Carolina Hurricanes owner Tom Dundon has a tentative deal to buy the Trail Blazers, with plans to keep the team in Portland.
PORTLAND, Ore. — Tom Dundon, owner of the NHL’s Carolina Hurricanes, has a tentative deal to purchase the Portland Trail Blazers from the estate of Paul Allen, according to multiple reports.
Sportico’s Scott Soshnick and Eben Novy-Williams first reported the agreement, later confirmed by ESPN’s Shams Charania, who reported the sale price is for more than $4 billion.
The buying group also includes Marc Zahr, co-president of Blue Owl Capital, and Portland-based Sheel Tyle, co-CEO of Collective Global, according to Sportico.
Sportico reported the prospective owners plan to keep the Trail Blazers in Portland. Bill Oram of The Oregonian, citing a source familiar with the proceedings, confirmed that claim, reporting that the group “is passionate about basketball and intends to keep the team in Portland, where it belongs.”
“We are excited,” the 53-year-old Dundon told Sportico in an email.
The closing date has not been disclosed. Any franchise sale must be approved by the NBA Board of Governors.
Dundon, who lives in Dallas, Texas, bought the Hurricanes in 2018 for $425 million. He also holds majority stakes in the Professional Pickleball Association (PPA) and Major League Pickleball. Dundon was an early investor and owns 10% of Topgolf. He also co-founded Drive Financial Services (later Santander Consumer USA) and now leads Dundon Capital Partners, investing in healthcare, finance, and real estate.
Dundon will serve as the Blazers’ governor, according to Sportico.
The Blazers announced on May 13 that a formal process was underway to sell the NBA franchise. Investment bank Allen & Company and law firm Hogan Lovells are leading the sales process.
The Blazers are currently managed by the estate of Allen, the former owner of the Blazers. Before his death in 2018, Allen directed that all his sports holdings be sold eventually and that all estate proceeds be directed to philanthropy. Allen’s sister, Jody Allen, has served as Trail Blazers governor since his death. She also oversees the Allen Trust.
Allen bought the team for $70 million in 1988. According to the latest estimate from Sportico, the Blazers’ franchise is valued at $3.6 billion.
The Allen estate also manages the Seattle Seahawks NFL franchise and has a 25% interest in the Seattle Sounders FC of Major League Soccer. In the May 13 announcement, the Blazers said neither of those franchise are for sale.