Tom Dundon Reportedly Selling Stake in Hurricanes to Help Fund Trail Blazers Purchase
The Carolina Hurricanes could be on the verge of a shift in their ownership structure, as current owner Tom Dundon is reportedly close to selling a significant portion of his stake in the franchise. The move comes as Dundon works toward acquiring the NBA’s Portland Trail Blazers in a deal reportedly valued at over $4 billion.
According to reports, the Hurricanes are being valued at approximately $2 billion in this transaction-a massive jump from when Dundon first entered the picture back in 2018. At that time, he bought a 52% controlling interest in the team, eventually purchasing the remaining minority shares in 2021 to become the sole owner. Now, just four years later, he's looking to cash in on the franchise’s rise in value.
While details remain scarce, the sale is expected to involve a limited partnership (LP) stake, meaning Dundon would still retain majority control of the Hurricanes. The exact percentage being sold hasn’t been disclosed, and there’s no word yet on who the buyers might be. But the motivation behind the move is clear: freeing up capital for a blockbuster NBA acquisition.
The timing is significant. Dundon’s tenure in Carolina has coincided with one of the most successful stretches in franchise history.
When he took over in 2018, the Hurricanes were mired in a nine-year playoff drought. Since then, they’ve rattled off seven straight postseason appearances and are well-positioned to make it eight this season.
His hands-on ownership style has been a defining feature of the team’s resurgence, and that’s where the big question comes in-how will this potential shift in ownership and focus affect the Hurricanes moving forward?
Dundon’s pursuit of the Trail Blazers mirrors, in some ways, the situation he walked into with the Hurricanes. Portland is a storied franchise, but one that’s fallen on hard times recently.
The Blazers have missed the playoffs four straight seasons and are off to a rocky 8-13 start this year. Dundon seems to see an opportunity to replicate the kind of turnaround he helped engineer in Carolina.
From a business standpoint, the numbers speak volumes. A $2 billion valuation for the Hurricanes is a testament to both the team’s on-ice success and the growing financial strength of NHL franchises in general.
And while Dundon’s move to sell a stake might raise eyebrows among fans, it’s also a sign of how far the Hurricanes have come under his stewardship. This isn’t an exit-it’s a recalibration.
Still, the balance between owning two professional sports franchises in different leagues-and different cities-will be something to watch. Dundon has earned a reputation as a highly involved owner, and the Hurricanes’ fanbase will be eager to see whether that same level of engagement continues as he potentially expands his sports empire.
For now, the Hurricanes remain in steady hands, with their core intact and their playoff streak alive. But with Dundon’s attention possibly shifting westward, the coming months could mark the beginning of a new chapter in Raleigh-one where the team’s foundation will be tested, and its future shaped by how this ownership evolution plays out.