Also: Dallas billionaire Tom Dundon has agreed to buy a majority stake in a pro hockey team.
Billionaire signs deal to own majority stake in Carolina Hurricanes
Dallas billionaire Tom Dundon has signed a purchase agreement to buy a majority stake in the Carolina Hurricanes professional hockey team.
Team president Don Waddell said Thursday that Dundon will take control of all team operations, pending league approval and finalization of the sale.
“I am thrilled to continue to build upon what Peter Karmanos started in Raleigh,” Dundon said in a statement. “The Hurricanes are a team on the rise, and I believe we have an opportunity to take the franchise to the next level. I’m ready to get to work.”
Dundon, 46, is chairman and managing partner of Dundon Capital Partners, a Dallas-based private investment firm. He also is majority owner of Employer Direct Healthcare and serves as the co-chairman of Dallas-based Topgolf.
Most of his fortune was amassed when he took auto loan giant Santander Consumer USA public in 2014 in a trading debut that raised $1.8 billion. He left the company in July 2015.
Dundon also is the prime money person behind the new Trinity Forest Golf Club in southeast Dallas. In May, it will become the new host of the AT&T Byron Nelson golf championship.
The NHL statement didn’t disclose the purchase price. Earlier in the day, sports website SB Nation quoted reports that put the value of the deal at $500 million. That’s $130 million more than the price tag Forbes placed on the team just two days ago.
Karmanos, who originally purchased the franchise in 1994, will keep an equity stake in the team, the NHL said. SB Nation reported the deal would leave Karmanos with a 48 percent stake.
In 1997, Karmanos relocated the team from Hartford, Conn., to Raleigh, N.C., where it has captured three division titles, two conference titles and the 2006 Stanley Cup Championship. In 2015, Karmanos was inducted into the Hockey Hall of Fame in recognition of his more than four decades of achievements and contributions to the sport.
“Tom has had tremendous success in business, and I fully expect that to continue as he takes control of the Hurricanes,” Karmanos said in a statement. “I look forward to working with him, and bringing another Stanley Cup to North Carolina.”
Contacted by The Dallas Morning News, Dundon said he was boarding a plane and was unable to talk early Thursday evening.
Sporting News reported that Karmanos and Dundon made a presentation Thursday morning to the NHL Board of Governors meeting in West Palm Beach, Fla.
In an interview with Canadian sports network TSN after the meeting, Karmanos stressed that the team would remain in Raleigh and that it had been a condition of a sale.
Negotiations with Dundon reportedly picked up steam in recent weeks after talks with North Texas sports attorney Chuck Greenberg cooled down. Greenberg, who led an ownership team that bought the Frisco Roughriders minor league baseball team in 2014, had previously been interested in buying the Dallas Stars.