The Carolina Hurricanes’ latest minority transaction received approval from NHL owners on Tuesday, according to a person familiar with the matter.
Sportico previously reported that Tom Dundon had agreed to sell 12.5% of the team at a $2.66 billion valuation. Under the terms of the transaction, three new minority partners joined the franchise’s cap table. Their identities were not disclosed.
A representative for the team declined to comment. A representative for the NHL did not reply to a request for comment.
Even with league approval in hand, the Hurricanes transaction has yet to close, said the person, who was granted anonymity because the details are private.
Meanwhile, Dundon is leading a separate group that is purchasing the NBA’s Portland Trail Blazers at a blended valuation of $4.25 billion. Whether Dundon is seeking liquidity by way of his NHL team to fund the Trail Blazers purchase is unclear. Portland, which is being sold by late owner Paul Allen’s estate, is expected to change hands in the coming weeks.
If the Hurricanes deal closes, it will mark one of the highest valuations in an NHL stake sale. Michael Andlauer, who bought the Ottawa Senators for $950 million in 2023, sold his 10% stake in the Montreal Canadiens at an enterprise value of $2.5 billion that year. Rogers also upped its stake in Toronto Maple Leafs parent Maple Leaf Sports & Entertainment last year, a deal that valued the entire collections of assets at roughly $9.1 billion ($12.5 billion CAD).
The Hurricanes have appreciated significantly since Dundon bought the team for $420 million in 2018. The franchise was the NHL’s 15th most valuable in 2025, with an enterprise value of $1.92 billion, according to Sportico. Collectively, the league’s 32 franchises were worth $67.1 billion which amounts to $2.1 billion on average.
Additional reporting by Eben Novy-Williams and Kurt Badenhausen.
