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Prospective Carolina Hurricanes Sale in Doubt

Carolina Hurricanes

Chuck Greenberg‘s ability to buy the Carolina Hurricanes is being doubted by current owner Peter Karmanos Jr., who questions if Greenberg can raise the necessary funds. 

Over the summer, it was learned that Greenberg was seeking to lead an investment group that would purchase the Hurricanes from Karmanos. Karmanos, who purchased the franchise when it was still the Hartford Whalers in 1994, would later confirm that the price tag for the team was around $500 million.

Previously, Karmanos has said that the two sides had a term sheet in place but needed to complete a purchase agreement. Negotiations over the sale of the team reportedly continue, but Karmanos is questioning whether Greenberg can form an investment group and obtain the funding needed to land the Hurricanes. More from The Herald-Sun:

“The sale of the team is just sitting there, waiting for Chuck to say, ‘Geez, I can’t raise the money,’ ” Karmanos said. “We have a commitment to Chuck, and we’re going to see it through. And quite frankly I wish he would pick up the phone and say, ‘Geez, you know what, I can’t get it done.’ Because it looks like he can’t get it done.”

Asked if he believed Greenberg would be able to pull together a group of investors capable of completing the sale, Karmanos said, “Your guess is as good as mine.”

In the past few days, those close to the negotiations have said some complications have arisen and the process has snagged.

Karmanos laughed when asked about potential complications, saying, “I’m telling you, he can’t raise the money. That’s the complication.”

Karmanos has also indicated that the sale price could increase if Greenberg’s effort comes up short. Greenberg, a sports attorney and former Texas Rangers CEO, currently owns several Minor League Baseball teams, including the State College Spikes (Short Season A; NY-Penn League), Myrtle Beach Hurricanes (High A; Carolina League), and Frisco RoughRiders (Class AA; Texas League).

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