Hurricanes' Valuation Makes Biggest Jump Among All NHL Teams

Team's value has increased over four times from when Tom Dundon became majority owner under six years ago

By Walt Ruff

@WaltRuff Hurricanes.com

November 08, 2023

RALEIGH, NC. - The Carolina Hurricanes' 25th Anniversary season was special on a multitude of fronts.

From celebrating the team's quarter-century mark in North Carolina to launching the organization's Hall of Fame, hosting the first outdoor game in franchise history, and everything in between, it was unforgettable.

And as it turns out, it was great for the business side too.

Sportico released its 2023 NHL Valuations Ranking on Wednesday and the Canes were up a whopping 59% from this time last year.

The largest year-over-year growth among any of the league's 32 teams, the franchise is now worth an estimated $980 million.

Why is that number important?

When Tom Dundon became the majority owner in January 2018, Forbes' latest ranking had Carolina valued at $230 million - dead last in the NHL. More than quadrupling that number during his short time at the helm, the latest numbers reflect yet another example of the organization's bullish path forward under Dundon's ownership.

View this post on Instagram

A post shared by Carolina Hurricanes (@canes)

Ask those familiar with the team and it's not hard to predict that number will only continue to climb upward in the years to come.

Last season the Canes sold out 31 of their games in Raleigh and registered the highest average attendance in team history - finishing second in the NHL (19,526).

August's news of a new 20-year extension with the Centennial Authority and the approval of $400 million in upgrades coming to the area surrounding PNC Arena over the next 20 years will only add to what's become one of the fastest-growing products as well.

With the team's on-ice success coming hand-in-hand and being ingredient number one in the growth of the organization, the only question is if the team can continue its 100% success rate of making the playoffs in each season under the era of Dundon, Don Waddell, and Rod Brind'Amour.

One would think that a large silver trophy awarded in the spring would jump the existing value too. A 33% year-over-year increase for the Vegas Golden Knights, the 2023 Stanley Cup Champions, suggests yes.