2:15 pm: In an updated version of their Sportico report, Soshnick and Novy-Williams says the Blazers’ sale will include two separate payments — one at the closing of the sale and one at a later date. The “blended” valuation of the two payments will be roughly $4.25 billion, sources tell Sportico.
11:18 am: The Blazers will be valued at more than $4 billion in the sale, reports Shams Charania of ESPN (Twitter link).
11:01 am: A group led by billionaire Tom Dundon, the owner of the NHL’s Carolina Hurricanes, has reached a tentative agreement to buy the Trail Blazers from Paul Allen‘s estate, sources tell Scott Soshnick and Eben Novy-Williams of Sportico.
Blue Owl Capital co-president Marc Zahr and co-CEO of Collective Global Sheel Tyle are among the other investors who are part of Dundon’s group, according to Soshnick and Novy-Williams, who say the buyers intend to keep the team in Portland.
The Trail Blazers announced their plans to sell the franchise back in May. Allen, the longtime Blazers owner who purchased the franchise for $70MM in 1988, passed away on October 15, 2018, resulting in control of the team being transferred to his sister Jody Allen, the trustee and executor of his estate.
The plan following Paul Allen’s death was for ownership of the Blazers to eventually change hands as part of an estate sale, which is the process that’s playing out now. The investment bank Allen & Co. (no relation) and the law firm Hogan Lovells were selected to lead the sale of the team.
As Soshnick and Novy-Williams note, while the valuation of the Blazers in this tentative deal isn’t yet known, a trust generally has a fiduciary duty in an estate sale to maximize the value of its assets and to sell to the highest qualified bidder.
When Sportico last updated its NBA franchise valuations in December 2024, the site estimated the Blazers’ worth to be $3.6 billion. New owners have agreed to buy the Celtics ($6.1 billion valuation) and Lakers ($10 billion valuation) since then.
All estate proceeds as a result of the Blazers sale will be directed toward philanthropy, per the late Allen’s wishes.
In addition to owning the NHL’s Hurricanes, Dundon has invested heavily in pickleball — he’s the majority owner of the PPA Tour and Major League Pickleball. Dundon, who is also the chairman and managing partner of the Dallas-based investment firm Dundon Capital Partners, will serve as the Blazers’ new governor if and when the sale is officially approved by the NBA, per Sportico’s report.
Any word yet on Joe Cronin’s status moving forward ?
The Blazers are probably stuck with Cronin & Billups since they both recently signed new Contracts
Canes fan here. Dude wants to win at all costs and will spend to do it. Good times coming to Portland!
Moda needs a big renovation or a new arena all together. It is severely outdated. I am happy they are staying in Portland though.
Need to know if there are any Local People involved in the Proposed New Ownership Group otherwise Blazer Fans should take Mr Dundon that he intends to keep the Team in Portland with a Grain of Salt because we seen the same said when the Seattle Sonics were sold then almost immediately the team was moved to Oklahoma City
The OKC ownership group was from OKC. Dundon is from Dallas. This area isn’t getting another NBA team. I’m not saying he won’t relocate (I doubt it), but the OKC ownership group was planing to relocate the Sonics when they bought the team. I doubt that’s on Dundon’s mind.
Have to wait to see because until the Sale is final nobody knows if Dundon plans to move the team or not especially since the Blazers no longer own the Rose Garden
Tyle is based in Portland.
He’s won’t be the Majority Owner with Dundon being the Majority Owner & having the biggest say in the matter.