Dundon Sells Stake in Hurricanes, Valuing Team at $2.66B

0:00Hey, it's Cory with Durham News Today. Your city, your news every day. Tom Dundin, owner of the Carolina Hurricanes, has agreed to sell a 12.5% stake in the NHL team, putting a 2.66 billion dollar value on the franchise. Sports business site Sportico broke the news, mentioning three unnamed minority investors who wanted to stay anonymous. Dundin, a billionaire from Dallas, bought the NBA's Portland Trailblazers last August for $4.2 billion. There had been rumors in recent months that he might offload part of the Hurricanes to help cover that deal. Under Dundin, the Hurricanes have thrived. He brought in Rod Brenda Morris' coach right away and spins right up to the salary cap. The team has made the playoffs every year, winning some rounds, but not yet reaching a Stanley Cup final. This sale highlights just how much major sports teams are worth these days. Officials couldn't reach Dundin for comment on the agreement. The announcement came one day before the NHL trade deadline.

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