BREAKING: Tom Dundon, owner of the NHL’s Carolina Hurricanes, has just finalized a deal to purchase the Portland Trail Blazers from the estate of Paul G. Allen for a staggering $4 billion. Sources confirmed to ESPN that Dundon intends to keep the team in Portland, ensuring the franchise remains a vital part of the community.
The agreement, first reported by Sportico, includes notable partners such as Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, co-CEO of Collective Global based in Portland. This move follows the Trail Blazers being officially put up for sale in May, with proceeds designated for philanthropy.
The sale marks a significant moment as Allen, who passed away from cancer in 2018, had stipulated in his will that the franchise should be sold “at some point.” Currently, Jody Allen, Paul Allen’s sister, serves as the team’s governor while acting as the executor of the Paul Allen Trust. It is crucial to note that the NFL’s Seattle Seahawks and a 25% stake in MLS’s Seattle Sounders are not included in this transaction.
This decision to sell comes against a backdrop of major developments in the NBA, including a new $77 billion media rights deal with ESPN, NBC, and Amazon, which is set to reshape the league’s financial landscape. In addition, the Trail Blazers recently sold their home arena, the Moda Center, to the City of Portland for just $1, along with the land beneath it for $7 million, launching plans for a public/private partnership to renovate both the arena and its surroundings.
Dundon’s group is reportedly preparing to enter discussions with city and state officials regarding a new arena deal, which could further enhance the team’s future in Portland. The urgency surrounding this sale reflects not only a financial transaction but also a commitment to the city and its basketball fans.
As the news unfolds, expect additional details on what this means for the Trail Blazers and the Portland community. This significant acquisition signals a new era for the franchise and revitalizes hopes for its dedicated fan base. Stay tuned for updates.
