Florida Panthers’ success on the rink paying dividends in South Florida
Writer: Pablo Marquez
October 2024 — Hockey’s footprint in South Florida is evolving, and the Florida Panthers’ recent Stanley Cup victory could be the start of more to come on and off the rink.
The team’s long-term partnership extension with Broward County through 2035 highlights a shared vision for continued economic growth, driven by sports tourism and community engagement. The agreement, announced last month, includes a $10.6 million commitment from Broward County for arena upgrades and infrastructure, with the partnership securing the team’s presence and enhancing local investment in key sectors like hospitality.
“We are thrilled to extend what has been an incomparable long-term partnership with Broward County. The county and our team share a deep commitment to investing in a bright future for our community,” said Panthers Chairman, Owner and Governor Vincent Viola in a press release. The Panthers are valued at $775 million, ranking No. 29 among NHL franchises. However, riding a wave of enthusiasm into this season, where they currently sit atop the Atlantic Division with five wins, the franchise said attendance increased nearly 25% over the past two years. In addition, corporate partnership revenue is up 123.8%, as cited by ESPN.
The recent success of the Panthers has already created a notable economic impact in the region. A study by Walter Duke + Partners estimated that the Stanley Cup champions generated $110 million in economic activity for Broward County over the past two seasons.
The Panthers play only bolsters a South Florida sports market that’s been notably strong in recent years.
Soccer in South Florida has seen significant improvements since Inter Miami signed Argentina’s renowned striker Lionel Messi in 2023. Messi’s contribution to the team and community created a boost to local tourism and hospitality, increased the commercial value of Inter Miami, created jobs, and brought multiple infrastructure investments. According to Forbes, Inter Miami is the No. 17 most valuable soccer team in the world, with a total value of $1.03 billion as of May 2024. Revenue more than doubled to $118 million in 2023
The NBA’s Miami Heat and the NFL’s Miami Dolphins are also major focal points in the region. In April, the Miami Heat secured a $117 million, 17-year naming rights deal with software company Kaseya, renaming their arena to Kaseya Center. As of October 2024, the Heat ranks as the 13th most valuable NBA franchise, valued at $4.25 billion, with $373 million in revenue and an operating income of $62 million. Meanwhile, in August, the Dolphins entered a partnership with Empowered, making it a title sponsor for the club and suite levels at Hard Rock Stadium. The Dolphins currently hold the 11th spot in NFL team valuations, worth $6.2 billion as of August 2024, generating $646 million in revenue with a $118 million operating income.
