Carolina Hurricanes owner Peter Karmanos is in discussions to sell the team to billionaire Dallas businessman Thomas Dundon, according to Sportsnet’s John Shannon.

The potential deal with Dundon precludes the team from leaving Carolina, adds Shannon.

Karmanos has owned the team since 1994 when they played out of Hartford and were known as the Whalers. He moved the team to Carolina in 1997-98, where they became known as the Hurricanes and later won a Stanley Cup in 2006.

According to a story in the Raleigh News and Observer, there may be three more potential buyers for the team after talks over the summer with Chuck Greenberg slowed down.