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Hurricanes close to sale; team would stay in Raleigh

July 13th, 2017 at 3:22 PM
Aggregated By Sports Media 101

The “for sale” sign may no longer be needed. Carolina Hurricanes owner Peter Karmanos Jr. has found a buyer.

Karmanos has signed a letter of intent to sell with an investor group led by Chuck Greenberg, former CEO of the Texas Rangers. The details of the sale have not been made public, and the deal has to be approved by the NHL. A group of local investors who have a minority stake in the team would have the option to participate in the new ownership, sources say.

As part of the agreement, the Hurricanes would remain in Raleigh.

In 2014, Karmanos said he thought the Hurricanes were worth $400 million. Forbes estimated the team’s value at $230 million in 2016. Reports out of New York have Greenberg et al agreeing to pay almost more than twice that.

If investors wanted to purchase an expansion team, the fee was $500 million, like it was for Las Vegas.

Karmanos purchased the Hurricanes franchise when it was the Hartford …

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Tags: Hurricanes

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