A new chapter is set to begin for the Portland Trail Blazers, as a tentative agreement has been reached for the sale of the NBA franchise. Tom Dundon, the billionaire owner of the National Hockey League’s Carolina Hurricanes, is leading an investment group to purchase the team from the estate of the late Microsoft co-founder, Paul Allen. The news, first reported by Sportico, marks a significant development in the future of the long-standing Portland sports institution.
The deal, which is still pending approval from the NBA, would see Dundon become the Trail Blazers’ team governor. His ownership group reportedly includes Marc Zahr, co-president of Blue Owl Capital, and Portland-based investor Sheel Tyle, co-CEO of Collective Global. Crucially for the team’s dedicated fanbase, the new group has affirmed its intention to keep the Trail Blazers in Portland.
While the final sale price has not been disclosed, Sportico currently values the franchise at an estimated $3.6 billion. This represents a monumental return on investment for the Allen estate. Paul Allen purchased the Trail Blazers in 1988 for $70 million. Following his death in 2018, his will stipulated that his vast assets, including his sports teams—the Trail Blazers and the NFL’s Seattle Seahawks—be sold, with the proceeds directed toward his philanthropic endeavors. The sale has been overseen by his sister, Jody Allen, who serves as the executor of his estate.
As an estate sale, the process carries a fiduciary duty to maximize the value of the assets, a dynamic similar to the 2023 sale of the Denver Broncos, which fetched a record $4.6 billion. The Trail Blazers deal was facilitated by Allen & Company, with Hogan Lovells serving as the legal advisor.
The incoming owner, Tom Dundon, is a familiar face in the world of professional sports. He acquired a majority stake in the Carolina Hurricanes in 2018 for approximately $425 million and has since overseen a dramatic turnaround for the franchise. Before his arrival, the Hurricanes had missed the playoffs for nine consecutive seasons. Under his ownership, the team has become a perennial contender, making the playoffs every year since 2019 and winning multiple division titles. Dundon, who assumed full ownership of the Hurricanes in 2021, is also the majority owner of the Professional Pickleball Association (PPA) Tour and Major League Pickleball, showcasing a diverse interest in the sports landscape.
Dundon’s tenure in Carolina has been characterized by a hands-on approach and a willingness to invest in the team’s success, a track record that may offer insight into his potential plans for the Trail Blazers. His leadership transformed the Hurricanes’ market presence and on-ice performance, culminating in a revitalized fanbase and consistent championship aspirations.
The sale brings a sense of resolution to years of speculation surrounding the Trail Blazers’ future. With the Allen estate mandated to sell, concerns about potential relocation had lingered over the city. The Dundon group’s explicit commitment to keeping the team in Portland addresses the primary concern of the community and allows the focus to shift toward the team’s on-court future. The transaction now awaits the formal review and approval of the NBA’s Board of Governors before the transfer of ownership can be finalized, officially ushering in the Tom Dundon era in Portland.
