Hurricanes sale formally closed, Tom Dundon now majority owner

[Unsustainable]

@garnetpalmetto

Hurricanes’ Waddell says team made $2M, room for growth – The North State Journal

Despite ranking last out of 30 teams in attendance last season (11,776 per game), Waddell said the Hurricanes made approximately $2 million.
While each of the NHL’s 30 teams received a $16 million cut of the incoming Vegas Golden Knights’ $500 million expansion fee, Waddell said the Hurricanes made money even without the one-time influx of expansion cash.

——-

So last season they made 2m and then got an extra 16m from the expansion.

 

[garnetpalmetto]

@garnetpalmetto

Hurricanes’ Waddell says team made $2M, room for growth – The North State Journal

Despite ranking last out of 30 teams in attendance last season (11,776 per game), Waddell said the Hurricanes made approximately $2 million.
While each of the NHL’s 30 teams received a $16 million cut of the incoming Vegas Golden Knights’ $500 million expansion fee, Waddell said the Hurricanes made money even without the one-time influx of expansion cash.

——-

So last season they made 2m and then got an extra 16m from the expansion.

Thanks, Unsustainable! Glad to see that my remembrance of us being in the black even before the split of the expansion fee wasn't just a Dayquil-induced dream.

 

[Unsustainable]

Thanks, Unsustainable! Glad to see that my remembrance of us being in the black even before the split of the expansion fee wasn't just a Dayquil-induced dream.

Yeah, this article is one I remembered, Waddell said the focus was on STH (Season Ticket Holders) vs selling out games with short selling of ticket values to just to have fans in the seats.

 

[HisIceness]

Glad this nightmare finally seems to be coming to a close. Excited for Dundon and his vision.

 

[tarheelhockey]

Raleigh News and Observer reports that the sale will close today.

Carolina Hurricanes sale to Thomas Dundon to close Thursday

BOG has approved the sale. Press conference in Raleigh tomorrow.

Dundon is purchasing 51 percent, with the option to purchase the rest in 3 years. If I understand correctly, this removes Karmanos from the BOG and gives him a total exit plan in the near future.

 

[Cane mutiny]

Feels so good.

 

[Fugu]

Raleigh News and Observer reports that the sale will close today.

Carolina Hurricanes sale to Thomas Dundon to close Thursday

BOG has approved the sale. Press conference in Raleigh tomorrow.

Dundon is purchasing 51 percent, with the option to purchase the rest in 3 years. If I understand correctly, this removes Karmanos from the BOG and gives him a total exit plan in the near future.

Well, it's good to see the sales process closing down here. That's a really high price for the Canes.

Do any of you know if it's Karmanos's share or the other owners, a bit of both?

 

[powerstuck]

Well, it's good to see the sales process closing down here. That's a really high price for the Canes.

Do any of you know if it's Karmanos's share or the other owners, a bit of both?

I asked the same question earlier in this thread (IIRC) and the conclusion everyone came to is that Dundon seems to be purchasing ALL Canes shares. At least to me, the numbers (51%, 52%, etc) lead to this, that and the fact that the other minority owners are never named in any news articles.

 

[garnetpalmetto]

I asked the same question earlier in this thread (IIRC) and the conclusion everyone came to is that Dundon seems to be purchasing ALL Canes shares. At least to me, the numbers (51%, 52%, etc) lead to this, that and the fact that the other minority owners are never named in any news articles.

I think @Fugu is asking about this initial 51% share - whether the shares that make up that 51% are wholly Karmanos's or if they're Karmanos's and some of the minority owners. It's not been said publicly, Foogs, but I'd imagine it's wholly Karmanos's shares and then Karmanos would turn around and take some/all of the money he gets from that 51% to buy out the minority owners in Hurricanes Holdings. Thus it's go from Karmanos-Minority Owners to Dundon-Karmanos-Minority Owners to Dundon-Karmanos in relatively short order until, finally, Dundon completes the purchase of the team.

 

[BattleBorn]

Is there some signal set up so we know the exact moment it happens? Like in Goodfellas.

 

[garnetpalmetto]

Is there some signal set up so we know the exact moment it happens? Like in Goodfellas.

Red smoke will rise from PNC Arena and from PNC Plaza in downtown Raleigh. Sort of like when a new pope is elected.

 

[tarheelhockey]

Is there some signal set up so we know the exact moment it happens? Like in Goodfellas.

Thousands of sleeveless jerseys will be dropped from a blimp over Raleigh, and scooped up by literally dozens of fans.

 

[BattleBorn]

Thousands of sleeveless jerseys will be dropped from a blimp over Raleigh, and scooped up by literally dozens of fans.

Very Carolinian.

 

[cptjeff]

The NHL app just buzzed me to say that it's official. Their story also says that Dundon now owns 61%. Here's the link to the story I got, which is from the Canes press guy.

 

[Unsustainable]

He bought some of the ownership

 

[TheLegend]

Thousands of sleeveless jerseys will be dropped from a blimp over Raleigh, and scooped up by literally dozens of fans.

Very Carolinian.

To paraphrase Larry The Cable Guy... they “Got ‘r done...”

 

[SladeWilson23]

Great news for the Canes!

 

[the halleJOKEL]

nice article:

Dundon hasn't thought about moving Hurricanes - Article - TSN

“As a matter of fact, what we’re focused on is improving the fan experience which means adding amenities to the building and also extending the lease. So, I’d say that’s the priority. I literally have not spent one moment thinking about any sort of move. It would be almost impossible to conceive of that happening,” Dundon said.
The lease of PNC Arena in Raleigh, North Carolina, expires following the 2023-24 season.
“I want this building improved and the fan experience improved immediately. So that comes with a lease extension which I intend to sign.”

 

[bluedevil58]

I thought this team was relocating to Quebec city according to all the posts here 6 months ago. What gives??

 

[Fenway]

I thought this team was relocating to Quebec city according to all the posts here 6 months ago. What gives??

Pretty simple - Karmanos found a buyer many thought was not possible.

Dallas businessman now owns Hurricanes after sale closes :: WRALSportsFan.com

 

[Roboturner913]

All this makes me wonder how many posts we could go back and dig up about how nobody would ever actually buy the Carolina Hurricanes for that amount of money and keep them there

I bet there would be a lot of them

If we wanted to go look for them

Hypothetically speaking, I mean

*whistles innocently*

*wrangles out the door*

 

[Hasbro]

Is there some signal set up so we know the exact moment it happens? Like in Goodfellas.

Get yer shine box Karmanos!

 

[madhi19]

He bought some of the ownership

Step one: Take Control.
Step two: Buyout the little fishes.
Step three: Cash call Karmanos out of the rest of the team.
Step four:..
Step five: Profit.

 

[Boom Boom Apathy]

Pretty simple - Karmanos found a buyer many thought was not possible.

I think his point is there was a level of arrogance and absolute certainty that some posters exuded in their stance on a buyer/price not being possible.

Karmanos says team isn't moving: "Yeah, what is he going to say?"
Bettman says team isn't moving: "You can't believe anything Bettman says"
Daly says team isn't moving: "Lip service"
Dundon is buying the team: "Ha, he's only buying it to move it."

and on, and on, and on.

 

[tarheelhockey]

“Nobody would buy them just to keep them in Raleigh” was my favorite.

Eat crow, sunshine.