Carolina Hurricanes owner Tom Dundon has reached an agreement to sell 12.5% of the Carolina 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 details are private. Their identities were not shared.

The sale comes as Dundon is leading a separate group that is buying the Portland Trail Blazers in a deal that assigns the NBA franchise a blended $4.25 billion, Sportico has previously reported. It’s unclear whether Dundon is seeking liquidity via his NHL team to help buy the Trail Blazers, which are being sold by late owner Paul Allen’s estate. The Portland deal is expected to close in the coming weeks.

A representative for the team declined to comment.

Should these transactions close, it would be among the highest valuations ever for an NHL team in a transaction. A piece of the Montreal Canadiens sold in 2023 at a valuation of roughly $2.5 billion; last year Rogers bought more of Maple Leaf Sports & Entertainment, which includes the NHL’s Toronto Maple Leafs, in a deal that valued the whole enterprise at about $9.1 billion ($12.5 billion CAD).

The Hurricanes were one of the biggest gainers in Sportico’s most recent NHL valuations, published in October. The team is now worth $1.92 billion according to those numbers, calculated as the value of a control stake, which was up 49% from the previous year. 

Dundon bought the team in early 2018 for $420 million, when the team was finishing its ninth straight season of missing the playoffs. The club’s average attendance of 13,321 ranked 29th in the league.

In the seven seasons since, the team has made the playoffs, including three trips to the Eastern Conference finals. Last season, the Canes sold out every game and averaged 18,795 fans, ninth-best in the NHL. The sellout streak was 117 games entering the 2025-26 season, and season-ticket revenue rose 227% since Dundon took over. Corporate sponsorship revenue is up 168%, and suite rental revenue has nearly quadrupled.

Dundon has the rights to develop 80 acres around Lenovo Center to create a mixed-use development.