Hurricanes

Karmanos: Local investors understand Canes' value

Posted October 14, 2011

— Carolina Hurricanes owner Peter Karmanos Jr. said his search for local investment partners for his team has been a success so far because leaders in the Triangle understand the value of the team.

Since the death of his business partner, Tom Thewes, in 2008, Karmanos has been looking for ways to fill that role.

On Thursday, the team announced that Michael Kahn, the owner of the Charlotte Checkers of the American Hockey League, had made a $5 million investment and would join the Canes ownership group. 

Karmanos said his unique relationship with Kahn, whose Charlotte team is the minor-league affiliate of the Hurricanes, and Kahn's business connections in the Triangle made it easy for them to work more closely together. He called Kahn "a Raleigh guy and a good hockey guy." 

Karmanos did not identify any of the other local investors, but he said Friday that the team has secured $22 million in commitments. Those same people will probably kick in another $7.5 million.

He expects another group to add $2 million in the next six months and has "solid interest investments" of another $5 million over the next year, for a total of $36.5 million.

Karmanos said Friday that he is looking for about $10 million more.

He joked about the guest he had in his owners' box last week. "I'm trying to convince (singer) Kid Rock, but he's got strong Detroit ties," he said. 

The bottom line is that Karmanos expects to meet the team's financial needs with investments from within the local community.

"The Canes can stand on their own," he said, "and having a facility like the RBC Center is extremely attractive to investors."

5 Comments

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  • fzero Oct 14, 6:38 p.m.

    First!

    Take that detractors who think hockey wouldn't work in the South. and take that to those... View More

    — Posted by Willie_11

    *cough* Atlanta *cough*

  • SubwayScoundrel Oct 14, 3:20 p.m.

    Good deal. I just wonder if any of the local BIG BOYS have stepped up. The ones that hire people who are willing to move here for quality of life which includes having pro sports. They know who they are. Goodnight, Sloan, Gillings, Red Hat guys, Cree guys, all the pharma companies, Lonnie Poole/family, Goodman,--HEY PHARMA VENTURE CAP GUYS !!! Hope they are part of it or do they just have good seats to NCSU basketball games they never use??

    Go Canes !!!

  • jtgeraghty Oct 14, 2:11 p.m.

    We are avid fans, especially my wife as shown here.

  • james18 Oct 14, 1:22 p.m.

    I love going to a Hurricanes game @ the RBC Center..good food, friendly staff, clean facility. They have done alot for the community and military as well..Keep on rockin Hurricanes, your organization is TOP NOTCH!!!!!

  • Willie_11 Oct 14, 12:31 p.m.

    First!

    Take that detractors who think hockey wouldn't work in the South. and take that to those who still do.

    Go Canes!

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