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The Broward County Commission has voted 9-0 in favour of amending and extending a lease agreement for the NHL’s Florida Panthers to continue playing at Amerant Bank Arena.
The new deal will see the Panthers remain at the County-owned arena until at least 2033. The County will also have the option to retain the team for two additional five-year terms for a total of 19 years, until 2043.
The amended agreement will grant the Panthers exclusive rights to propose and submit a development plan for the property surrounding the arena for Broward County’s approval.
Upon completion of a final agreement, the Panthers will pay an upfront fee of $51.5m (£38.9m/€46.3m) to Broward County to be used for debt service and arena needs.
The County will pay the Panthers $25m annually through the tourism development tax, paid predominantly by visitors to the County, which will be used for capital expenditures, repairs, operations and maintenance of the arena.
The extension is subject to final operating agreement and final approval by the Broward County Board of County Commissioners. Amerant Bank Arena is located in the city of Sunrise.
Vincent Viola, owner and governor of the Panthers, said: “We are thrilled to extend what has been an incomparable long-term partnership with Broward County. The county and our team share a deep commitment to investing in a bright future for our community.
“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.”
Amerant Bank Arena is one of several facilities across Broward County that are operated by the Panthers. Others include the Panthers IceDen in Coral Springs and the recently opened FTL War Memorial in downtown Fort Lauderdale.
In September last year, the Panthers announced a range of upgrades at the arena to coincide with the team’s 30th anniversary season. The upgrades, which included new HVAC units and a new sound system, were announced in collaboration with Amerant Bank after the company acquired naming rights to the facility.
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