The Whalers found it increasingly difficult to compete in a changed financial environment during the 1990s, in part because Hartford was the smallest U.S.-based market in the league. In March 1997, Whalers owner Peter Karmanos announced that the team would move elsewhere after the 1996–97 season because of the team's inability to negotiate a satisfactory construction and lease package for a new arena in Hartford. In July, Karmanos announced that the Whalers would move to the Research Triangle area of North Carolina and the new Entertainment and Sports Arena in Raleigh, become the Carolina Hurricanes, and change their team colors to red and black. Due to the relatively short time frame for the move, Karmanos himself thought of and decided upon the new name for the club, rather than holding a contest as is sometimes done. (*)