Tom Dundon is now majority owner of the Carolina Hurricanes.
The NHL announced Thursday that the sale, which was agreed to in December, had been completed. Dundon will own 61 percent of the Hurricanes, with Peter Karmanos retaining a minority stake. The NHL Board of Governors previously approved the transaction.
"Tom Dundon sees the potential in the Hurricanes and in Raleigh," NHL Commissioner Gary Bettman said Friday at PNC Arena, where Dundon was introduced. "Tom represents a bright and secure future for the team, here -- let there be no doubt about this -- here in North Carolina."
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Dundon said Thursday he was 100 percent confident in general manager Ron Francis and coach Bill Peters. The Hurricanes have made the Stanley Cup Playoffs once (2008-09) since winning the Cup in 2005-06.
He said Friday he plans to work to improve the experience for fans on and off the ice.
"I'm probably not going to do a ton of speeches and talking ... we're just going to go do stuff," he said. "Ways to be able to keep finding ways to improve this place... that's the job, that's the journey.
"I came to the games and it didn't look like what I would want it to look like. If I'm going to be involved, I have what I consider the right way to do things, and this isn't it. ... If people are going to spend their money, they should get value for it."
Video: NHL discusses the sale of the Carolina Hurricanes
Dundon, 46, is chairman and managing partner of Dundon Capital Partners, a Dallas-based private investment firm.
Commissioner Bettman said he is confident that the NHL has the right man for the job.
"You could see it today," Commissioner Bettman said. "He's the real deal. He's down-to-earth, he's really smart, he's really passionate and emotional. He's going to create an organizational culture in his image. I think that's going to be exciting for the franchise."
Karmanos had owned the team since 1994, when he purchased the Hartford Whalers. He moved them to North Carolina in 1997, when they were renamed. They played in Greensboro for two seasons before moving to Raleigh.
Karmanos was inducted into the Hockey Hall of Fame in the category of builder in 2015.
As for Dundon, Karmanos said, "I knew from the first time I first talked to Tom that he was the real deal and would be a good owner."
NHL.com correspondent Kurt Dusterberg contributed to this report.