Chuck Greenberg said to near $500 million deal for NHL’s Hurricanes

Michel CooperLast Update : Thursday 13 July 2017 - 9:58 PM
Chuck Greenberg said to near $500 million deal for NHL’s Hurricanes

By Scott Soshnick, Bloomberg

Chuck Greenberg, once part-owner and CEO of the Texas Rangers, is close to completing an agreement to buy the National Hockey League’s Carolina Hurricanes for about $500 million, according to people familiar with the deal.

The team will stay in North Carolina. Greenberg will seek to add local investors to the ownership group and plans to split his time between Raleigh and Dallas, said the people, who asked for anonymity because the negotiations are private.

The nearly $500 million price tag is roughly the same as what Bill Foley recently paid to bring an NHL expansion team to Las Vegas. It’s also more than double Forbes’ recent estimate of the team’s value — $230 million, least among U.S. hockey teams.

The club has made the playoffs only once since it won the Stanley Cup in 2006. The Hurricanes averaged a league-worst 11,776 fans last season, with a record of 36-31-15.

Allen & Co., which has been overseeing the sale process for the team, didn’t immediately return phone calls seeking comment. Team owner Peter Karmanos said in January that he was open to selling the franchise he’s owned since 1994, when it was playing in Hartford, Connecticut, as the Whalers.

Greenberg sold his stake in the Rangers in 2011. He still owns a trio of minor-league baseball franchises. He also worked closely with billionaire Ron Burkle and hockey icon Mario Lemieux as they acquired the Pittsburgh Penguins and built a new arena.

Source: denverpost

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Michel Cooper