Yesterday's news that the Carolina Hurricanes are close to being sold for $500 million is bogus.

Yes, Chuck Greenberg is trying to buy the money-losing NHL franchise. But all Greenberg has right now is a non-binding letter of intent. Moreover, the real price (enterpise value) is nowhere near $500 million (perhaps the $500 million includes future money the potential buyer is promising to put into the team?), according to my sources.

And by the way, Greenberg is not even close to raising the money to buy the Hurricanes. Not even for $400 million.