The estate of late owner Paul G. Allen has come to terms with Tom Dundon on a sale of the NBA franchise for a valuation just north of $4B.
Dundon, who is the current owner of the NHL’s Carolina Hurricanes, has reportedly agreed to keep the team in Portland as a condition of the sale. According to reports, his group includes Marc Zahr (Blue Owl Capital) and Sheel Tyle (CEO of Collective Global).
Any potential sale would require approval from the NBA’s board of governors though there aren’t expected to be any objections to the deal as currently constructed. In addition to the Hurricanes and Trail Blazers, Dundon’s sports portfolio also includes the PPA Tour and Major League Pickleball.
Allen passed away from cancer in 2018, leading to a drawn out sale process as his estate moved through various legal requirements before completing any potential deal. Per the terms of Allen’s will, proceeds from the sale of the Trail Blazers will be directed towards philanthropic causes.
Despite the estate also managing the trust which oversees ownership of the NFL’s Seattle Seahawks, and MLS’s Seattle Sounders, only the Trail Blazers ownership will transfer hands in the deal.
According to reports, Dundon’s group plans to approach the City of Portland to begin discussing a new arena deal once the sale is officially ratified by the NBA. That being said, there are no plans to relocate the franchise currently being discussed.
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