Carolina Hurricanes owner Tom Dundon is in talks to sell a minority stake in the NHL franchise to raise cash for his purchase of the NBA\'s Portland Trail Blazers, Front Office Sports has learned. Dundon has been holding discussions with potential investors about a minority stake, according to two sources familiar with the matter.
One source said the stake sale aims to provide Dundon with more cash to pay for the Blazers, which he agreed to buy in August at a valuation north of $4 billion. A representative for the Hurricanes declined to comment Wednesday.
Mike Ozanian of CNBC first reported that Dundon is close to selling a significant limited partner stake in the NHL team at a $2 billion valuation. If accurate, that would represent one of the highest valuations ever for an NHL franchise.
In 2023, the Montreal Canadiens were valued at $2.5 billion when the Molson family purchased a 10 percent stake. The Tampa Bay Lightning was valued at $1.8 billion in its 2024 sale to a group led by Blue Owl Capital co-CEOs Doug Ostrover and Marc Lipschultz.
The group buying the Blazers with Dundon includes Blue Owl co-president Marc Zahr, the Cherng family who founded Panda Express, and Collective Global co-founder Sheel Tyle. The deal will take place in several stages over the next few years, FOS previously reported.
RAJ Sports sued the Cherng family eight days after Dundon\'s Blazers deal was announced, attempting to stop them from joining his ownership group. RAJ voluntarily withdrew the lawsuit three weeks after filing it, with the parties reaching an out-of-court settlement.
Dundon took a majority stake in the Hurricanes in 2021 and leads investment firms Dundon Capital Partners and Southpaw Capital Partners. He is also among the owners of Major League Pickleball.