RALEIGH, NC. - When Tom Dundon became the majority owner of the Carolina Hurricanes in January 2018, Forbes' latest ranking had the team valued at $230 million - dead last in the NHL.
Six years and six consecutive playoff appearances later, the team has not only moved up several spots among the list of all NHL teams, but they've quintupled in growth and surpassed $1 billion according to Sportico's annual franchise valuation rankings this week.
Up 32% from last year's number, the team has now produced 71 consecutive sellouts, just one of the highlights from the last 365 days.
Within the last few months, the team has announced a new arena naming rights agreement with Lenovo and a $1 billion mixed-use development project that will include more than 200,000 square feet of entertainment and lifestyle retail, 150,000 square feet of office space, a 150-key hotel and more than 500 apartments. Additional phases will expand the variety of uses over the expected 15-year development timeline.
The two announcements come following last summer's announcement of a new 20-year lease agreement to keep the team in Raleigh.
Carolina also finished the 2023-24 season fourth among U.S. NHL teams in attendance with an average of 18,798.
