"PNC ARENA" Name Receives Local Approval
Gale Force Sports & Entertainment today announced that the Centennial Authority granted preliminary approval to The PNC Financial Services Group, Inc. (NYSE: PNC) to rename the local sports and entertainment venue as "PNC Arena."
RALEIGH, N.C., Dec. 15, 2011 – Gale Force Sports & Entertainment today announced that the Centennial Authority granted preliminary approval to The PNC Financial Services Group, Inc. (NYSE: PNC) to rename the local sports and entertainment venue as "PNC Arena."
The naming rights agreement, which would replace the "RBC Center" name, is expected to take effect in March 2012, subject to customary closing conditions and regulatory approval of PNC's acquisition of RBC Bank, USA.
"PNC is one of the nation's strongest banks, and has an excellent reputation for support of its employees, customers, communities and shareholders," said Peter Karmanos, CEO and owner of the Carolina Hurricanes and Gale Force Sports & Entertainment. "We are happy to be associated with this well-regarded national franchise, and look forward to working with PNC in the North Carolina community."
PNC invested more than $60 million in communities across 16 states and the District of Columbia last year. The goal was to encourage home ownership and economic development along with support of community-based organizations and early childhood education, including PNC Grow Up Great, which is a $250 million, multiyear initiative to help prepare children from birth to age 5 for success in school and life.
Jim Rutherford, president and general manager of the Carolina Hurricanes as well as president and COO of Gale Force Sports & Entertainment, said: "PNC has sponsorships of several other nationally respected venues, and is a strong addition as a major partner and official bank of the Hurricanes. We look forward to working with PNC to continue to enhance the quality of experience that we offer our guests throughout the year."
Lou Cestello, executive vice president and head of PNC's Southeast region, said: "This multi-purpose venue is extremely important to Raleigh and the Triangle area. We are pleased to maintain this commitment, which will be a major boost to our name recognition and investments in the community. We look forward to sharing more details in the future.”
The 19,000-seat arena, which opened in 1999, averages 1.5 million guests and 150 events per year. Cestello said PNC is excited about future collaboration with the Carolina Hurricanes, North Carolina State University and other organizations that use the facility.