LOI IN PLACE FOR THE SALE OF THE CAROLINA HURRICANES

An investment group lead by lawyer Chuck Greenberg has submitted a letter of intent to purchase the NHL’s Carolina Hurricanes. The group will keep the team in Raleigh. While the LOI is non-binding, negotiations are far enough along that attorneys for both sides are reviewing the terms. There is currently no timetable for the sale, but a deal could potentially be finalized prior to the October start of the season. Current owner Peter Karmanos has stated he believes he can sell the team for $450 to $500 million.

Hurricanes sales draft agreement goes to lawyers; Greenberg meets with Centennial Authority chairman

Howie Long-Short: As of November ’16, Forbes had the team’s enterprise value at $230 million. It is known that Greenberg’s group has struggled to raise money. I can’t see this deal closing anywhere near the $450 million Karmanos wants.

Fan Marino: Carolina is the least valuable NHL franchise. Uphill battle selling hockey in North Carolina, when UNC, Duke and N.C. State are playing hoops at the same time.

Author: John Wall Street

At the intersection of sports & finance.

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