Bobby Farnham, Brett Jefferson and Marc Grandisson buy stakes in the NHL’s Hurricanes

Carolina Hurricanes Owner Tom Dundon Welcomes Three New Minority Investors

Carolina Hurricanes majority owner Tom Dundon has sold a portion of the NHL franchise to three new minority partners, the team announced Thursday. The deal brings Brett Jefferson, Marc Grandisson, and former NHL player Bobby Farnham into the ownership structure of the Raleigh-based hockey club.

While the Hurricanes did not disclose the financial details of the transaction, Sportico reported last week that Dundon agreed to sell a 12.5% stake in the team at a valuation of $2.66 billion. This would place the value of the minority share at approximately $332.5 million, representing a significant milestone in NHL team valuations.

“Brett, Marc and Bobby are accomplished business executives whose experiences and knowledge will help us continue to grow our team’s success and impact,” Dundon said in the team’s official statement. He emphasized the local connections of the new owners, noting that “Brett lives in the area and Marc will soon relocate to Raleigh, so their influence will be locally-based.”

Dundon particularly highlighted Farnham’s unique perspective, adding, “As a former NHL player, Bobby is uniquely positioned to help our ownership group as we move forward.”

The three new minority owners bring diverse business backgrounds to the Hurricanes organization. Jefferson is the founder of an asset management firm, while Grandisson recently retired from an executive position in the insurance industry. At just 37 years old, Farnham transitions to team ownership after a playing career that included 67 NHL games before he moved into private investment.

This ownership adjustment comes during a period of expansion for Dundon’s sports portfolio. Last summer, he led an investment group that acquired the NBA’s Portland Trail Blazers from the estate of late Microsoft co-founder Paul Allen. The purchase of the Trail Blazers, coupled with this partial sale of the Hurricanes, suggests a strategic rebalancing of Dundon’s sports investments.

Dundon’s relationship with the Hurricanes began in 2018 when he became the majority owner. He later consolidated his position in 2021 by purchasing the remaining stakes held by previous owner Peter Karmanos Jr. and other minority partners. Under Dundon’s leadership, the Hurricanes have experienced a competitive resurgence, becoming regular playoff contenders after a lengthy postseason drought.

The $2.66 billion valuation indicated by this transaction reflects the growing financial strength of NHL franchises, particularly for teams that have established stability in their markets. For context, when Dundon initially purchased a controlling interest in the Hurricanes in 2018, the entire franchise was valued at approximately $500 million. This nearly fivefold increase in valuation over six years demonstrates the rapid appreciation of professional sports franchises as exclusive assets.

The NHL has seen several ownership changes and valuation milestones in recent years. The league’s newest franchise, the Seattle Kraken, paid a $650 million expansion fee to join in 2021. More recently, the Pittsburgh Penguins sold for approximately $900 million in late 2021 to Fenway Sports Group.

According to the team, the new minority owners will be formally introduced before the Hurricanes’ home game against the Pittsburgh Penguins on Wednesday. This public introduction will give fans their first opportunity to see the expanded ownership group as the Hurricanes continue their push toward the Stanley Cup playoffs.

The addition of local investors with strong business credentials, plus the perspective of a former player, appears designed to strengthen the Hurricanes’ business operations while maintaining their competitive trajectory on the ice.