17 September 2010

Peter Karmanos looking to reduce Stake in Hurricanes

Associated Press

Peter Karmanos is looking to sell part of his NHL Carolina Hurricanes.

Karmanos, co-founder and chief executive officer of Detroit-based Compuware, told the Raleigh News & Observer he's confident he can find new partners by the end of the year.

"This isn't a fire sale," Karmanos told the newspaper. "Things have gone well. This is the process I anticipated. It's not tough. There's a lot of interest. We've talked to a bunch of people. We're just trying to sort through different issues about ownership."

Forbes magazine estimated the Hurricanes to be worth $177 million.

Karmanos announced in May he was seeking to sell a portion of the team, possibly as much as 49 percent.

Karmanos also owns the Plymouth Whalers (Ontario Hockey League).

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