The Stanley Cup champion Florida Panthers are extending their agreement with Broward County for an additional five years, keeping the team in the area through 2033 and probably longer.
On Tuesday, county commissioners approved the updated deal unanimously. Under the new terms, the Panthers will pay $51.5 million to clear the remaining debt on the arena where they play. The current agreement was set to end in 2028.
The new deal also gives the county two options to extend the agreement for five more years each. If the county doesn’t take these options, it will need to return some or all of the $51.5 million to the Panthers.
“It was important to the county to keep the Panthers in Broward County long term,” said Panthers President and CEO Matthew Caldwell. “We’re excited about it. It’s a great, great step forward for our long-term future.”
What was approved on Tuesday is a term sheet. The formal documents still need to be completed, but this step should make the process easier.
Both sides made concessions: The county will invest $25 million each year for capital and operational expenses related to the Amerant Bank Arena, and the team agreed to have Broward County ads on player helmets, use local businesses as vendors whenever possible, and donate at least $11.7 million over the next nine years to local causes and youth hockey.
“Public-private partnerships have to be good for both sides, and this one is,” Caldwell said.
The team recently spent more than $65 million to renovate the War Memorial in Fort Lauderdale, turning it into their practice facility with new retail and dining options. The exact cost is not known, but it was more than the budgeted $65 million.
“People are excited that we’re here for the long-term, that we’re extending,” Caldwell said.
