A term sheet is in place between the Carolina Hurricanes and the Centennial Authority on a five-year extension to the team’s lease at PNC Arena, although the financial implications of the coronavirus pandemic may delay a final agreement.

The authority, the city-county-state board which oversees PNC Arena, could potentially approve the extension as early as its next scheduled meeting June 4. But because the authority’s primary source of funding is Wake County’s hotel and restaurant tax, uncertainty over future finances could delay the process or even reopen negotiators.

“We’ve been discussing a term sheet but the board has not approved a term sheet at this point,” authority chairman Thomas McCormick said. “Obviously with COVID-19, and not being able to have any person-to-person meetings, it has been difficult. I can’t really comment on anything that might be in the term sheet since the board has not approved it yet.”

The Hurricanes’ current lease runs through 2024; the terms of the extended lease would take effect immediately and run for the next nine years.