Tom Dundon-Led Group Strikes Preliminary Deal to Acquire Portland Trail Blazers
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Portland, Ore., Aug. 13, 2025 — A consortium headed by billionaire Tom Dundon, owner of the NHL’s Carolina Hurricanes, has reached a tentative agreement to purchase the Portland Trail Blazers from the estate of the late Paul Allen, according to Sportico.
The investor slate also includes Blue Owl Capital co-president Marc Zahr and Collective Global co-CEO Sheel Tyle. Sources told Sportico reporters Scott Soshnick and Eben Novy-Williams that the prospective buyers plan to keep the NBA franchise in Portland.
The Trail Blazers formally went on the market in May after long-time owner Paul Allen, who acquired the club for $70 million in 1988, died on Oct. 15, 2018. Control passed to his sister, Jody Allen, the estate’s trustee and executor, with a mandate to sell the team as part of the settlement process.
Investment bank Allen & Co. and law firm Hogan Lovells are overseeing the sale. While the exact purchase price has not been disclosed, a trust is required to secure the highest qualified bid. Sportico’s most recent NBA valuations, released in December 2024, pegged the Blazers at $3.6 billion. Recent agreements for other franchises include the Boston Celtics at $6.1 billion and the Los Angeles Lakers at $10 billion.
All proceeds from the Blazers sale will go to charitable causes, honoring Paul Allen’s philanthropic directive.
Dundon, who also serves as chairman and managing partner of Dallas-based Dundon Capital Partners, has diversified holdings that include majority stakes in the PPA Tour and Major League Pickleball. He would become the Trail Blazers’ governor once the NBA formally approves the transaction.
Source: Hoops Rumors
