Tony Gutierrez/Associated Press

The Carolina Hurricanes’ future has been secured after an agreement was reached for former Texas Rangers owner Chuck Greenberg to buy the hockey franchise.

Per Jeff Gravley of WRAL-TV, the Hurricanes signed a letter of intent to be sold to Greenberg that ensures they will remain in Raleigh, North Carolina.

Bloomberg’s Scott Soshnick reported Greenberg paid approximately $500 million to buy the Hurricanes from Peter Karmanos Jr.

Karmanos told TSN’s Pierre LeBrun in January he was “open to the possibility of selling the entire team” if the right offer came along.

During the All-Star break that month, NHL commissioner Gary Bettman told reporters the Hurricanes were “not moving” despite the presence of an NHL-ready arena in Quebec City.

The Hurricanes have been in Carolina the past 20 years after relocating from Hartford in 1997.

Greenberg was part of a group that won the auction bidding to purchase the Rangers in 2010. He stepped down as the team’s managing partner and CEO in March 2011.

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