Local News

NCSU Reaches Agreement with Arena Authority

Posted June 3, 1997 12:00 a.m. EDT

— Plans to build a new arena in Raleigh have cleared another hurdle.

The Centennial Authority approved an agreement Monday with N.C. State University. The deal paves the way for the Wolfpack basketball teams and the Carolina Hurricanes professional hockey team to share the $132 million arena.

Under the agreement, N.C. State would pay a minimum of $600,000 a year in rent. But the university would also get a portion of the revenues and the right to name the arena, which could yield $5 million or more for N.C. State.