Hurricanes sale formally closed, Tom Dundon now majority owner

[cbcwpg]

So I just question if its a straight $500mil, or a $500mil conjured up for optics? I dont see how its worth so much when some think the NHL winds up on the wrong side of the tv bubble in a few years.

I just find it convenient that within months of $500mil for LV, we get $500mil for the Canes. Its why I wondered what a Seattle expansion would go for at times with a less-giddy owner than Foley.

It's all optics IMO. I don't believe Las Vegas paid $500MM for their team either.

Why wasn't the Canes offer $425MM or $480MM? It was exactly the same amount as the Las Vegas amount because IMO this is the amount the NHL wants out there. It's so Bettman can go... " see.. all of our teams are worth at least $500MM... Forbes is wrong "

Doesn't change the fact their was an offer for the team to keep it where it is, which is always a good thing, I just don't believe the real numbers are what we are being told.

 

[cbcwpg]

Update:

I do wonder what Karmanos is thinking or going to do. IIRC he always wanted to sell on the condition the team stays, but didn't he also wanted to keep control for some years after it was sold?

 

[FreshSeabass]

I do wonder what Karmanos is thinking or going to do. IIRC he always wanted to sell on the condition the team stays, but didn't he also wanted to keep control for some years after it was sold?

Thats true, which is honestly an insane request, so if he found someone to agree to that he better hurry up and do it.

 

[madhi19]

Update:

Well that a interesting statement, is somebody else getting squeezed for more cash? From we sold, to we got a offer on the table there a pretty big difference.

 

[BattleBorn]

Well that a interesting statement, is somebody else getting squeezed for more cash? From we sold, to we got a offer on the table there a pretty big difference.

I'd rather say it went from a rumor of a sale to a confirmation of an offer that hasn't yet been consummated.

 

[Boom Boom Apathy]

Well that a interesting statement, is somebody else getting squeezed for more cash? From we sold, to we got a offer on the table there a pretty big difference.

I don't think it's that, this is what I'd expect him to say. I used to negotiate licensing and Joint Development agreements for a few years for a tech company. While not the same as this, we never signed letters of intent unless we were agreed on the general framework of the deal and were committed to going through with it. But, we also knew there was a chance that once the lawyers got involved and once it got down to the details, the deal could still fall apart. Therefore, if we had multiple groups we were talking to, we didn't want to completely shut off the others before the deal was actually signed. We usually accomplished this by ensuring the news of the letter of intent didn't leak.

I'm sure Karmanos didn't want this information to leak out, but once it did, he had to play it cool.

 

[Finlandia WOAT]

Yeah, can't accept the facts so lets make up up conspiracy theories.

Anyway the vultures can move on to the next team on the list of ever diminishing relocation candidates.

You'd have been laughed out of a room full of Hurricanes fans if you'd told them the team would be sold for 500 million to stay in Raleigh. No one here expected that to happen. Literally yesterday a local sports radio host said that all the local investors were waiting for the price of 400 million to come down.

I'm ecstatic, but it's more than fair to question how we got 500 million dollars.

 

[Boom Boom Apathy]

I'd rather say it went from a rumor of a sale to a confirmation of an offer that hasn't yet been consummated.

I don't think that's quite it. A letter of intent means you have agreement on the general framework of the deal and both parties agree on that framework, ie..the offer is agreed to, but all the details of it have not been worked out.

If it was just an offer that Karmanos was still pondering, he wouldn't need to, or have signed a letter of intent. The change made to the title is misleading as the LOI is more than just an offer made. It's true it's not a closed deal as that's not final til it's final.

 

[FissionFire]

Great news for Carolina.

Sad day for all the Quebec fans hoping to get a team. Targets on Florida now for as best chance for them to get a relocation?

 

[BattleBorn]

I don't think that's quite it. A letter of intent means you have agreement on the general framework of the deal and both parties agree on that framework, ie..the offer is agreed to, but all the details of it have not been worked out.

If it was just an offer that Karmanos was still pondering, he wouldn't need to, or have signed a letter of intent. The change made to the title is misleading as the LOI is more than just an offer made. It's true it's not a closed deal as that's not final til it's final.

I changed the title, and I haven't seen anything about an LOI outside of the initial rumor. The team says PK maintaining ownership is still an option, and I've got to think him maintaining ownership would be part of the LOI if there was one, so I switched it to an offer.

We can always switch it again as it develops.

 

[Boom Boom Apathy]

I changed the title, and I haven't seen anything about an LOI outside of the initial rumor. The team says PK maintaining ownership is still an option, and I've got to think him maintaining ownership would be part of the LOI if there was one, so I switched it to an offer.

We can always switch it again as it develops.

? The signing of a LOI is in the post from Karmanos directly that I think you posted.

EDIT: Oh, I see, you mean that it hasn't been CONFIRMED by the Canes. Fair enough.

But just to be clear, it wasn't the initial rumor that said LOI, I think that came from Jeff Gravely who is works for the local Raleigh station.

 

[BattleBorn]

? The signing of a LOI is in the post from Karmanos directly that I think you posted.

EDIT: Oh, I see

Yeah, he's responding to the LOI story and calling it an offer.

 

[WhiskeyYerTheDevils]

I don't think that's quite it. A letter of intent means you have agreement on the general framework of the deal and both parties agree on that framework, ie..the offer is agreed to, but all the details of it have not been worked out.

If it was just an offer that Karmanos was still pondering, he wouldn't need to, or have signed a letter of intent. The change made to the title is misleading as the LOI is more than just an offer made. It's true it's not a closed deal as that's not final til it's final.

Yea the LOI essentially means that, so long as everyone does what they say they were going to do / everything is the way they say it is, a closing is extremely likely.

 

[Riptide]

There's a fundamental difference between buying an empty seat at the table, and paying the rest of the table to make space for you.

Except that he's not buying "an empty seat at the table" - that seat is already filled. Sure he's looking to sell, but he's been "looking to sell" for several years, so clearly it wasn't a pressing issue.

 

[WhiskeyYerTheDevils]

Yeah, he's responding to the LOI story and calling it an offer.

Damn that was reported in an extremely confusing way lol.

 

[BattleBorn]

Damn that was reported in an extremely confusing way lol.

I don't think it changes anything in the long run, but we definitely went from a story about them being sold directly into the confirmation of an offer to purchase without confirmation of a sale or a letter of intent.

 

[CHRDANHUTCH]

Great news for Carolina.

Sad day for all the Quebec fans hoping to get a team. Targets on Florida now for as best chance for them to get a relocation?

nope.... 2023, and no way does Sunrise Sports/Viola breach that with Broward County, Fission.

 

[Syckle78]

Seems too good to be true for everyone involved. We'll see how it actually plays out.

 

[Divine]

I'd be much MORE surprised if someone spent $500M on a team with the intention of losing another $100+M trying to relocate it, breaking all sorts of public trust along the way.

It would be far cheaper and easier to just buy Team #32 than to go that route.

Maybe, but the NHL owners said they don't want to expand again after losing players in the expansion draft once.

Also, 500M for a horrible expansion team isn't as appealing as you're trying to make it seem.

 

[Unsustainable]

Statement from Waddell

 

[ottawa]

Very interesting, and for the sake of Carolina, hope its true. Didnt realize the guy was that wealthy though he's extremely well connected. Owns 3 minor-pro baseball teams, owned part of MLB's Texas Rangers as well as being CEO, an attorney, instrumental in working with Mario Lemieux in his acquisition of the Penguins & ultimately the creation of the Consol Centre in Pittsburgh (where Greenberg grew up & practised Law).... all comments Ive ever seen about him all positive, one of his top priorities being in providing fans with a "positive experience". Fairly young, late 50's.

Seems like a grade-A guy

A new baseball billionaire, Ray Davis of the Texas Rangers ($1.4 billion), just helped oust Chuck Greenberg from his partnership. Why? Greenberg’s high public profile during his short tenure, complete with missteps like a public spat with Yankee fans during last year’s playoffs and his seemingly unilateral decision to move the Rangers’ Class-A minor league club to Myrtle Beach, S.C., didn’t sit well with the partners. In other words, Greenberg was old school, a take-charge owner who did what he wanted.

 

[Stickpucker]

How was no one on this monitoring flights in and out of raltie?!!?

 

[TheOllieC]

"Stay in Carolina" can mean they move to Charlotte, Charleston, Greensboro, Greenville/Spartansburg...it's like saying "Golden State Warriors Sold - Will Stay in Golden State".

i really hope this is not serious

that would be mind-numbingly stupid to break a lease and pay the costs of moving a team just to move them an hour or two away

 

[Headshot77]

So that takes Carolina out of those dreaded relocation talks for a good decade or more, congratulations.

That just leaves Arizona and NYI as the only two unstable franchises in the NHL

 

[Llama19]

Struggling Hurricanes considering $500M purchase offer

To quote:

"Carolina Hurricanes owner Peter Karmanos Jr. is considering selling the NHL team for a reported $500 million US.

Hurricanes spokesman Mike Sundheim said in a statement that Karmanos is deciding whether to accept an offer for the franchise or remain the owner, but he declined to say who made the offer.

The offer could have come from former Texas Rangers CEO Chuck Greenberg. Bloomberg News and WRAL-TV, the NBC affiliate in Raleigh, reported that Greenberg is close to purchasing the team and will not move the Hurricanes. Bloomberg reported the sale price at roughly $500 million, the same amount as the expansion fee paid by the Vegas Golden Knights."

Source: http://www.cbc.ca/sports/hockey/nhl/carolina-hurricanes-sold-500-million-1.4203767