Report: Group led by Upper St. Clair's Chuck Greenberg close to buying Carolina Hurricanes
Upper St. Clair graduate Chuck Greenberg is the head of an investment group that is close to buying the NHL's Carolina Hurricanes, according to multiple reports Thursday.
According to Bloomberg News, Greenberg's group will pay $500 million for the team and plans to keep it in Raleigh.
The Hurricanes issued a statement confirming only that an offer had been made.
“Since an offer has been made to purchase the team, (owner Peter) Karmanos intends to evaluate that offer and also will continue to evaluate his other options, including retaining his ownership of the team,” it said.
Greenberg, 56, is a sports attorney who was involved with the deals that allowed Mario Lemieux and Ron Burkle to buy the Penguins out of bankruptcy in 1999 and the construction of PPG Paints Arena in 2007. He is part owner of minor league baseball teams in State College, Myrtle Beach and Frisco, Texas, and is a former owner of the Altoona Curve and Texas Rangers.
Karmanos bought the franchise in 1994, moved it to Raleigh in 1997 and has been publicly discussing selling a stake since at least 2011.
The Hurricanes were valued at $230 million by Forbes magazine in 2016. The reported $500 million price Greenberg's group will pay would match exactly the expansion fee Bill Foley paid to get the Vegas Golden Knights into the NHL.