SBD/Issue 175/Franchises

Hurricanes Hire Allen & Co. To Find Buyer For 50% Of Franchise

Hurricanes Become Latest NHL
Franchise To Seek New Ownership

The Hurricanes "have hired Allen & Co. to sell 50 percent of the club, a move that makes the team the latest NHL franchise to seek new ownership," according to Daniel Kaplan of SPORTSBUSINESS JOURNAL. Hurricanes Owner Peter Karmanos, who controls 100% of the team, said, “My partner, Tom Thewes, passed away two years ago, and we have been putzing around trying to figure (out) how to replace the partner. We just went to Allen & Co. to explore the different ways. It’s certainly not to sell the team.” Allen & Co. Managing Dir Steve Greenberg is "handling the assignment." A source said that the search "will focus at first on North Carolina-based buyers" because part of the reason Karmanos, a Michigan resident, is selling is he "feels a need to have a local ownership presence." How a "50-50 partnership would be structured for the Hurricanes is uncertain" (SPORTSBUSINESS JOURNAL, 5/24 issue).  

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