URGENT UPDATE: The estate of Paul Allen has officially finalized a deal to sell the Portland Trail Blazers to a group of investors led by Tom Dundon, owner of the Carolina Hurricanes. This groundbreaking agreement was announced today, confirming the team will remain in Portland, a move that has significant implications for the city’s sports culture.
The Allen estate revealed on Friday that it has “entered a formal sales agreement” with Dundon’s group, which includes notable figures such as Sheel Tyle, co-founder of investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital. The Cherng Family Trust, associated with the co-founders of Panda Express, is also part of the investment group. While the specific terms of the sale were not disclosed, sources indicate that the deal is valued at approximately $4 billion.
This development comes on the heels of last month’s announcement of a tentative agreement, which has now been solidified. The sale is expected to close by the end of this year, pending approval from the NBA Board of Governors. Notably, the Boston Celtics were sold earlier this year for $6.1 billion, highlighting the increasing financial stakes in professional basketball.
Tom Dundon, aged 53, became the majority owner of the Hurricanes in 2018 after initially buying a stake in 2017. He serves as chairman and managing partner of Dundon Capital Partners, a Dallas-based firm. His commitment to keeping the Blazers in Portland has been a focal point of the negotiations, ensuring that the team’s legacy continues in its home city.
The sale marks a significant moment in the history of the Trail Blazers, which were originally purchased by Paul Allen in 1988 for just $70 million. Allen, the billionaire co-founder of Microsoft, passed away in 2018 from complications related to non-Hodgkin lymphoma, leaving a substantial legacy in both sports and philanthropy. His sister, Jody Allen, has been managing the teams since his passing, serving as chair for both the Blazers and the Seattle Seahawks.
In a statement from the Allen estate, the focus remains on ensuring the future success of the Trail Blazers while adhering to Paul Allen’s wishes for the proceeds to benefit philanthropic endeavors. The estate has yet to announce any plans regarding the sale of the Seahawks or the 25% stake in the Seattle Sounders.
As developments unfold, fans and stakeholders are eagerly watching for the NBA’s approval, which will finalize this historic transaction. The financial and cultural impact of this sale will resonate throughout the sports community, setting a precedent for future team ownership changes.
Stay tuned for more updates as this story continues to develop, and share your thoughts on the future of the Trail Blazers in Portland!
