Florida Panthers Lock In Long-Term Residence with Broward County

On September 17, 2024, the Stanley Cup-holding Florida Panthers proudly announced their decision to extend their operating agreement with Broward County for an additional five years. This extension secures the team’s presence in the market until 2033, with a high probability of remaining much longer.

Revised Terms Benefit Both Parties

Broward County commissioners unanimously endorsed the updated terms of the agreement on Tuesday. Key changes include a generous $51.5 million contribution from the Panthers to clear the outstanding debt on the county-owned Amerant Bank Arena, the team’s home ground. The current agreement was set to expire in 2028.

The revised terms also offer the county two five-year options to prolong the agreement even further. If the county opts not to utilize these extensions, it will be obligated to reimburse some or all of the $51.5 million debt payment to the Panthers.

Matthew Caldwell, the Panthers’ President and CEO, emphasized the significance of this agreement for the team. “Securing the Panthers’ long-term future in Broward County was of paramount importance,” he said. “This is a monumental step forward, and we couldn’t be more thrilled.”

Concessions and Commitments

The negotiations resulted in compromises from both sides. The county has committed to an annual $25 million investment for capital expenditures and operating expenses related to the Amerant Bank Arena. The Panthers, on the other hand, have agreed to feature Broward County advertising on player helmets, use local businesses as vendors wherever feasible, and donate a minimum of $11.7 million over the next nine years to local causes and young hockey development.

“Public-private partnerships should be mutually beneficial, and this one certainly is,” Caldwell affirmed.

Investing in Community and Infrastructure

The team has made substantial investments in local infrastructure, including a massive renovation of the War Memorial in Fort Lauderdale. This iconic building, located east of the team’s game-night home in Sunrise, has been transformed into the franchise’s practice facility, complete with new retail and dining options. While the exact expenditure remains undisclosed, it is known that the project’s costs significantly exceeded the initial $65 million budget.

Caldwell expressed delight at the team’s long-term commitment to the area. “The local community is thrilled about our extended stay,” he said.

A Growing Fan Base

For the first time in the team’s history, the Panthers attracted over 1 million spectators last season, including playoff games. Despite previous challenges with low attendance and persistent relocation rumors, the franchise has seen a significant turn of events. The Panthers ranked ninth in average regular-season attendance in the NHL last season.

Broward County Commissioner Michael Udine lauded the Panther’s achievements, stating, “The Panthers and the Broward community have formed a special bond over the years. Their success in Broward County and South Florida speaks volumes about the organization’s commitment and dedication.”