Report: Greenberg close to $500 million purchase of Carolina Hurricanes

Former part owner and CEO of the Texas Rangers Chuck Greenberg is closing in on a reported $500 million purchase of the Carolina Hurricanes.

Chuck Greenberg, the former part owner and CEO of the Texas Rangers, is reportedly closing in on a $500 million purchase of the NHL’s Carolina Hurricanes. The reports also state that, if the purchase goes through, Greenberg would keep the Hurricanes in North Carolina.

According to Bloomberg, Greenberg will be looking to add local investors to the ownership if the deal goes through. This would ensure more money goes into the organization, and would be a good way to make the Hurricanes more attached to Raleigh, North Carolina.

The reported $500 million price tag is also over twice the Carolina Hurricanes’ estimated value. In Forbes’ most recent list of valuations, the Hurricanes were valued at around $230 million, which was the lowest valuation of any American team currently in the NHL. The teams nearest in valuation are the Florida Panthers at $235 million and the Arizona Coyotes at $240 million.

Despite being the lowest valued team by Forbes, the $230 million valuation is actually a 2 percent increase from their valuation on Forbes’ previous list. Along with being the lowest valued organization, the Carolina Hurricanes also had the third highest debt value at 54%, the lowest revenue at $99 million, the second biggest loss of operating income at -$15 million, and the worst attendance in the league. Their average of 11,776 in attendance during the 2016-17 season was the lowest in the league and only filled 63 percent of their arena. If the deal goes through, Greenberg will certainly have his work cut out for him.

Next: All 30 NHL Franchises Ranked By All-Time Greatness

The Hurricanes are currently owned by Peter Karmanos, who has owned the organization since 1994. Karmanos stated back in January that he would be open to selling the organization that he has owned for 23 years.