udine, one of the county commissioners, said from the dais at Tuesday's meeting that "something special" has happened with the Panthers and the Broward community in recent years.
"When I went to the first hockey game in South Florida about 30 years ago and the ice was melting when you were in the stands, if you would have said in this short period of time that we'd be No. 9 in the NHL during the regular season for attendance, I think people would have thought that you were on drugs," Udine said. "It's a testament to what the Panther organization has done in Broward County and in South Florida."
The Panthers will host Training Camp Fan Fest from 9 a.m. to 2 p.m. Saturday at the Baptist Health IcePlex in Fort Lauderdale.