Report: Tom Dundon to sell stake in Hurricanes at $2.66 billion valuation
According to a report from Sportico, Carolina Hurricanes owner Tom Dundon has sold a minority stake in the team at a $2.66 billion valuation.
Carolina Hurricanes owner Tom Dundon has reached an agreement to sell 12.5% of the Hurricanes at a $2.66 billion valuation, according to multiple people familiar with the terms. The deal includes three new minority partners, said the people who were granted anonymity because the Show more
According to Sportico‘s Scott Soshnick, Eben Novy-Williams and Kurt Badenhausen, the deal brings in three new, anonymous minority owners to Carolina’s ownership structure.
The combined stake purchased by the three new investors comes in at 12.5% of the team, according to the report.
It’s been an active year for Dundon, who in August began the process of purchasing a sizable stake in the NBA’s Portland Trail Blazers, a deal that Sportico reports is expected to close soon.
“We can confirm Tom Dundon is in the process of buying the Portland Trailblazers and is excited about the opportunity,” the Hurricanes told Daily Faceoff in a statement in August. “This will not impact the Carolina Hurricanes, and Tom still wants to bring Major League Baseball to North Carolina.”
Dundon purchased a controlling stake in the Hurricanes from Peter Karmanos Jr. in 2018 for $420 million before assuming full ownership of the franchise in 2021.
According to CNBC’s 2024 NHL franchise valuations, the Hurricanes were worth approximately $1.3 billion, though the valuation of this transaction suggests that the franchise’s value has grown considerably.
At the time Dundon purchased Carolina from Karmanos Jr, the franchise was mired in the longest playoff drought in the NHL. The Hurricanes have made the postseason in every season since Dundon bought the team, and with a nine-point lead in the Metropolitan Division as of March 5, the Canes look poised to do so once again.
Dundon, 53, has made several other forays into the world of sports business. In 2019, he made a $250 million investment in the Alliance of American Football while becoming the chairman of the now-defunct league.
His firm Dundon Capital Partners also acquired Pickleball Central in 2021.