The NBA’s Portland Trail Blazers have officially found a buyer in Tom Dundon, owner of the NHL’s Carolina Hurricanes. Sources confirmed on Wednesday that Dundon agreed to purchase the franchise from the estate of the late Paul G. Allen for a valuation exceeding $4 billion. Dundon intends to keep the team in Portland, ensuring that the franchise remains a key part of the local sports landscape.
Dundon leads a group that includes notable figures such as Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, founder and co-CEO of Portland-based Collective Global. Their commitment to retaining the team in its home city reflects a broader strategy to strengthen local ties, as reported by ESPN.
The decision to sell the Trail Blazers comes as the franchise prepares for a new chapter following the wishes outlined in Allen’s will after his death from cancer in 2018. Allen’s sister, Jody Allen, has been overseeing the team as its governor and as the executor of the Paul Allen Trust. The trust previously stated that the NFL’s Seattle Seahawks, also owned by the estate, would not be included in the sale, nor would the 25% stake in Major League Soccer’s Seattle Sounders.
In recent months, the trust has evaluated the sale in light of several developments, including the NBA’s new 11-year media rights deals with ESPN, NBC, and Amazon, collectively worth $77 billion. This lucrative agreement highlights the increasing value of NBA franchises and the financial opportunities available for future owners.
The Trail Blazers had also made headlines earlier this year when they sold their home arena, the Moda Center, to the City of Portland for a nominal fee of $1, along with the land beneath it for $7 million. This transaction paved the way for a public-private partnership aimed at renovating the arena and enhancing the surrounding area, which includes a new lease running through 2030.
Looking ahead, Dundon’s group is expected to engage in discussions regarding a public-private partnership for an arena deal with the city and state, further solidifying their commitment to the Portland community. The sale represents a significant moment for the Trail Blazers, as they transition into a new era under Dundon’s leadership, with the promise of continued investment in both the team and its facilities.
As the dust settles on this major transaction, the future of the Trail Blazers appears bright, rooted firmly in Portland and poised for growth in a rapidly evolving sports landscape.
