The Carolina Hurricanes look like they might join the group of NHL teams looking for new ownership – at least in some form. The Triangle Business Journal reports that Canes owner Peter Karmanos hired Allen & Co. (the group that advised in the sale of sports teams such as the Pittsburgh Penguins) to sell 50 percent of the Hurricanes.
“My partner, Tom Thewes, passed away two years ago, and we have been putzing around trying to figure [out] how to replace the partner,” said Hurricanes owner Peter Karmanos, who currently controls 100 percent of the franchise. “We just went to Allen & Co. to explore the different ways. It’s certainly not to sell the team.”
The report notes, though, that buyers often want full control rather than “half” control when making such an investment. Karmanos, of Michigan, reportedly would prefer to add a local presence which means that they will first looking into potential owners in the North Carolina area.
Another important note, though, is that there can be a “too many cooks in the kitchen” mentality to 50-50 ownership situations.
How a 50-50 partnership would be structured for the Hurricanes is uncertain. There are only a handful of similar arrangements in sports. The Tisch and Mara families peacefully co-own the New York Giants, with the Maras handling football operations and the Tisches overseeing business operations. On the other side, George Gillett and Tom Hicks’ co-ownership of Liverpool FC has been stormy, and the duo is currently trying to sell the team.
My take is like with any collaboration, it’s important for everyone to have clearly defined roles. At least if you want to have some semblance of peace.
Naturally, this is very early in the situation, so exact details are scarce. We’ll keep you up to date on the potential (partial?) sale of the Hurricanes, along with the scenarios for the Coyotes, Thrashers, Stars and any other teams who might look for new owners as reports filter in.
(H/T to Kukla’s Korner)