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TBJ Reports: Karmanos to sell portion of Hurricanes Franchise

News in today's Triangle Business Journal.

Karmanos hires Allen & Co. to sell 50% of Carolina Hurricanes - Triangle Business Journal  

(more after the jump, including a release from the Hurricanes)

The Carolina 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.

"My partner, Tom Thewes, passed away two years ago, and we have been putzing around trying to figure [out] how to replace the partner," said Hurricanes owner Peter Karmanos, who currently controls 100 percent of the franchise. "We just went to Allen & Co. to explore the different ways. It's certainly not to sell the team."

The Hurricanes' search will focus at first on North Carolina-based buyers, a source said, because part of the reason Karmanos is selling is because he feels a need to have a local ownership presence. He lives in Michigan.

It can't be ruled out, of course, that Karmanos sells the whole team, which he has owned since 1994. Owners frequently look for partners only to find that buyers want full control.


Read more: Karmanos hires Allen & Co. to sell 50% of Carolina Hurricanes - Triangle Business Journal 

 

(Update)

The Hurricanes also issues a press release right before noon Monday with a statement from Karmanos:

PETER KARMANOS JR. STATEMENT ON ALLEN & CO.

Team contracts Allen & Co. to help sell Thewes’ minority share

RALEIGH, NC – Peter Karmanos, CEO/Owner/Governor of the National Hockey League’s Carolina Hurricanes, today issued the following statement about the team’s agreement with Allen & Co.

"My longtime business partner Tom Thewes passed away in September 2008, and I have been exploring options for a new minority partner for the team since that time," said Hurricanes CEO/Owner/Governor Peter Karmanos. "The intent is in no way to sell the team. We simply hired Allen & Co. to assist us with the process of finding a new minority partner.

"Given the Hurricanes’ success as the only major professional team in a rapidly growing market, we feel confident that the results of this process can further strengthen our franchise’s bright future."

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