RALEIGH, N.C. -- Tom Dundon is now sole owner of the Carolina Hurricanes after buying out the remaining shares of the NHL club held by Peter Karmanos and others.

The league's board of governors unanimously approved the transaction Wednesday.

"We are fortunate to have a passionate fan base that supports what we believe is a team that can compete every year for the Stanley Cup," Dundon said. "That is the only option."

Dundon, 49, became majority owner in early 2018 when he bought 52% of the Hurricanes and their arena for $425 million. Karmanos had owned the team since moving the Whalers from Hartford, Connecticut, in 1997.

"Pete has had a tremendous impact on the sport of hockey in the United States since the 1970s," Dundon said. "His vision laid the groundwork for the success we now enjoy in Raleigh, and his legacy will always remain a part of this organization."

Carolina made the playoffs the past three seasons, the first three consecutive trips to the postseason since the move to Raleigh. Rod Brind'Amour won the Jack Adams Award as coach of the year and signed a three-year extension after the Hurricanes won their division and reached the second round before losing to the Tampa Bay Lightning.

The Hurricanes, who lost in Round 1 last year in the postseason bubble, have some key decisions to make with their roster this summer. Dougie Hamilton, one of their top defenseman, is scheduled to be an unrestricted free agent and should attract several offers elsewhere.

The Associated Press contributed to this report.