Tom Dundon has brought in three minority owners to the Carolina Hurricanes organization: Brett Jefferson, Marc Grandisson, and Bobby Fanning. The move ends Dundon's seven-year run as sole owner after his $420 million purchase in January 2018, when he acquired Peter Karmanos Jr.'s stake and assumed operational control. Terms were not disclosed, but the Hurricanes confirmed all three now hold equity positions. Dundon remains majority owner.
The timing is deliberate. The Hurricanes have posted four consecutive playoff appearances, including a 2023 Eastern Conference Final run. Forbes values the franchise at $1.03 billion as of December 2024, up 145 percent from Dundon's entry price. Revenue climbed past $200 million annually, lifted by a 2023 jersey patch deal with Lenovo and a local broadcast agreement worth roughly $20 million per season. Season-ticket renewal rates sit above 90 percent. Dundon is monetizing momentum, not distress.
Jefferson runs a private equity shop with healthcare and software exposure. Grandisson chairs Hamilton Insurance Group and previously served as Validus Re CEO. Fanning operates in real estate and private credit. All three carry balance sheets suited to sports arbitrage—buy a slice of a playoff-caliber franchise in a non-traditional market, ride Sun Belt demographic tailwinds, and exit when expansion or relocation talk lifts comps. None are first-time sports investors, but none have disclosed prior NHL stakes. Their entry suggests Dundon sees a path to $1.5 billion-plus valuations within five years, driven by national media renewals and a potential second franchise in the Southeast.
The move also spreads risk. Dundon injected capital early, covering arena upgrades and front-office hires that stabilized a franchise that nearly relocated twice before his purchase. He owns TopGolf outright, sold a majority stake to Callaway in 2021, then watched that deal unwind in complexity. Adding partners now locks in a return multiple while freeing capital for other deployments. It also signals confidence that general manager Don Waddell and head coach Rod Brind'Amour—both under contract through 2026—have built a durable on-ice product. Playoff gates matter more than regular-season gates in Raleigh; the Hurricanes drew 18,680 per home playoff game last spring, near capacity.
Minority stakes in NHL franchises have traded briskly since 2020. The Utah Jazz sold for $1.66 billion in 2020, setting a baseline that lifted hockey comps. The Senators are fielding bids near $1 billion. The Coyotes' assets sold for $1.2 billion before relocation to Salt Lake City. Carolina's on-ice success and PNC Arena lease—locked through 2044 with escalating public investment—make the franchise an easier sell than Ottawa or Winnipeg. Jefferson, Grandisson, and Fanning are buying scarcity: only 32 NHL franchises exist, and the league has shown no appetite for contraction.
Watch for follow-on capital deployment. Dundon has floated interest in a Raleigh entertainment district anchored by PNC Arena. The city approved preliminary zoning last fall, but no construction timeline exists. Minority partners with real estate or credit expertise could accelerate that project, which would lift franchise enterprise value by creating year-round revenue streams. Also worth tracking: whether Dundon uses his refreshed liquidity to bid on the 2026 Winter Classic hosting rights, which the league will award by June. A marquee outdoor game in Raleigh would validate the market and justify higher local sponsorship rates.
The Hurricanes open contract talks with three core players this summer—forward Seth Jarvis, defenseman Jaccob Slavin, and goaltender Pyotr Kochetkov—whose combined cap hits will exceed $20 million annually. Fresh equity partners suggest Dundon plans to spend, not trim.
The takeaway
Dundon's first equity dilution in seven years locks in a **145%** gain and signals confidence in Southeast hockey valuations ahead of media renewals.
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