Peter Karmanos Jr. has owned the Carolina Hurricanes from 1994 and made the decision in 1997 to relocate the team from Hartford, Connecticut to Raleigh and that is when he renamed the team to the Carolina Hurricanes. After owning the NHL franchise for over two decades, Karmanos Jr has confirmed that he is in talks with the former Texas Rangers chief executive officer and sports attorney Chuck Greenberg.
Hurricanes Could Be Sold For $500 Million
Karmanos Jr has stated that over the years there have been over 10 groups who have shown interest in purchasing the Hurricanes at one point or the other. However this time around, it appears that the sale will most likely go through for a reported $500 million, provided Greenberg is able to close the deal without further delay.
The 74 year old Karmanos Jr stated that he liked Greenberg and was giving him as much time as possible to raise the funds to complete the deal. He did mention that if Greenberg was unable to raise the funds quickly, the price could go up and he would be willing to sell the Hurricanes to another bidder.
Hurricanes Price Could Increase
The deal between Karmanos Jr and Greenberg could be finalized between $450 – $500 million and reports suggest around $100 million would be written in debt. Should Greenberg delay the process, the price could go up to $550 or $600 million. This is because the Carolina Hurricanes have had a good season last year and if they continue to do well in the coming season, it only makes sense for Karmanos Jr to increase the deal price. The ECHL team known as the Florida Everblades which belongs to Karmanos Jr will not be included in the Hurricane’s deal.
Don Waddell stated that although the Carolina Hurricanes did not make it to the Stanely Cup playoffs in the 2016-2017 season, the team had still finished in the black. The team also recorded an 89 percent season ticket renewals and over 500 new season tickets have already been sold. These stats add to the value of the Carolina Hurricanes franchise and give Karmanos Jr additional points to increase his asking price.
Greenberg is currently in talks with a number of investors who will help him raise money to finalize the deal. He has also promised to continue to have the Carolina Hurricanes operate out of Raleigh, if he were to become the new owner.