RALEIGH, N.C. (WNCN) — A Dallas entrepreneur has agreed to buy a majority stake in the Carolina Hurricanes, the team announced Thursday.
The sale still requires league approval.
“I am thrilled to continue to build upon what Peter Karmanos started in Raleigh,” said Tim Dundon, the buyer, in a news release. “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 is the Chairman and Managing Partner of Dundon Capital Partners, a private investment firm. He is the co-chairman of Topgolf.
Peter Karmanos Jr., who bought the Hurricanes in 1994, will still hold a stake in the team, but Dundon has the option to buy him out after threeyears. Karmanos also insisted on negotiating a deal that kept the team in Raleigh.