Photo of the Carolina Hurricanes' bench during a game.

Image Credit: Matt Janicki (CC BY 2.0)

Former Texas Rangers co-owner Chuck Greenberg is leading a group of investors that have submitted a $500 million offer to purchase the NHL’s Carolina Hurricanes. Carolina Hurricanes owner Peter Karmanos, Jr., has already signed documents of his intent to sell the team who according to him, would remain in Raleigh, North Carolina. Karmanos has been seeking a local owner for the team for three years and originally purchased the team when they were the Hartford Whalers back in 1994.

Peter Karmanos then moved the franchise to North Carolina in 1997. The team first played their home games in Greensboro, North Carolina for two seasons until their home arena (PNC Arena) was built. That decision turned out to be disastrous and Karmanos’ ownership has been put into question many times since then as well. Karmanos was even sued last year by three of his sons over a disagreement over their trust.

Chuck Greenberg left the Texas Rangers organization in 2011 and also owns the Myrtle Beach Pelicans, a minor league affiliate of the Chicago Cubs. Greenberg and the other investors that reportedly submitted the offer to purchase the Carolina Hurricanes were unresponsive when asked about the transaction by the media. Carolina Hurricanes fans are probably nervous about the prospects of the team relocating to another city under new ownership. If you went by potential alone, Seattle, Washington and Charlotte, North Carolina would seem to be much better fits for an NHL franchise than a small market city like Raleigh, North Carolina. However, NHL Commissioner Gary Bettman has reiterated many times that the league wants the Hurricanes to stay in Raleigh, North Carolina. Bettman was also very local about his intent to keep the Arizona Coyotes in Phoenix, another team that has suffered financial and ownership woes over the years.

In 2015, Hurricanes owner Karmanos said that an owner would be an idiot to move the team from Raleigh. PNC Arena currently offers one of the best leases in the National Hockey League; a lease that expires in 2024. According to Forbes, the Carolina Hurricanes are valuated dead last in the National Hockey League at a net worth of $230 million. The team finished last in NHL attendance during the 2016-2017 campaign while averaging fewer than 12,000 fans per game. PNC Arena’s capacity is 18,680 for hockey games. The team has also not made the Stanley Cup playoffs since 2009; the longest playoff drought in the National Hockey League.

To say that the Carolina Hurricanes wouldn’t benefit under new ownership is an understatement although the team did win the Stanley Cup back in 2006. Peter Karmanos, Jr. made his money as the founder of Compuware Corporation, an IT Company that was began it’s operations in Detroit, Michigan.




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