GOOD NEWS: Earlier On Tuesday, The Panthers Announced Reaching An Agreement That Could Yield About $51 million

The Florida Panthers and Broward County have reached a significant agreement to keep the NHL team in Sunrise, Florida, through a potential extension of their lease for up to 19 years. The current lease for Amerant Bank Arena is set to expire in 2028, but the new deal extends it for five more years until 2033. Additionally, Broward County holds the option for two further five-year extensions, which could potentially keep the Panthers in the area until 2043, at the sole discretion of the county.

Rumors had circulated about the team possibly moving to a new arena near downtown Fort Lauderdale, but this agreement seems to dispel those ideas for now. The new lease extension not only commits the team to remain in Broward County but also opens the door to future development around the current arena in Sunrise. Panthers President and CEO Matt Caldwell expressed enthusiasm for the deal, ensuring the team’s long-term presence in the county.

A key aspect of the new agreement is that the Panthers’ owner, Vinnie Viola, will pay $51 million to the county to clear the debt remaining from the construction of the arena, which was built in the late 1990s. This will make the arena debt-free, giving the Panthers the development rights to the land surrounding the arena. The Panthers now have exclusive rights for four years to propose development on the large parking lots surrounding the arena, which could include retail, restaurants, and housing, following a trend seen with other sports teams that have transformed their venue surroundings.

If the Panthers and the county reach an agreement on the development plan, the team would likely stay in Sunrise through 2043 and beyond. The new lease arrangement provides the Panthers with time to explore these development opportunities while ensuring they have a secure home in Broward County. The Panthers also remain committed to spending $10 million annually on arena improvements and continuing their marketing partnership with the county. This deal represents a significant investment in the future of the Panthers and the surrounding community.