Report: Karmanos Says Hurricanes "Broke Even" Last Year

Chip Alexander caught up with Peter Karmanos recently and the Carolina owner gave him an update about the progress of his investment group search.  (see entire article here: Canes owner prepares for new investors)

Karmanos said that the group now consists of about 10 investors, (which is down from February's estimated number of 20 - 30) and the group is still local. 

"We're still in the process of going through all the legal documents. It's moving along well. These are people who want to see the Hurricanes thrive and understand their involvement will give the Hurricanes even more exposure in the community," said Karmanos.

But when asked about a public announcement, the owner also went on to say,

"I'm not sure a public announcement is something (the investors) would care to have, to have that publicized," he said. "But it's still an ongoing thing for now. We're still trying to get more local people."

It seems like those statements might contradict each other.  If they do not eventually publicize who the people are involved within the group, how will their involvement give the Hurricanes more exposure in the community? 

Anyway, it sounds like there is still plenty of work to do regarding this process.

Perhaps the most important information in the article is that the Hurricanes broke even last year, which is certainly positive news, considering the team failed to make it to the playoffs.  There is still plenty of room for growth with attendance, so it's feasible that the Canes could be profitable, even if they don't advance to the postseason.

Last season, the Hurricanes averaged 16,415 per home game, good for 20th in the league.  But that was only 87.6% capacity, (also 20th best in the league).  The team should be able to draw 90% plus capacity with a competitive team.

Karmanos finished up by saying that he planned on spending more time in Raleigh soon. 

"I'm setting my schedule now and I plan to spend at least two days a week in Raleigh, and eventually more in hockey season," he said.

Chip has a bit more in Canes Now.

If you want to keep up with what's happening with the owner, he has his own blog at "Karmanos Unplugged".


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