UPDATE: The estate of Paul Allen has just announced a significant development: they have formally agreed to sell the Portland Trail Blazers to a consortium led by Tom Dundon, owner of the Carolina Hurricanes. This deal, which is expected to keep the team in Portland, represents a major shift in the landscape of the NBA.
The deal was confirmed today, with the Allen estate stating they have “entered a formal sales agreement” with Dundon’s group. Specific terms of the transaction remain undisclosed, but sources indicate that the sale is valued at approximately $4 billion. This staggering figure highlights the increasing worth of NBA franchises, especially in light of the Boston Celtics’ recent sale for $6.1 billion in March.
Dundon’s investment group includes notable figures such as Sheel Tyle, co-founder of Collective Global, Marc Zahr, co-president of Blue Owl Capital, and the Cherng Family Trust, which is tied to the co-founders of Panda Express. The sale must still receive approval from the NBA Board of Governors, a standard procedure for franchise transactions.
The timeline for this sale is also crucial; it is anticipated to close by the end of this year, marking a significant milestone for the franchise and its fans. This acquisition follows a year of uncertainty regarding the Blazers’ future after Paul Allen’s passing in 2018. Allen originally purchased the team in 1988 for just $70 million, underscoring the dramatic increase in franchise values over the past decades.
Jody Allen, Paul Allen’s sister, has been serving as the chair of both the Blazers and the NFL’s Seattle Seahawks since his death. Under her stewardship, the estate has been clear about its intentions to sell the team as part of Paul Allen’s will, which stipulates that proceeds from the sale will be directed toward philanthropic efforts.
While the Blazers’ future appears stable under Dundon’s leadership, the estate has not yet announced plans regarding the sale of the Seahawks or the Allen family’s 25% stake in the Seattle Sounders.
This news is likely to generate significant interest among fans and investors alike. The Blazers have a rich history and a passionate fan base that will be eager to see how this new leadership will shape the team’s future. As developments unfold, all eyes will be on Portland to see how this monumental sale impacts the NBA landscape.
Stay tuned for more updates on this breaking story as we continue to follow the developments around the Portland Trail Blazers and their new ownership.
