Carolina Hurricanes owner Tom Dundon has sold a 12.5% stake in the franchise at a valuation of $2.66 billion, according to a report from Sportico.
It was previously reported that Dundon, who has owned the team since 2018, was seeking minority owners. He took full ownership in 2021. Three minority owners are investing in the Hurricanes, according to the report.
The Hurricanes declined comment on the report.
When Dundon bought the team in 2018, it was at a valuation of $425 million.
Dundon is part of an ownership group that is purchasing the NBA’s Portland Trail Blazers for more than $4 billion.
In the seven full seasons since Dundon became the majority owner, the Hurricanes have reached the playoffs each season. They have the best record in the Eastern Conference this season as well. The Hurricanes had a sellout streak of 117 games entering this season.