Panthers receive $86M package to help secure future in Florida
The vote is in, and the Florida Panthers have an added measure of security.
After a positive vote by the Broward County Commission on Tuesday, the Panthers will receive an $86-million financial package in which their lease with the BB&T Center will be reworked and the club will be afforded tourist tax money to help offset financial losses incurred in recent years.
Florida Panthers losses from 2008-09 to 2014-15: $157.2 million. That's how much operating expenses exceeded revenues, acc to team / Britt
— Broward Politics (@browardpolitics) December 8, 2015
The arena lease will remain through 2028, but the team could opt out after eight years if it gives the county a year's notice and proves a loss of $100 million over the next seven years, according to George Richards of the Miami Herald.
At the meeting prior to the vote, co-owner Doug Cifu, who bought the team with Vinnie Viola back in 2013, reiterated his commitment to keeping the team in the area.
Doug Cifu: We're dedicated to SoFla, BBT Center, Broward County; have no intention to move team anywhere We want to b here #FlaPanthersVote
— George Richards (@GeorgeRichards) December 8, 2015
"The National Hockey League is extremely pleased that the Florida Panthers and Broward County have agreed to work together to create an exciting future for the Panthers, their fans and BB&T Center," NHL Commissioner Gary Bettman said in a statement. "This collaboration provides a terrific opportunity for a surging team and an outstanding venue to energize the sports landscape in South Florida."
Heading into Tuesday's game against Ottawa, the Panthers sat a point out of a playoff spot. With a flock of young talent coming into its own, the team's future in Florida will be even brighter if a winning team can be built by general manager Dale Tallon.