Media Contacts:

Debbie Griffith, News Services, 919/ 515-3470 or debbie_griffith@ncsu.edu

Nov. 17, 2000

NC State Endorses Terms of Potential Arena Naming Agreement

FOR IMMEDIATE RELEASE

North Carolina State University's Board of Trustees on Friday (Nov. 17) unanimously endorsed the terms of a proposed agreement governing the use of money generated from a potential corporate naming rights agreement for Raleigh's Entertainment and Sports Arena. The university joins the Centennial Authority, the City Council and the Wake County Commissioners in approving the plan, which now must be approved by Gale Force Holdings before a corporate naming deal can be struck.

Two trustees abstained from the vote, Wendell Murphy and County Commissioner Vernon Malone.

Chancellor Marye Anne Fox praised the action by the board saying, "We are delighted to put closure to this negotiation, and the action today validates what we have said all along -- that an agreement that is fair and beneficial to all the various partners in the ESA is possible. We are very pleased with all our partners to endorse a plan that will protect the interests of the university as well as realize benefits for the other partners."

The agreement endorsed by the Trustees is subject to some clarification of legal language in the memorandum of understanding, and is contingent on the continued support of the proposal by the city and county leaders.

If approved by Gale Force, the agreement would clear the way for Gale Force to look for a corporation interested in buying the rights to name the new arena.

-- griffith --

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