The NBA’s Board of Governors has approved the sale of the Trail Blazers to a group spearheaded by Tom Dundon, who also owns the NHL’s Carolina Hurricanes, reports Jason Quick of The Athletic.
The vote was unanimous, a league source told Quick.
The NBA put out a brief statement confirming the news (Twitter link).
Sportico reported back in August that Dundon’s group had reached a tentative agreement to purchase the Trail Blazers in two separate payments at a blended valuation of about $4.25 billion.
As Quick details, Dundon’s group will buy 80.1 percent of the team at a $4 billion valuation on Tuesday, March 31. The remaining 19.9 percent will be purchased at a $4.5 billion valuation and must close by Sept. 1, 2028.
After the first payment is made – but before the second – current Blazers chairman Bert Kolde will be able to passively observe board meetings, though he won’t have any input on decisions, per Quick.
The Trail Blazers announced their plans to sell the franchise back in May. Paul 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.
All estate proceeds as a result of the Blazers sale will be directed toward philanthropy, per Paul 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.
According to Quick, other investors in the new ownership group include Blue Owl Capital co-president Marc Zahr, Collective Global co-CEO Sheel Tyle, the Cherng family (owners of Panda Express), and Freedom Mortgage CEO Stanley Middleman, who owns part of the MLB’s Philadelphia Phillies.
Free at last from the Vulcan overlords.
Is he a Conehead? That beanie is awfully tall.