NBA greenlights the sale of the Trail Blazers to a consortium headed by Tom Dundon.
NEW YORK — On Monday, the NBA Board of Governors sanctioned the transfer of controlling interest in the Portland Trail Blazers from the estate of Paul Allen to a consortium led by investor Tom Dundon.
The league indicated in a statement that it anticipates the transaction will finalize this week. ESPN had earlier reported the deal to be valued at $4 billion. In March, the Boston Celtics were sold for $6.1 billion.
Dundon’s consortium features Sheel Tyle, co-founder of the Portland-based investment firm Collective Global; Marc Zahr, co-president of Blue Owl Capital; and the Cherng Family Trust, which represents the family office and investment firm of the co-founders of Panda Express. Earlier this month, Dundon divested a portion of the NHL’s Carolina Hurricanes to three new minority stakeholders, a deal reportedly valued at $332.5 million for 12.5% of the franchise.
Dundon acquired a stake in the Hurricanes in 2017, became the majority owner in 2018, and took full ownership of the team in 2021. He serves as chairman and managing partner of the Dallas-based firm Dundon Capital Partners.
The endorsement of the Trail Blazers’ sale follows the Oregon Legislature’s approval of funding for the renovation of the Moda Center in early March. This legislation 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. It also alleviated concerns that new ownership might relocate the franchise.
In May, Allen’s estate revealed that it had initiated the process of selling the Trail Blazers. The billionaire co-founder of Microsoft, who passed away in 2018 at the age of 65 due to complications from non-Hodgkin lymphoma, originally acquired the Blazers in 1988 for $70 million.
Allen also held ownership of the NFL’s Seattle Seahawks and a minority stake in Major League Soccer’s Seattle Sounders.
Since his passing, Jody Allen, his sister, has acted as chair of both the Blazers and Seahawks and is a trustee of the Paul G. Allen Trust. Paul Allen specified in his will the eventual sale of his teams, with the proceeds designated for charitable purposes. Allen’s estate announced the initiation of the sale process for the Seahawks in mid-February, approximately two weeks after the team secured its second Super Bowl championship.
