BROWARD COUNTY, Fla. – The Florida Panthers and their parent company, Sunrise Sports & Entertainment, have reached an $86 million modified operating agreement with Broward County for the BB&T Center.
In October, the owner of the Panthers sent a request to Broward County to help maintain their arena. The owner said the cost of the 17-year-old BB&T Center was causing them to lose money.
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County officials said under the terms of the new agreement, the county will provide $39 million for maintenance, repair and upgrades, and $45.5 million to assist with operating expenses such as utility costs and insurance, with an additional $1.5 million going to attract a high impact event.
"We've made a significant investment over the last 17 years in the BB&T Center and with the Florida Panthers," County Administrator Bertha Henry said. "We want to continue the partnership, and we can do that when both sides are committed."
Broward County officials said under the new terms, the hockey team will continue paying $5.3 million annually, contribute $500,000 annually to a county tourism fund and share revenue profits with the county, but that funding will ultimately come from tourist development taxes, which are paid primarily by visitors to Broward County.
The National Hockey League will also contribute $1.5 million to youth hockey development in Broward County, officials said.
"The NHL is extremely pleased that the Florida Panthers and Broward County have agreed to work together to create an exciting future for the Panthers, their fans and BB&T Center," NHL Commissioner Gary Bettman said. "This collaboration provides a terrific opportunity for a surging team and an outstanding venue to energize the sports landscape in South Florida."
"This partnership ensures that the BB&T Center will continue to be a premiere sports and entertainment facility, benefiting the Broward County community and all of South Florida," Florida Panthers Executive Chairman Peter Luukko said. "The agreement shows the county's commitment to arena improvements and to the team. We are excited for what the future holds for both the Panthers and the BB&T Center."