The Florida Panthers, who recently won the Stanley Cup, have extended their operating agreement with Broward County for an additional five years, securing their presence in the area until at least 2033. County commissioners unanimously approved the revised terms, which include the Panthers contributing $51.5 million to clear the remaining debt on the county-owned arena where they play. The current agreement was set to expire in 2028.
The updated terms also grant the county two five-year extension options. If these extensions are not exercised, the county may have to refund part or all of the $51.5 million debt payment to the Panthers. Panthers President and CEO Matthew Caldwell expressed enthusiasm about the agreement, highlighting its significance for the team’s long-term future.
The approved agreement is a term sheet, with official documentation yet to be finalized, though this process is expected to proceed smoothly. Both parties have made concessions; the county will invest $25 million annually for capital expenditures and arena operating expenses, while the Panthers agreed to display Broward County advertising on player helmets, support local businesses as vendors, and donate at least $11.7 million over the next nine years to local causes and youth hockey promotion.
The franchise recently invested over $65 million in renovating the War Memorial in Fort Lauderdale and converting it into the team’s practice facility, exceeding their budget significantly. Caldwell highlighted the team’s commitment to staying long-term and continuing to invest in the community. Last season, the Panthers attracted over 1 million attendees, a milestone in franchise history. Despite previous attendance challenges and relocation rumors, the team ranked ninth in the NHL for regular-season attendance.
During the county meeting, Commissioner Michael Udine lauded the positive impact the Panthers have had on the Broward community, reflecting on the franchise’s remarkable progress over the years. The renewed agreement signifies a strong partnership benefiting both the team and the county, fostering continued success and growth for the Florida Panthers in South Florida.