Money — a ton of it — has come between Carolina Hurricanes owner Peter Karmanos, Jr. and his three sons.
The 73-year-old businessman is in a dispute with his three elder sons, Peter the third, Nick and Jason, over more than $105 million, reports Click on Detroit.
The case, which rests with the Oakland County Circuit Court, centres on Karmanos’s will. Karmanos is said to have borrowed millions of dollars from trusts promised to his sons in order to fund the Hurricanes.
The former Compuware CEO, Karmanos has been seeking to sell his majority stake for more than a year.
According to Karmanos wrote a loan contract for more than $100 million, agreeing to pay interest using installments until June 29, 2022, or one year after his death.
A lawsuit filed last Thursday reads, “on or about April 21, Peter the third… sent his father a notice of default of balance of principal and interest on the June 2013 note.”
Read the complete lawsuit here.
Karmanos’s sons claim their father “failed to timely cure such defaults and accordingly, on or about May 25, 2016 the entire balance of the June 2013 note… more than $105 million… would become immediately due and payable.”
The sons filed a civil case in circuit court, instead of probate court, calling this a contract dispute.
The Hurricanes are worth an estimated $225 million, according to Forbes. Attendance dipped to a league-worst average of 12,203 fans per game last season as the Hurricanes missed the playoffs for the seventh straight season — the longest current drought of any American franchise.
— Luke DeCock (@LukeDeCock) May 30, 2016