Hurricanes owner open to considering offers for majority stake in team
As Carolina Hurricanes owner Peter Karmanos advances in age, he admits to opening himself up to the idea of entertaining offers for his majority stake in the club, if the price is right.
“I’m 71 years old, and at 71 you start planning stuff like that,” Karmanos said, according to the News & Observer. “I’m looking for the proper way to make sure the team has continuity, hopefully with people in North Carolina.”
He added he values the team at "close to the New York Islanders’ price," a team that was recently sold by owner Charles Wang for more than $400 million.
“I want to do the proper job in planning,” Karmanos continued. “Teams have gone up incredibly in value. I’m 71 and have a wife and four young kids at home. You plan. Is it wrong to do that? There’s no real intrigue here.”
Karmanos, along with former business partner Thomas Thewes and long-time (and now former) front office executive Jim Rutherford, bought the NHL franchise in 1994 for $47.5 million. Karmanos moved the then Hartford Whalers to Raleigh in 1997 and renamed them the Hurricanes, winning the Stanley Cup in 2006.
Forbes magazine recently valued the franchise at $187 million, but Karmanos points to the Islanders deal and the team's location as boons in any sale.
“This is one of the best franchises in the league and one of the best markets in the league, one of the fastest-growing markets,” Karmanos said. “It has one of the best arena deals in the league and one of the best arenas to play in.”
For now, the Hurricanes remain in Karmanos' hands, and will attempt get back to the postseason for the first time since 2009.