According to the Triangle Business Journal, Karmanos borrowed $101 mil from a family stock partnership that was set up to benefit his three sons. The loan stated that Karmanos would payback the loans with 2.15% interest in installments through June 29, 2022 or until the time of his death.
The Carolina Hurricanes owner has failed to pay a single installment of principal or interest earned which has led to the lawsuit being filed. His sons are suing for the original loan amount of $1.1 mil plus $4.4 mil in interest that has been earned.
Fans may be familiar with one of the sons in the suit, Jason Karmanos, who was an assistant general manager for the Hurricanes.