Thomas Dundon is the new man in charge.

The Dallas billionaire finalized his purchase of the Carolina Hurricanes on Thursday, in a deal which sees him gain a majority stake of the franchise.

Former owner Peter Karmanos retained a minority share, selling 61 percent to Dundon, based on a $505-million valuation, according to Luke DeCock and Chip Alexander of the Raleigh News & Observer.

Dundon has the option to gain full control of the franchise within three years.

The Hurricanes had been owned by Karmanos since 1994, when the franchise was then known as the Hartford Whalers. The team relocated to North Carolina three years later. Thursday's sale is conditional on Dundon agreeing to keep the team in Raleigh.

A press conference formally announcing the deal will be held Friday in Raleigh.