During the lowest point of the dog days, the Carolina Hurricanes couldn't escape the narratives surrounding the prospects of a potential move. By 2014, the Canes had missed the playoffs five years in a row, attendance was near the bottom of the league, and things were not looking good for the franchise. It didn't get any easier when Peter Karmanos Jr. announced that he was looking to sell.
Karmanos had been the team's owner since 1994, overseeing the move that brought the Hartford Whalers to North Carolina three years later. The team had gone on a few big runs, none bigger than their 2006 Cup run, but his age and the overall direction of the team had him ready to step away, so long as he kept some control over the team. The summer of 2014 saw the storm begin to grow.
Despite Karmanos' declaration that they would be idiots to move from Raleigh in 2015, and continued reassurance from commissioner Gary Bettman and deputy commissioner Bill Daly that the Canes weren't leaving, it didn't stop rumors from swirling about the Hurricanes finding a new home. The loudest potential destination was one that the league was already familiar with.
The Quebecois were calling for Carolina
Hockey has a longstanding history in Quebec City. The Quebec Nordiques joined the World Hockey Association (WHA) at its inception in 1972 before jumping to the NHL, along with Hartford, among others, in 1979. However, the team wasn't financially successful, leading to their eventual relocation to Denver, Colorado, in 1995. The Avalanche have worked out just fine since the move.
Yearning to bring hockey back to Quebec City, Quebecor, a multimedia company, did everything they could to get a team. They put in an expansion bid in 2015, as did Las Vegas, and made it far in the process, but they were ultimately deferred by the owners. Meanwhile, the company was courting Karmanos in 2016, seeing if there was any chance that he would sell and be open to relocating.
When news of Karmanos' talks with Quebecor broke, it exploded into massive speculation that the Canes could be heading north of the border. Everyone within the organization was adamant that the Hurricanes weren't going anywhere, including Team President Don Waddell. It didn't stop the rumors from growing like wildfire.
New suitors bid for the Hurricanes before a deal was done
There was going to come a point in time when a sale was going to happen, even if the Canes weren't deemed a valuable asset compared to the rest of the NHL. That time appeared to come on July 13, 2017. It was reported that a party had come forth with an offer of around $500 million. While it wasn't initially known who it was, it was rumored to be former Texas Rangers owner Chuck Greenberg.
Carolina wasn't the first team that Greenberg had interest in, once trying to buy into the Stars' ownership group. For months, the deal to purchase the Canes was described as "close", but nothing had been finalized by the start of the 2017-18 season. The longer it drew out, the more it felt like something was going to fall through, and Karmanos was skeptical that it would get done.
In December, another suitor came to the table, and this one stuck. Tom Dundon swooped in and got something done, purchasing the majority stake in the team for $420 million, less than the $500 million that Vegas paid in expansion fees. The deal also ensured that the Canes would stay in Raleigh, maintaining their favorable lease with PNC Arena through 2024, and it was finalized a month later.
The start of his tenure was not without its controversies, especially when it came to letting long-time radio voice Chuck Kaiton walk due to pay cuts. That stinginess with his money was often very off-putting. However, the change in ownership brought about an immense amount of positive change on the ice, with naming Rod Brind'Amour as the head coach being a perfect example.
Dundon bought out the remainder of Karmanos' stake in the team in 2021, giving him full ownership of the Hurricanes. He has expanded his sports portfolio by purchasing the NBA's Portland Trail Blazers last summer while also selling 12.5 percent of his Canes ownership this season. To top it off, the Canes captured the Stanley Cup, so things are clearly working out for this ownership group.
By no means am I trying to make this a savior moment for Dundon, especially since Greenberg also intended to keep the team in Raleigh. The Hurricanes' turnaround doesn't happen without the collective efforts throughout the organization on the ice and in the front office. However, having a new voice in power certainly helped.
I almost shudder at the prospect of the Hurricanes moving to Quebec. I'm too young to know what hockey in Quebec looked like, so I can't speak to the hockey culture there. Given how hard they've tried to get another team, they must be pretty passionate. Still, there aren't many fan bases more enthusiastic about their team than the Caniacs. It's almost unfathomable that it was up in the air.
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