MANALAPAN, Fla. -- The sale of the Carolina Hurricanes could be announced as early as this afternoon.

Hurricanes owner Peter Karmanos Jr. and Dallas billionaire Tom Dundon made a presentation to the executive committee of the NHL's board of governors this morning in Manalapan, Fla.

"Pete and I built a relationship," Dundon said after the meeting. "We want to work together, so we're thinking about it."

Karmanos, who would maintain a minority stake under the proposal, says approval of the deal could happen by the end of the day after the full board of governors meet.

Both men say the plan is to keep the Hurricanes in Raleigh, N.C., despite Dundon's ties to Texas and the fact the Houston market would be attractive to the NHL.

"We like (the team) where it is," said Dundon.

Karmanos said having a majority owner committed to Raleigh was important.

"It was never really a consideration," he said. "The league is not amenable to moving franchises at all."

Karmanos has owned the team since 1994 when it was the Hartford Whalers and moved the franchise to North Carolina in 1997.

He said in August he wanted to sell the Hurricanes for about US$500 million.