SBD/November 4, 2011/Franchises

Hurricanes Add 10 Partners To Ownership Group, Look To Sell Additional $20M In Equity

Karmanos is looking to sell another $20M in equity of the franchise in next six months
Hurricanes Owner Peter Karmanos on Thursday announced “a group of 10 new partners in the ownership of the team," and nine of them "are based in North Carolina," including Hurricanes President & GM Jim Rutherford, according to Chip Alexander of the Raleigh NEWS & OBSERVER. Karmanos said that “two investment partners chose to keep their partnerships private.” He added that he had “sold about $22 million in equity of the franchise, and was looking to sell another $20 million in equity in the next six months.” Karmanos: "We've always gotten great support but always felt we needed local ownership.” Capitol Broadcasting President & CEO James Goodmon, one of the investors, said, "The two questions I have been asked the most are, 'Are you doing this so the Hurricanes don't leave?' and 'Do you think hockey can really work in Raleigh?' Those two questions should not be asked anymore. We're years beyond that. We're an NHL market." Rutherford said, "We have a good group of investors in the first round. Now we will meet with other people for another group in the next few months. We'll see where it goes. I think more will want to jump on board." Karmanos said that “another important step would be to increase the season-ticket base from 13,000 to 14,000.” He added that doing so “would allow the team to spend more on player salaries and better compete with teams such as the Washington Capitals that spend close to the NHL salary cap” (Raleigh NEWS & OBSERVER, 11/4). AHL Charlotte Checkers Owner Michael Kahn, one of the Hurricanes' new investors, declined to disclose “how much of the team he bought or the amount of his investment, saying only that it was an excellent opportunity.” Kahn: “Ultimately, we have the same goal: we want to build hockey in this region and across the state” (BIZJOURNALS.com, 11/3).
HURRICANES INVESTORS
Hurricanes President & GM Jim Rutherford
AHL Charlotte Checkers Owner Michael Kahn
Former Red Hat Chair & CEO Matthew Szulik
Capitol Broadcasting Company
Ice Puck LLC
Clancy & Theys Construction
Hurricanes Investment LLC
Whitney Holdings
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