BREAKING NEWS: The estate of billionaire Paul Allen has officially reached a formal agreement to sell the Portland Trail Blazers to a group of investors led by Tom Dundon, owner of the Carolina Hurricanes. This pivotal agreement was announced today, marking a significant moment for the franchise and its loyal fan base in Portland.
In a statement released earlier today, the Allen estate confirmed that it has “entered a formal sales agreement” with Dundon’s investment group, ensuring the team will remain in Portland. The terms of the deal, including the financial specifics, have not been disclosed; however, sources suggest the sale price is around $4 billion, as reported by ESPN. This sale follows the recent trend of skyrocketing NBA franchise values, with the Boston Celtics selling for $6.1 billion in March 2023.
The sale is now pending approval from the NBA Board of Governors, and it is expected to close by the end of this year. Dundon, who has been a prominent figure in the sports industry since becoming the majority owner of the Hurricanes in 2018, is committed to continuing the Trail Blazers’ legacy in Portland. His investor group includes notable names such as Sheel Tyle, co-founder of the investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital, along with the Cherng Family Trust, which is associated with the co-founders of Panda Express.
This sale is particularly significant as it continues the legacy of Paul Allen, who originally purchased the Trail Blazers in 1988 for just $70 million. Allen, who passed away in 2018 from complications of non-Hodgkin lymphoma, had outlined in his will that the proceeds from the sale of his sports teams would go towards philanthropic efforts. His sister, Jody Allen, has been overseeing the teams since his death and is a trustee of the Paul G. Allen Trust.
As this story develops, fans and stakeholders are eagerly awaiting the final ratification of the sale by the NBA, which will solidify the Trail Blazers’ future in Portland. The community’s attachment to the team is palpable, and the news of a sale led by a committed owner like Dundon brings a sense of relief and optimism.
Stay tuned for more updates on this groundbreaking deal as it unfolds. The future of the Portland Trail Blazers is now in motion, and the implications of this sale are set to reverberate throughout the NBA and its passionate fan base.