URGENT UPDATE: Tom Dundon, owner of the NHL’s Carolina Hurricanes, has officially agreed to purchase the Portland Trail Blazers from the estate of Paul G. Allen for a staggering valuation of just over $4 billion, sources confirmed to ESPN. This landmark deal signifies a new chapter for the Blazers, with Dundon committed to keeping the team in Portland.
Sources revealed that Dundon’s acquisition group includes notable figures such as Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, co-CEO of Collective Global, both of whom are based in Portland. The agreement was first reported by Sportico earlier today.
The Trail Blazers announced their intention to sell back in May 2023, with proceeds from the sale designated for philanthropic efforts, reflecting Allen’s enduring legacy. Jody Allen, Paul Allen’s sister, has been overseeing the team as the executor of the Paul Allen Trust since his passing from cancer in 2018.
In a significant move, the trust confirmed that the Seattle Seahawks and a 25% stake in the Seattle Sounders will not be part of this sale. The decision to sell the Blazers follows a series of pivotal developments, including the NBA’s recent agreement on new 11-year media rights deals valued at a whopping $77 billion with ESPN, NBC, and Amazon.
Earlier this year, the Blazers sold their home arena, the Moda Center, to the City of Portland for just $1, along with the land underneath for $7 million. This transaction was part of a broader public/private partnership aimed at renovating the arena and surrounding area, with plans for a new lease extending through 2030.
In the coming days, Dundon’s group is expected to engage in discussions regarding potential public/private partnerships for a new arena deal with city and state officials, marking an exciting future for the team and its fans.
Stay tuned for more updates on this developing story that impacts the sports landscape in Portland and beyond.