Blazers Notes: Dundon, Arena Renovation, Cronin, Splitter, Roster
After officially taking over as the Trail Blazers‘ majority owner last week, Tom Dundon didn’t exactly offer a full-throated vow to keep the team in Portland long-term. Dundon’s ambiguous remarks at his introductory press conference and in interviews with local media left Jason Quick of The Athletic wary about the new owner’s long-term plans. Explaining that he hasn’t gotten the sense that Dundon has much attachment to the city, Quick notes that Dundon responded to a question about why he bought the Blazers by suggesting it was the only NBA team for sale.
Still, as Sean Highkin of the Rose Garden Report (Substack link) observes, Dundon’s unwillingness to unequivocally commit to Portland may have been about preserving some leverage in negotiations with the city government as the franchise seeks the public funding necessary to complete a $600MM renovation project on the Moda Center.
Blazers alternative governor Sheel Tyle, the only member of the new ownership group who resides in Portland, was essentially playing “good cop” to Dundon’s “bad cop” at that introductory presser, Highkin observes. Tyle stated in plainer terms that relocation isn’t something the group is considering.
“Tom would not have asked me to join this group had that been on the table,” Tyle told reporters, including Joe Freeman of The Oregonian. “And so I just want you guys to know, we’re optimistic people. We met with the mayor (on Thursday). We know that the state has done some amazing work (on funding an arena renovation). We’re full-speed ahead.”
For what it’s worth, when Bill Oram of The Oregonian (subscription required) asked Dundon if securing the necessary public funding from the city and Multnomah County would take the idea of relocation off the table, he replied, “Of course.”
Here’s more from the new Blazers’ owner:
- Speaking to Freeman of The Oregonian (subscription required), Dundon said that he’ll be “looking at everything” and that he has high expectations for every area of the organization, but he stressed that he doesn’t want to make changes for the sake of change. “I seek out improvement,” he said. “The first thing I’m going to do is give the people there a chance to see if they can go at my pace.” To that end, he said he views the job statuses of general manager Joe Cronin and team president Dewayne Hankins as “solid.”
- With head coach Chauncey Billups on indefinite leave after being arrested on money laundering and wire fraud conspiracy charges, interim coach Tiago Splitter will have a chance to earn the permanent job, but Dundon acknowledged that he’ll likely consider other candidates as well. “If we go win the championship, (Splitter) probably puts himself in a pretty good spot,” Dundon told Freeman. “I’d love to keep everybody. It’s way easier than making changes. Reaching in the mystery box isn’t always the best thing. There’s no guarantee the next person is going to be better than the one you’ve got. I just want to maximize our probability of winning.”
- Dundon stressed in his conversations with Freeman, Oram, Quick, and other local media members that he wants to turn the Blazers into a team capable of contending for titles. With that in mind, he’ll be interested in finding a way to add more star power to Portland’s roster. “I think our plan is to work hard to make good decisions,” Dundon told reporters when asked if he wants to make a big splash this offseason. “Joe had a deal that he looked at at the trade deadline that I was aware of that would have been what you would describe as a big splash. And if that opportunity exists, I’m probably more aggressive than most. If it doesn’t exist, then you’ve got to go about finding the pieces to continue to get better, and then decide if you can do good enough to win a championship or you have to take a step back. Joe and I have talked about this a lot. There’s no one way this is going to go for sure. If we get a star, we have a chance to win. If we can’t find a star, then we’ve got to add some pieces and hope some things develop. And if that doesn’t work, then we’ve got to try again with a new plan and I think there’s equal chances for all those things to happen.”
- Dundon spoke privately last week with Deni Avdija, Donovan Clingan, Jrue Holiday, and Damian Lillard last week and met briefly with the entire team — he came away with the impression that the Blazers’ players are eager to push forward next season, per Freeman. “What stuck out is, they want to win, they know there’s more here,” Dundon said. “They’re very confident in their team. They think there’s a lot of talent and that it’s kind of ready for that next step. I think everybody wants it to be just a little more demanding, a little more structured, a little higher expectations.”
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.
Northwest Notes: Blazers, Caruso, Jazz, Nuggets, Johnson
The sale of the Trail Blazers to Tom Dundon will take place in multiple stages over the next few years, sources with knowledge of the situation tell Alex Schiffer of Front Office Sports.
After Dundon officially signed a purchase agreement last month, the expectation is that the sale will close in March and he’ll become the team’s majority owner at that time. According to Schiffer, a second transaction will occur at a later date, with Dundon buying the remaining shares in the team from the Allen estate at that time.
A source who spoke to Front Office Sports compared the deal to the Celtics’ sale, in which William Chisholm took over a controlling interest in the franchise earlier this year but isn’t expected to buy the remaining stake until 2028. This structure had been anticipated for the Blazers’ sale, with reporting on the initial tentative agreement suggesting that the $4.25 billion valuation of the franchise was a “blended” figure based on two separate projected payments.
Dundon and Sheel Tyle, who will be a minority stakeholder in the new ownership group, attended the team’s regular season opener in Portland on Wednesday, notes Jason Quick of The Athletic. The schedule began with a loss to the division-rival Timberwolves, though the team suffered a greater loss on Thursday, when head coach Chauncey Billups was arrested and placed on leave after being accused of helping to rig illegal poker games backed by the mafia.
[RELATED: Tiago Splitter Takes Over As Blazers’ Head Coach]
We have more from around the Northwest:
- Thunder guard Alex Caruso entered the NBA’s concussion protocol after Tuesday’s win over Houston and will have to go through the return-to-participation protocol and show he’s symptom-free before he’s cleared to return, per the team (Twitter link via Rylan Stiles of SI.com). Caruso will be inactive for Thursday’s NBA Finals rematch in Indiana.
- Coming into the season, no team was projected to have a lower win total than the Jazz, so it came as a surprise when they ran out to a 37-point lead in a blowout win over the Clippers in Wednesday’s season opener. Andy Larsen of The Salt Lake Tribune shares his takeaways from a memorable start to the season, noting that 2024 first-round pick Cody Williams is out of the rotation but Utah still showed how its youth can be an asset rather than a liability. “We need to reframe that in our brains,” head coach Will Hardy said after his team beat the much older Clippers. “If we’re a little short on experience, we can still be high on energy.”
- In an interesting feature story for The Denver Post, Bennett Durando details how the connection between executive VP of player personnel Jon Wallace and star guard Jamal Murray is emblematic of the reinvigorated Nuggets, who feel “more like a team,” in the words of Aaron Gordon, following the organizational upheaval which saw Denver part with its head coach and GM with just three games remaining in the 2024/25 regular season. Wallace, whom Durando describes as the Nuggets’ new co-general manager alongside executive VP of basketball operations Ben Tenzer, has long had a close relationship with Murray and challenged him to be a more consistent leader this summer. “It’s like, ‘All right, how do you turn up the mental level? What’s the small percentage that makes you a little bit better, that helps you kind of reinvent yourself or unlock another level of your attack?’” Wallace told The Post. “… That was the whole thing behind this summer. ‘I want you to be vocal, because when you’re vocal, you’re engaged, and when you’re engaged, your teammates look to you, and they revere you, and they respect you.’“
- Nuggets forward Cameron Johnson learned resilience from his father and by extension his late grandmother. It’s a quality he believes will help him as he works to get comfortable both on and off the court in Denver, Quick writes for The Athletic. Johnson’s new teammates and head coach have nothing but good things to say about him, and are confident the 29-year-old will eventually find his groove in the team’s read-and-react offense. “There is a fine balance between him just fitting in, which he is trying to do right now, and then him also just being himself, and knowing that the guys will be OK with that,” said coach David Adelman. “You know, it’s that way with Aaron and Jamal. They’ll play our way — cut, move and screen — but they will also get into their bag and go one-on-one, and that’s OK because they’re really talented players. I think Cam will get there once he has more experience with these guys.”
Rory Maher contributed to this post.
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.