Tom Dundon Officially Buys Blazers After NBA Approves Deal
March 31: Dundon’s group has formally closed on its purchase of majority control of the Blazers, the team confirmed today in a press release.
“Today is the beginning of a new chapter for the Portland Trail Blazers, as we build on the legacy of this storied franchise,” Dundon said in a statement. “On behalf of our ownership group, my commitment to this tremendous fan base is that we are going to be relentless towards building a team that can compete at the highest level, every single season.”
In addition to confirming that Zahr, Tyle, Middleman, and Andrew Cherng are part of the new ownership group and will be alternative governors, the Blazers announced that Richard Chaifetz, Marc Grandisson, Nayel Nassar and Jennifer Gates, Taavet Hinrikus, and Dan Zilberman are also among the investors in the team. Jennifer Gates is the daughter of Bill Gates (Nassar is her husband).
March 30: 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 vice 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.
Tom Dundon Signs Agreement To Buy Trail Blazers
Nearly a month after reaching a tentative deal to buy the Trail Blazers, prospective owner Tom Dundon has formally signed a purchase agreement, according to reports from Bill Oram of The Oregonian and Eben Novy-Williams of Sportico.
Oram adds that the sale, which still requires NBA approval, is expected to formally close before the end of the 2025/26 season. A prior report indicated that a target date of March 31 had been set.
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, which intends to keep the team in Portland. A statement on Friday indicated that the Cherng Family Trust – the family trust of Panda Express co-founders Andrew Cherng and Peggy Tsiang Cherng – has signed on as an investor as well.
As Sportico reported in August, Dundon’s group is expected to submit two separate payments as part of its purchase — one when the sale closes and one at a later date. The “blended” valuation of the franchise via those two payments will reportedly be about $4.25 billion.
According to Oram, Dundon and his group beat out a bid from RAJ Sports and the Bhathal family, which controls the Portland Thorns in the NWSL and the Portland Fire, the WNBA expansion team that will make its debut next season.
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.
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. All estate proceeds as a result of the Blazers sale will be directed toward philanthropy, per the late Allen’s wishes.
Tom Dundon Reaches Tentative Deal To Buy Trail Blazers
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.