Relocation rumors cease with Carolina Hurricanes lease extension agreement

One would think Don Waddell’s work list got shorter Tuesday with the announcement of a lease extension for PNC Arena through 2044.

Not so, though. Waddell, president and general manager of the Carolina Hurricanes, smiled and said, “This is just the start of all the work.”

The Hurricanes and the Centennial Authority have agreed on a pair of term sheets that were conditional to the lease extension. The arena, first opened in 1999, will undergo extensive renovation and the area adjacent to it converted into an entertainment area that also will include affordable housing.

The authority, the arena’s landlord, unanimously voted Tuesday at its board meeting to approve the agreement. Now, it’s turned over to the lawyers for fine-tuning.

“It takes a long time to get it done,” Waddell said. “It is nice to have this done.”

Waddell laughed when asked if the agreement should quell any lingering NHL rumors of the Hurricanes leaving and relocating to another city. For a period of time – certainly in the nine straight seasons the Canes did not make the Stanley Cup playoffs – that speculation surfaced annually and was annoying and exhausting to everyone associated with the team’s management and ownership.

“That gets removed. No option for relocation,” Waddell said.

In reaching Tuesday’s agreement, the Hurricanes and their parent company, Gale Force Holdings, committed a sizable amount of funding. But Waddell said it did not take arm-twisting with team owner Tom Dundon, the Dallas billionaire, to get it done and the framework and conditions of the extension agreed on.

A lot of phone calls, yes, but not arm-twisting.

“Tom is a developer who has developed a lot of property, mostly in Texas,” Waddell said. “When he saw an opportunity like this, he got excited. He is thrilled about this deal, not only for the hockey team because of the lease but the development, also.

“We had all these exit windows and lot of people were skeptical – did he really want to keep this team here. I think by us committed to what was announced today,I give him all the credit. When he took the over franchise in 2018 we weren’t in very good shape, both from a competitive standpoint and financial standpoint. Now, five years later we’ve made the playoffs all five years …

“He’s very proud of what we’ve got going on here, so for him to commit like this, he wouldn’t be committing all this money if he didn’t believe in what we’re doing here and what’s going to happen.”

PNC Arena hosts N.C. State’s men’s basketball games as well as a variety of concerts and other events. The Hurricanes handle the operation of the arena under the supervision of the Centennial Authority, an appointed body that has NCSU chancellor Randy Woodson among its members.

Waddell said the naming rights for the arena would end after the 2023-24 season.

Waddell also touched on other issues Tuesday:

The AHL situation

The Hurricanes lost their American Hockey League affiliation with the Chicago Wolves after last season when the Wolves made the decision to be an AHL independent in 2023-24.

“We’re working with several NHL teams for a commitment to taking our players here and there,” Waddell said. “We kind of did not have a choice in the matter. We left 4-5 guys back in Europe, which will not hurt their development since they’re playing in good leagues. It’s not ideal but we’ll make-do this year.”

Waddell said the Canes could have their own AHL affiliate next season, adding, “That’s the plan. We’re working on options now.”

Contract talks

The Canes signed center Sebastian Aho to an eight-year, $78 million extension but have three significant players – defenseman Brett Pesce and Brady Skjei, and forward Teuvo Teravainen – entering the final year of their contracts.

Waddell said again Tuesday that little progress has been made in extension negotiations with the three players.

“Pretty much everything has gone quiet the last couple of weeks,” he said. “There hasn’t been much talk at all, which I kind of expected once August set in. Hopefully we’ll get back after Labor Day.”

A concern? “Not at all. I’ve been through this a thousand times. Trying to go early usually doesn’t work that well because of the unknowns with the (salary) cap.”

Glut of defensemen

With the addition of Dmitry Orlov, Tony DeAngelo and Caleb Jones, the Canes have nine defensemen with NHL contracts, but Waddell said it was not problematic.

“You never have too many,” he said. “This is one of the things about not having our own farm team, too. We just thought this is our depth. Obviously we can’t carry that many guys. But you have to put someone on waivers eventually, and if you lose them then now you’re down.

“We just thought this was a strategy we’re going to do this year. Hopefully we’ll stay healthy and figure it out as we go along.”

‘Svech’ rehab

If Waddell has any concerns about Andrei Svechnikov’s recovery from a knee injury, it’s about the forward being too overeager and trying to be “ahead of schedule.”

Svechnikov, an NHL All-Star last season, suffered a torn right ACL in March, requiring surgery. He began skating again in July and has been diligently going through workouts at Invisalign Arena.

“He’s ahead of schedule, but we not letting him be ahead of schedule,” Waddell said. “I talked to him last week and told him, ‘Andrei, I don’t need you in September, I need you in February and March.’ It’s gone well for him..”