Report: Hurricanes’ Tom Dundon close to selling ‘significant’ stake in team

The Carolina Hurricanes may see a slight change in ownership.

According to a report from CNBC’s Mike Ozanian, Hurricanes owner Tom Dundon is close to selling a significant portion of his stake in the team.

Dundon has been the sole owner of the Hurricanes since 2021, as he had purchased 52% of the team in January 2018 and then purchased all the other minority shares in June 2021. According to Ozanian, the Hurricanes are currently valued close to $2 billion, a significant step up from what Dundon had first spent on the team.

Dundon is selling a stake to assist him financially in the purchase of the Portland Trail Blazers, an NBA franchise based in Portland, Oregon. The purchase is reported to be at over $4 billion, so it’s unclear how much of his stake in the Hurricanes is needed to complete this transaction.

Any other news surrounding this sale is not known. How much of a stake is being sold has not been reported, although it’s safe to assume that it will be less than 50% so that Dundon remains as the majority owner of the Hurricanes. It’s also not confirmed who these stakes are being sold to.

The Hurricanes have seen significant turnaround since Dundon purchased the team in 2018, as they were in the middle of their ninth straight season outside of a playoff spot. Since then, Carolina has made the playoffs for seven consecutive seasons, and look poised to make it eight based on their performance this season. Dundon is considered to be an owner who is more hands on with his team, so it’s unclear whether this sale and the purchase of the Trail Blazers will impact how much he focuses on the Canes.

The Trail Blazers are in a slightly similar situation as the Hurricanes when Dundon first purchased them, as Portland has missed the playoffs for four straight seasons, and with an 8-13 record to start the season, may make it a fifth. The Trail Blazers will hope that their franchise sees a similar turnaround to Carolina under Dundon.