Report: Canes selling 12.5% of franchise at $2.66 billion valuation

Carolina Hurricanes owner Tom Dundon has reached an agreement to sell one-eighth of the NHL team to three new minority partners, according to a Sportico report on Thursday.

When extrapolated, Dundon's deal for 12.5 percent of the Hurricanes suggests that the value of the franchise sits at $2.66 billion. To put that into perspective, Dundon bought the team for $420 million in 2018.

At that point, Carolina had not been to the Stanley Cup playoffs since 2009. Since Dundon's arrival, the Hurricanes have been one of the league's most successful franchises on and off the ice.

Carolina has made the postseason all seven seasons -- including Eastern Conference Finals appearances in 2019, 2023 and 2025 - and this year's squad holds a nine-point lead in the Metropolitan Division and the best points percentage in the Eastern Conference (.689) entering Thursday. These successes have led to sellout crowds every night in Raleigh, N.C.

The identities of Dundon's new partners have not been revealed. In addition, Dundon's motivation for making the sale remains unclear.

In August, reports surfaced that Dundon was leading a syndicate to purchase the NBA's Portland Trail Blazers for an estimated $4.25 billion from Paul Allen's estate. Allen, who purchased the Blazers in 1988, passed away in 2018 and left instructions to sell his pro teams (he also owned the NFL's Seattle Seahawks) and donate the proceeds to charity.

While Allen's sister recently placed the Seahawks for sale, the Trail Blazers' sale is expected to close shortly.

--Field Level Media