The Stanley Cup champion Florida Panthers have reached a significant new deal, extending their operating agreement with Broward County for an additional five years, ensuring the team remains in the area until at least 2033, and potentially beyond.
On Tuesday, Broward County commissioners unanimously approved revised terms of the deal, which includes a $51.5 million payment from the Panthers to eliminate the remaining debt on the county-owned arena where the team plays. The previous agreement was set to expire in 2028.
The new deal provides the county with two five-year options to further extend the agreement. Should these options not be exercised, the county may have to return a portion, or all, of the $51.5 million debt payment to the Panthers.
Panthers President and CEO Matthew Caldwell expressed excitement about the deal, stating, “It was important to the county to keep the Panthers in Broward County long term. We’re excited about it. It’s a great step forward for our long-term future.”
While the approved term sheet lays the foundation, binding documents still need to be finalized. The agreement includes concessions from both sides. Broward County will invest $25 million annually for capital expenditures and operating costs of Amerant Bank Arena. In return, the Panthers will feature county advertising on player helmets, continue utilizing local vendors when possible, and donate at least $11.7 million over the next nine years to local causes and youth hockey initiatives.
“Public-private partnerships have to be good for both sides, and this one is,” Caldwell added.
This deal comes after the Panthers invested over $65 million to refurbish the War Memorial in Fort Lauderdale, transforming it into the team’s practice facility, complete with new retail and dining options. While the project’s final cost exceeded the $65 million budget, the team has yet to reveal the exact total.
The Panthers enjoyed a historic season, surpassing 1 million in attendance for the first time in franchise history, including playoff games. Ranked ninth in average regular-season attendance in the NHL, the team has successfully turned its fortunes around after years of poor attendance and relocation rumors.
Broward County commissioner Michael Udine highlighted the significant change in the community’s relationship with the Panthers, saying, “Something special has happened with the Panthers and the Broward community in recent years. It’s a testament to what the Panther organization has done in Broward County and in South Florida.”
This new agreement solidifies the team’s presence in the region and strengthens its future as it prepares for another competitive season under head coach Paul Maurice.
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