PORTLAND, Ore. — Although the Portland Trail Blazers have focused on nurturing young talent in recent years, new owner Tom Dundon indicates that this approach is evolving towards more ambitious objectives.
“We’ve been trying to convey this message over the past few days that while that was enjoyable and likely necessary, winning is more enjoyable,” Dundon stated. “Engaging in activities that lead to success is more gratifying, and we hope to start establishing habits that will foster the kind of winning that I anticipate, and I believe everyone anticipates.”
Dundon addressed the media on Thursday alongside other investors from the “Rip City Rising” ownership group. The NBA Board of Governors approved the reported $4.25 billion sale of the team from Paul Allen’s estate on Monday, with the new ownership taking control on Tuesday.
The Blazers currently hold a record of 39-38 in the Western Conference, trailing the eighth-place LA Clippers by half a game. Having already secured a play-in position, if Portland can ascend to the eighth spot, it would provide a more favorable one-game opportunity to advance to the playoffs.
The ownership group includes Dundon, Portland-based Sheel Tyle, co-founder of investment firm Collective Global; Marc Zahr, co-president of Blue Owl Capital; the Cherng Family Trust, the investment firm of the co-founders of Panda Express; Stan Middleman of Freedom Mortgage, who also has a stake in the Philadelphia Phillies, among others.
The acquisition encompasses not only the Trail Blazers but also the Rip City Remix in the NBA G League and Rip City Management, which oversees the Moda Center.
Earlier this month, Dundon sold a portion of the NHL’s Carolina Hurricanes to three new minority owners in a deal reportedly valued at $332.5 million for 12.5% of the team.
Dundon acquired a stake in the Hurricanes in 2017, became the majority owner in 2018, and took full ownership of the franchise in 2021. He serves as chairman and managing partner of the Dallas-based firm Dundon Capital Partners.
Dundon expressed his willingness to pursue significant deals, noting that Blazers general manager Joe Cronin had a potential trade at the deadline that could have made a significant impact.
“If that opportunity arises, I’m likely more aggressive than most,” Dundon remarked. “If it doesn’t, then you need to seek out the components to keep improving, and then determine if you can become good enough to win a championship, or if a step back is necessary.”
Portland has developed in recent years around a core of young players, including Scoot Henderson, Shaedon Sharpe, Toumani Camara, and Donovan Clingan. The leading scorer for the team is Deni Avdija, who is in his fifth season.
The sale of the Trail Blazers follows the Oregon Legislature’s approval of funds for the renovation of the Moda Center in early March. This measure establishes joint ownership of the 30-year-old arena between the state and the city and provides a framework to secure $365 million for the renovation ahead of the women’s NCAA Final Four in 2030.
Allen, the Microsoft co-founder who passed away in 2018, purchased the Blazers in 1988 for $70 million. His estate announced last May that it had initiated the process of selling the team. Allen also owned the NFL’s Seattle Seahawks and a minority stake in Major League Soccer’s Seattle Sounders.
Allen specified in his will the eventual sale of his teams, with the proceeds designated for philanthropic purposes. His estate revealed it began the process of selling the Seahawks in mid-February, shortly after the team secured its second Super Bowl championship.
