RALEIGH, N.C. — The NHL on Wednesday approved Tom Dundon’s buyout of Peter Karmanos and the remaining minority partners of the Carolina Hurricanes, making him sole owner of the team.
Dundon, who bought the team from Karmanos in January 2018, had an option to sell the team back to Karmanos after three years or purchase his share completely. That was pushed back because of COVID-19 and the sale of the team is now complete.
Karmanos bought the Hartford Whalers in 1994 and moved them to Raleigh in 1997, renaming them the Hurricanes. The team spent two years playing in the Greensboro Coliseum while what is now known as PNC Arena is being constructed. He was inducted into the Hockey Hall of Fame in 2015.
But Karmanos, who founded the Detroit software company Compuware, ran into personal financial difficulties even before the team won the Stanley Cup in 2006 and lost his silent partner when Thomas Thewes died in 2008. As the NHL’s salary range rose, the Hurricanes were often at or near the bottom of it.
Dundon, a Dallas billionaire who made his money in subprime auto loans, started sniffing around the team in December 2017 and purchased a majority interest from Karmanos in January 2018. By the end of that summer, he had fired general manager Ron Francis and coach Bill Peters, traded for Dougie Hamilton and drafted Andrei Svechnikov.
Team president and interim general manager Don Waddell was elevated into the permanent position and Rod Brind’Amour, captain of the 2006 champions, was promoted from assistant to head coach. The Hurricanes have made the playoffs in all three of the full seasons since Dundon bought the team, ending a 10-year playoff drought while maintaining a payroll at or near the salary cap.
“Pete has had a tremendous impact on the sport of hockey in the United States since the 1970s,” Dundon said in a statement. “His vision laid the groundwork for the success we now enjoy in Raleigh, and his legacy will always remain a part of this organization.”
