The National Hockey League’s gamble on Las Vegas is already paying off for league’s owners.
USA Today is reporting the Carolina Hurricanes will be sold for $500 million US, the same amount as the expansion fee paid by the Las Vegas group. That’s nearly double the $230 million Forbes estimated the value of the franchise in December 2016.
USA Today reports current owner Peter Karmanos Jr., who bought a majority stake in the team in1994 for $48 million, has agreed to sell to a group of investors led by Chuck Greenberg, former CEO of MLB’s Texas Rangers.
The sale still requires approval from the NHL’s board of governors.
The Hurricanes, who had the lowest average attendance in the league last year at just less than 12,000, have been the subject of sale and relocation talk for more than a year. In January, commissioner Gary Bettman affirmed his intent to keep the team in Raleigh, N.C..
The Hurricanes won the Stanley Cup in 2006, but haven’t made the playoffs in the past eight seasons.