Hurricanes owner Tom Dundon to sell share of NHL franchise :: WRAL.com

Carolina Hurricanes owner Tom Dundon, a billionaire Texas businessman, is close to selling a minority share in the Raleigh’s NHL franchise to help finance his purchase of the NBA’s Portland Trail Blazers, according to multiple reports.

Dundon is close to selling “significant [limited partner] stake” at a $2 billion valuation, according to CNBC reporter Mike Ozanian. Front Office Sports reported that the sale is to give Dundon more cash to pay for the Blazers. Dundon is leading a group that agreed to purchase the NBA franchise at a valuation of $4 billion.

Dundon bought a majority stake in the Hurricanes in 2018 and, in 2021, completed purchase of all remaining minority stakes. He reportedly purchased 61% of the team and the operating rights to PNC Arena (now Lenovo Center) in 2018 at a valuation of $420 million.

“We have no comment on that this time,” a Hurricanes spokesman told WRAL.

Dundon is also seeking to bring a Major League Baseball franchise to the Triangle.

The Hurricanes have prospered under Dundon’s ownership, reaching the playoffs each season since 2019. The team had missed the postseason for nine consecutive years before that. 

The team ended last season with a sellout streak of 117 games, including regular season and postseason. The season before Dundon took over, the Hurricanes ranked 29th in the 31-team NHL in average attendance. The franchise now ranks in the top 10.

Lenovo Center is undergoing a $300-million renovation project, funded by taxes on hotel occupancy and prepared food and beverage in Raleigh and Wake County. As part of the deal to get the renovations, Dundon and the Hurricanes signed a long-term lease to remain at the arena and Dundon secured the rights to develop up to 80 acres around the arena. That project, which includes a smaller music venue, retail and office space as well as a hotel and housing options, is scheduled to begin this winter, and it is expected to have a big impact.

“The largest economic development project in the history of our city,” former Raleigh Mayor Mary-Ann Baldwin said.