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Karmanos looking to divest Canes ownership over time

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From TSN: see http://www.tsn.ca/nhl/story/?id=462401 for full article

 

Peter Karmanos, one of the most venerable team owners in the NHL, is looking for someone to succeed him as owner of the Carolina Hurricanes.

 

Karmanos has hired New York investment bank Allen & Co. to help him find an investor who would be willing to commit "hundreds of millions of dollars into the team but let me control it," he told TSN.

 

Karmanos said he wants to partner with an investor who would buy out his interest in the team over time.

Karmanos said he is seeking an investor who would value his team at $420 million or more.

 

"What I am trying to do is set up a reasonable succession plan because I'm not one of those guys who thinks I am going to go on forever," Karmanos said in an interview. "I'd like to have a partner again...but someone will have to pay dearly for it. (The Hurricanes are) a valuable franchise despite what some of your folk in Canada say about them. I don't see a basketball or baseball or football team coming here. We're going to be the lone ranger here (in Raleigh) for quite some time."

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