Reporting this evening by Jeff Gravley of WRAL indicates that the proposed sale of the Carolina Hurricanes to former Texas Rangers partner Chuck Greenberg may be in an advanced stage, with the parameters of a deal already agreed to and legal review of the transaction ongoing.

During tonight’s WRAL 6:00 news, Gravley reported that the framework of a “business deal” is in place for Peter Karmanos to sell the Hurricanes to Greenberg, above and beyond the bombshell report from last Thursday that a non-binding letter of intent has been signed to sell the club. According to Gravley, “Greenberg and his purchasing partners are in the final stages of putting together their financial package.”

A legal review is underway at the moment, as attorneys comb through the deal before it becomes final. Gravley indicates that as of this moment, no red flags have been raised that would jeopardize the proposed deal from a legal standpoint. Once it gets the sign-off from the lawyers, it becomes a final binding agreement that would be submitted to the NHL Board of Governors for approval.

After attorney review it then becomes the final binding agreement. — Jeff Gravley (@jgravleyWRAL) July 18, 2017

Really good news if things continue to move the direction they are. — Jeff Gravley (@jgravleyWRAL) July 18, 2017

The Board of Governors typically meets twice a year, once just before the NHL Draft in June and once in early December. Any sale of the Hurricanes would likely be put on the agenda at the subsequent regular meeting.

Capitol Broadcasting Company, the parent company of WRAL, and principal owner Jim Goodmon are minority investors in the Hurricanes ownership group. As we reported last week, Goodmon and Greenberg have a long-standing relationship that includes Greenberg’s purchase of the Myrtle Beach Pelicans in 2006 and Greenberg sitting on the board of directors of the Carolina League, the Pelicans’ league that was also home to the Capitol-owned Durham Bulls before their move to AAA in 1997.

Stay tuned...this story continues to develop and we’ll keep you posted.