Tom Dundon takes over full ownership of the Carolina Hurricanes
Tom Dundon, who has been majority owner of the Carolina Hurricanes since January 2018, now holds full ownership of the team.
Canes president and general manager Don Waddell announced Wednesday that Dundon had bought out all remaining minority shares of the team. That bring to an end the association of Peter Karmanos, Jr., who relocated the team to North Carolina in 1997, renamed it the Carolina Hurricanes and was the principal owner of the Canes’ Stanley Cup championship team in 2006.
The sale of the minority shares to Dundon was unanimously approved by the NHL’s Board of Governors, the team announced.
“We are fortunate to have a passionate fan base that supports what we believe is a team that can compete every year for the Stanley Cup,” Dundon said in a statement. “That is the only option.”
Dundon, 49, has been the chief executive officer, owner and governor of the Hurricanes since Jan. 12, 2018. The Hurricanes have qualified for the Stanley Cup playoffs in each of Dundon’s three full seasons under coach Rod Brind’Amour, who was promoted by Dundon.
Karmanos has owned at least a minority share of the Hurricanes franchise since he first acquired the Hartford Whalers on June 28, 1994.
“Pete has had a tremendous impact on the sport of hockey in the United States since the 1970s,” Dundon said in his statement. “His vision laid the groundwork for the success we now enjoy in Raleigh, and his legacy will always remain a part of this organization.
“We are also grateful for the efforts of the Hurricanes Holdings minority investors who provided important support to the franchise over the years.”
In the initial transaction, Dundon bought 61 percent of the franchise, which was valued at about $500 million. Karmanos retained a minority stake.
This story was originally published June 30, 2021 at 6:22 PM.
