Sport Report: Majority stake in Hurricanes to be sold to billionaire Tom Dundon

22:30  07 december  2017
22:30  07 december  2017 Source:   theScore

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The Quebec sports network’s François Gagnon reported this morning that Dallas businessman Thomas Dundon has put in a bid to purchase an interest in the Hurricanes . Dundon , who founded subprime auto-loan company Drive Financial, sold a 90% stake in his company to Spanish banking

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The Carolina Hurricanes are on the verge of being sold.

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Current owner Peter Karmanos Jr. met with Dallas billionaire Tom Dundon on Thursday, and the pair later appeared at the NHL's Board of Governors meeting in Florida.

A purchase agreement is in place and the sale is expected to be announced later Thursday, according to TSN's Darren Dreger and Pierre LeBrun.

Karmanos Jr. will not be stepping aside entirely, however.

All indications are Dundon will help stabilize the team's presence in North Carolina.

"(Karmanos Jr.) had said (all) along: he's put a lot of money into this marketplace, he believes in this marketplace, the NHL believes in this marketplace," team president Don Waddell said on Nov. 29, according to Cory Lavalette of North State Journal. "Any potential buyer is not going to have that option. They know if they're buying the team, they're buying it to keep it in Raleigh, North Carolina."

Reports of discussions between Karmanos and Dundon emerged in late November.

Back in July, a purchase offer of around $500 million was submitted by Chuck Greenberg - co-owner of the Texas Rangers - but Karmanos later said he felt Greenberg couldn't afford to make the right deal.

Who is Tom Dundon? What to know about the Hurricanes' prospective new owner

  Who is Tom Dundon? What to know about the Hurricanes' prospective new owner Everything to know about the Texas billionaire, best known as the primary investor in the Top Golf franchise, including the most pressing question: Will he relocate the Hurricanes?NHL commissioner Gary Bettman announced the completion of a purchase agreement Thursday at the NHL's Board of Governors meeting in West Palm Beach, Fla., in which Dundon will buy a 52 percent stake in the Raleigh, N.C.-based franchise, valued around $500 million. Karmanos would retain a 48 percent minority stake.

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