NEW YORK – The NBA Board of Governors on Monday approved the sale of controlling interest in the Portland Trail Blazers from the estate of the late Paul Allen to an investment group led by Tom Dundon, according to a league statement. The transaction is expected to finalize this week.
The approval marks a significant shift for the franchise, which has been under the stewardship of the Allen family since 1988. Allen, the co-founder of Microsoft, purchased the Blazers for $70 million and remained a dedicated owner until his death in 2018 from complications of non-Hodgkin lymphoma. His sister, Jody Allen, has overseen the team as chair of the Blazers and the Seattle Seahawks since his passing.
The sale price is reported to be approximately $4.25 billion, as reported by The New York Times, a figure that reflects the increasing value of NBA franchises. For context, the Boston Celtics were sold earlier in March for $6.1 billion. This transaction underscores the continued financial health and appeal of professional basketball teams.
Dundon, who also holds a majority stake in the NHL’s Carolina Hurricanes, heads a diverse ownership group. Key members include Portland-based Sheel Tyle, co-founder of the investment firm Collective Global; Marc Zahr, co-president of Blue Owl Capital; and the Cherng Family Trust, representing the owners of the Panda Express restaurant chain. Dundon’s previous experience in sports ownership, having acquired full control of the Hurricanes in 2021 after initial investments in 2017 and 2018, suggests a proactive approach to team management.
The deal’s approval comes on the heels of a crucial decision by the Oregon Legislature to allocate funds for renovations to the Moda Center, the Blazers’ home arena. The legislation, passed earlier in March, provides $365 million for the modernization of the 30-year-old facility and establishes a joint ownership structure between the state and the city. This commitment from the state legislature was a key factor in alleviating concerns that the new ownership group might consider relocating the team.
Paul Allen’s estate initiated the sale process in May, fulfilling a stipulation in Allen’s will that his sports teams be sold, with the proceeds directed towards philanthropic endeavors. The sale of the Trail Blazers is the first step in that process, with the estate also announcing the commencement of a sale process for the Seattle Seahawks in February, shortly after the team’s second Super Bowl victory.
Dundon’s ownership style with the Hurricanes offers some insight into what the Blazers might expect. He’s known for prioritizing player investment, significantly increasing the Hurricanes’ payroll to become one of the league’s highest spenders. He also employs a data-driven approach to decision-making and is a skilled negotiator, as evidenced by his success in securing public funding for arena improvements in Carolina.
The transition of ownership is structured in two phases. An 80.1 percent stake is being purchased at a $4 billion valuation, with closing expected on March 31, 2026. The remaining 19.9 percent will be acquired at a $4.5 billion valuation, with a completion date no later than September 1, 2028. During the interim period, Bert Kolde, the current chairman of the Blazers, will attend board meetings in an observational capacity but will not have any governance authority, according to sources familiar with the transaction.
For Blazers fans, the change in ownership brings both anticipation and uncertainty. Dundon’s track record suggests a willingness to invest in the team’s success, but his analytical approach and negotiating tactics could also lead to significant changes in the organization’s structure and operations. The immediate focus will likely be on the Moda Center renovations and building a competitive roster for the upcoming seasons.
The NBA’s approval of the sale represents a new chapter for the Portland Trail Blazers, one that promises both challenges and opportunities. As the transaction nears completion, the focus will shift to how Dundon and his ownership group will shape the future of this storied franchise. The next key date is March 31, 2026, when the initial phase of the ownership transfer is scheduled to be finalized.
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