Hurricanes Owner Peter Karmanos Jr., who retained N.Y.-based investment bank Allen & Co. in '10, is seeking "an investor who would be willing to commit 'hundreds of millions of dollars into the team'" but let him control it, according to Rick Westhead of TSN.ca. Karmanos said that he "wants to partner with an investor who would buy out his interest in the team over time." He added that he is "seeking an investor who would value" the Hurricanes at $420M or more. Karmanos: "What I am trying to do is set up a reasonable succession plan because I'm not one of those guys who thinks I am going to go on forever." Only five NHL owners "have owned teams longer than Karmanos." Westhead cites sports investment bankers as saying that the Hurricanes "lose millions of dollars a year." Karmanos "rejects" that suggestion. He said, "We have improved in the 20 years I have owned the team. This is a real business. It's not a foregone conclusion that we lose money." Westhead cites several bankers as having "mixed reaction to Karmanos's claim that his team is worth" at least $420M. One banker said that it "was unlikely he would fetch" more than $300M for the Hurricanes. But another noted that Islanders Owner Charles Wang "has reached an agreement to sell the Islanders" for perhaps $500M or more (TSN.ca, 9/22). Karmanos said of establishing a succession plan, "I’m 71 years old, and at 71 you start planning stuff like that. I’m looking for the proper way to make sure the team has continuity, hopefully with people in North Carolina." He added the "proper price" for the Hurricanes "would be close to the Islanders' price" (Raleigh NEWS & OBSERVER, 9/23).
