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Dallas billionaire agrees to buy Hurricanes

From ESPN - December 7, 2017

RALEIGH, N.C. -- Dallas billionaire Tom Dundon has signed a purchase agreement to buy a majority stake in the Carolina Hurricanes from longtime owner Peter Karmanos.

The team announced the agreement Thursday, and NHL commissioner Gary Bettman said the team would not move.

The move marks the latest step toward the end of Karmanos' lengthy attempt to sell the team he moved from Hartford, Connecticut, to North Carolina two decades ago. Karmanos will retain an equity stake in the franchise.

Dundon is the 46-year-old former CEO of Santander Consumer USA, a Dallas-based lending firm. He's also an investor in the Top Golf chain of golf and entertainment facilities and a key financier of a new golf course in Dallas.

"I am thrilled to continue to build upon what Peter Karmanos started in Raleigh," Dundon said in a statement from the team. "The Hurricanes are a team on the rise, and I believe we have an opportunity to take the franchise to the next level. I am ready to get to work."

Dundon will control all team operations once the deal receives league approval and is finalized.

"Tom has had tremendous success in business, and I fully expect that to continue as he takes control of the Hurricanes," Karmanos said in a statement. "I look forward to working with him, and bringing another Stanley Cup to North Carolina."

Karmanos had been publicly seeking a local buyer for at least three years. He acknowledged over the summer that he and a group led by former Texas Rangers CEO Steve Greenberg had agreed to a term sheet but did not come to terms on a purchase agreement. He also said he was looking for a sale price of about $500 million.

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