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.