Portland, Oregon: Tom Dundon, owner of the NHL’s Carolina Hurricanes, has reportedly reached an agreement to purchase the Portland Trail Blazers from the estate of late Microsoft co-founder Paul Allen for approximately $4 billion, according to multiple reports.
The news was first broken by Sportico’s Scott Soshnick and Eben Novy-Williams and later confirmed by ESPN’s Shams Charania.
Ownership Group & Local Commitment
Joining Dundon in the purchasing group are Sheel Tyle, co-CEO of Collective Global based in Portland, and Marc Zahr, co-president of Blue Owl Capital.
The group reportedly intends to keep the Trail Blazers in Portland, a move welcomed by fans. “The group is passionate about basketball and intends to keep the team in Portland, where it belongs,” The Oregonian quoted a source as saying. Dundon himself told Sportico via email, “We are excited.”
Sale Process & NBA Approval
The deal has no closing date yet and must receive approval from the NBA Board of Governors. Legal firm Hogan Lovells and investment bank Allen & Company are leading the sale process.
Paul Allen, who owned the Blazers until his passing in 2018, had stipulated that all of his sports holdings be sold, with proceeds going to charitable causes. His sister, Jody Allen, has served as the team’s governor since then.
Dundon’s Sports & Business Portfolio
Dundon purchased the Carolina Hurricanes in 2018 for $425 million and also owns majority stakes in Major League Pickleball and the Professional Pickleball Association. He is a co-founder of Drive Financial Services (now Santander Consumer USA), owns 10% of Topgolf, and heads Dundon Capital Partners, investing in real estate, healthcare, and finance.
If approved, Dundon will become the governor of the Portland Trail Blazers, marking his first foray into NBA team ownership.
Image Source: Google
Image Credit: Respective Owner
