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Hurricanes close to sale; team would stay in Raleigh

Jakob

By Jakob,
in Carolina Hurricanes

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MillionDollarCam Grand Master

MillionDollarCam

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Posted

A little update on the sell:

Link: http://www.newsobserver.com/sports/nhl/carolina-hurricanes/article164782287.html

Peter Karmanos Jr. said Tuesday he is in the process of selling the Carolina Hurricanes, a franchise he has owned since 1994, and that the asking price is about $500 million – for now.

Karmanos said a term sheet is in place with a potential ownership group headed by Chuck Greenberg, a sports attorney, former CEO of the Texas Rangers and minor-league baseball owner. But he cautioned, “There is no purchase agreement.”

“Once he’s done that we’re going to examine his offer and see if it cuts the mustard,” Karmanos said. “He was supposed to be done a while ago. I like working with Chuck ... (but) if we get a few more weeks down the road and he can’t raise enough money, I’m going to tell him sayonara.”

Karmanos said the final price may “shake out” between $450 million and $500 million. He did not say how much assumed debt would be a part of the transaction – it’s thought to be about $100 million – but said the deal would not include the Florida Everblades, an ECHL team owned by Karmanos, and the Florida arena.

“If I have to go back, the price is going up – maybe 550, maybe 600 (million dollars),” Karmanos said. “The team is on the rise. If I have to wait through this season and we have a magnificent year and we again run the team on a positive, even-up (financial) basis like we did last year, the value will increase significantly.”

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