— Carolina Hurricanes majority owner Peter Karmanos has hired Allen & Co., an investment banking firm, to help sort out options in selling half his interest in the team, a source told 620 The Buzz Monday.

According to Forbes.com, the Canes franchise was valued at $177 million heading into the 2009-10 season.

Karmanos is not looking to give complete control of the franchise to a co-owner, but he will explore the options of having a 50/50 partner. The Canes owner will look first for a North Carolina-based investor, then consider investors from outside the Triangle.

Tom Thewes, who was Karmanos' business partner, passed away in September 2008. Since then, the organization has been looking for options to fill his role.

“The intent is in no way to sell the team, said Hurricanes CEO/Owner/Governor Peter Karmanos. "We simply hired Allen & Co. to assist us with the process of finding a new minority partner.

“Given the Hurricanes’ success as the only major professional team in a rapidly growing market, we feel confident that the results of this process can further strengthen our franchise’s bright future.”

As a franchise, the Hurricanes depend on season ticket sales and postseason play in order to make money.

When the team missed the playoffs this year after signing veteran players in the off-season, the idea of taking on a partner to bear the financial burden became a more viable idea for Karmanos.

Carolina also had a payroll that was near the top of the NHL salary cap this past season and has some tough financial decisions coming up with free agents and players on the roster.