UPDATE: The estate of Paul Allen has just announced a formal agreement to sell the Portland Trail Blazers to a consortium led by Tom Dundon, owner of the Carolina Hurricanes. This significant development is expected to keep the team in Portland, with the sale anticipated to close by the end of this year.
The Allen estate confirmed the agreement on Friday, following a tentative deal that Dundon announced last month. While the terms of the sale were not disclosed, sources indicate the deal is valued at approximately $4 billion, marking a substantial investment in the NBA landscape. For context, the Boston Celtics were sold for $6.1 billion in March.
Dundon’s investment group includes key figures such as Sheel Tyle, co-founder of investment firm Collective Global; Marc Zahr, co-president of Blue Owl Capital; and the Cherng Family Trust, associated with the co-founders of Panda Express. Their collective expertise positions them to lead the franchise into a new era.
The deal remains subject to ratification by the NBA Board of Governors, but with the momentum behind it, analysts expect a swift approval process. Since Allen’s passing in 2018 from complications of non-Hodgkin lymphoma, his sister, Jody Allen, has overseen both the Blazers and the Seattle Seahawks, per directives in Paul Allen’s will regarding the future of his teams.
Paul Allen originally acquired the Trail Blazers in 1988 for just $70 million, showcasing the dramatic increase in franchise value over the decades. The proceeds from this sale are earmarked for philanthropic efforts, adhering to Allen’s legacy of giving.
As the sale progresses, eyes will be on Dundon’s leadership and vision for the Blazers. His history includes becoming the majority owner of the Hurricanes in 2018 and successfully navigating the complexities of professional sports ownership, ensuring stability and growth for the teams he manages.
Expect more updates as the sale unfolds and the NBA prepares for the upcoming season with this pivotal change in ownership. Fans and stakeholders alike are eager to see how this will reshape the future of the Trail Blazers and impact the community of Portland. This is a developing story that promises more exciting developments in the days to come.
