Pirates sign 5-year civic center lease
The Portland Pirates and Cumberland County Civic Center have come to terms on a lease that will keep the team in Portland for at least another five years and give the Pirates, for the first time, a share of the arena's concession profits.
The Portland Press Herald reported the lease approved Wednesday in a 6-3 vote by the civic center's board of directors is the longest-term agreement ever signed between the team and the arena, which is currently undergoing a $34 million renovation.
The deal also ends prolonged lease negotiations for the center's anchor tenant; the Pirates' current lease was set to expire later this month.
Brian Petrovek, the team's managing owner and CEO, told the paper that the agreement gives the team potential to post its first year of operating profit in 13 years. Civic center officials told the paper that their hope is to break even on the deal while making profits on other events like ice shows and concerts.
The paper reported the final agreement will give the team 57.5% of concession profits, which it previously received none of, and the team will also pick up part of the cost for workers staffing its games.
Petrovek told the paper he estimates the team will make $350,000 annually from its share of concessions at the games.
The deal also changes the lease rate for the team, lowering it from a maximum of $2,500 per game to a fixed rate of $1,000 per game. That agreement eliminates a rebate the team received in previous leases based on attendance.
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