Peter Karmanos Jr.
Peter Karmanos Jr., co-founder and former CEO of Compuware and currently head of MadDog Technology in Birmingham, has agreed to sell the majority stake of his NHL hockey club, the Carolina Hurricanes, the team announced Thursday.
Dallas entrepreneur and philanthropist Tom Dundon signed an agreement to purchase a majority stake in the team and take over operations. The sale must be approved by the NHL.
"Tom has had tremendous success in business, and I fully expect that to continue as he takes control of the Hurricanes," Karmanos said in a statement. "I look forward to working with him, and bringing another Stanley Cup to North Carolina."
Karmanos, 74, will keep a 48 percent equity stake under the deal, according to The Sporting News.
Karmanos bought the franchise known as the Hartford Whalers for $48 million in 1994 and moved it to North Carolina following the 1996-97 season.
Karmanos had been looking to sell the team for about three years and at one point was asking for about $500 million.
Karmanos is a minority owner of Deadline Detroit.
