The restaurant is right across from PNC Arena and perhaps a spot for the first sportsbook as sports gambling begins to take shape later in the year.
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"While we have been partners for a while, it felt like the right time to officially bring Backyard Bistro into the Canes family," Canes General Manager Don Waddell said
Backyard Bistro opened in 2009 near the corner of Edwards Mill and Trinity Roads.
The purchase is the first step in transforming the area outside the arena into an entertainment district. With sports betting on the horizon, it seems like a logical place to make wagers.
RELATED: Timeline for sports betting launch in NC coming into focus
Companies who want to launch betting services in the state had to file applications right before the new year.
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Wednesday's deal to buy the restaurant comes months after the team signed a long-term deal with the Centennial Authority to stay at the arena.
The lease calls for the development of retail, dining, office space, a hotel, and a sportsbook around the arena.
ABC11 also reached out to members of the Centennial Authority for further comment.