For the first time since the islanders and coyotes changed owners in 2014, the NHL will host a new player in their exclusive group with the pending sale of the hurricanes of former owner Peter Karmanos to Tom Dundon, a Texas billionaire. and recently arrived at the professional sports landscape.
NHL commissioner Gary Bettman announced the finalization of a purchase agreement on Thursday at the NHL Board of Governors meeting in West Palm Beach, Florida, where Dundon will buy a 52nd stake. cent in Raleigh, North Carolina. franchise based, valued at around $ 500 million. Karmanos would retain a minority stake of 48 percent.
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The agreement has not been closed and will not be formalized until it is formally investigated The process is carried out, but the news indicates the end of the long-rumored sale of the Hurricanes.
So, who is Dundon? And, most importantly, is the franchise at risk of relocating from your 20-year home at risk?
While the Dallas-based entrepreneur is probably anonymous to most hockey fans, you've probably heard about his risky success.
Dundon, 45, is the main investor in Top Golf, the wildly popular franchise in the gamut of recreational driving ranges that sprout across the country. The closest Top Golf to Raleigh recently opened throughout the state in Charlotte, but it is a safe bet that one will arrive at the Triangle soon enough.
The exact net worth of Dundon is not public information, but its business record points to well above $ 1 billion. Nicknamed a "brilliant executive and investor" in a Dallas Morning News 2015 story, he made his fortune as CEO of Santander Consumer USA, a company that offers car loans to buyers with low credit. He stepped aside as CEO of Santander in 2015, moving away (in scrutinizing circumstances) with his 10 percent worth of nearly $ 900 million, and started the investment firm Dallas DCP.
The most successful investment of Dundon to date, without a doubt, has been with Top Golf, a private company that carries an approximate valuation of $ 2.7 billion north.
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Will Hurricanes Relocate?
In terms of moving the hurricanes, Dundon told TSN on Thursday that "we like where it is."
Take it as a public stance, but Karmanos, who bought the Whalers in 1994 and moved the Hartford, Connecticut franchise At Raleigh in 1997, he has maintained that he would only sell his majestic ority stake to a buyer who agreed to stay. According to reports, the agreement includes a standard clause that prevents Dundon from moving the equipment within seven years after the purchase.
– Frank Seravalli (@frank_seravalli) December 7, 2017
The hurricanes gave a profit of $ 3 million in 2017, according to Forbes, but a decade of financial difficulties has made the franchise is the main fodder for relocation rumors. Coincidentally, the team's girlfriend's lease to play at PNC Arena lasts until 2024. That's not necessarily a sign of things to come, but many things can change in seven years and the building will be 25 years old by then.
"The real consideration was, am I going to buy a franchise that operates in Raleigh, not buy a franchise that might be able to move somewhere else?" Karmanos said, referring to Dundon's thinking during the negotiation process.
Bettman reiterated that the team must remain in Raleigh for the long term.
"This is not a team that will move," he said.