Carolina Hurricanes owner Tom Dundon has reached an agreement to buy the Portland Trail Blazers from the estate of the late Paul Allen at a blended valuation of roughly $4.25 billion.
Dundon, 53, took control of the NHL’s Hurricanes in 2018 and has since widened his sports portfolio to include the PPA Tour, Major League Pickleball and an investment in Topgolf. He also chairs Dallas-based Dundon Capital Partners, whose holdings span healthcare, real estate and auto financing.
The reported purchasing group also features Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, co-CEO of Collective Global Management. Blue Owl Capital already holds minority stakes in the Phoenix Suns, Sacramento Kings, Minnesota Timberwolves and Atlanta Hawks. Tyle, the founder of venture firm Amplo, recently relocated to Portland after his wife was appointed director of the Oregon Health Authority.
The Trail Blazers announced in May that the franchise would be sold, with proceeds earmarked for philanthropic initiatives in accordance with Paul Allen’s wishes. Allen purchased the team in 1988 for $70 million and shepherded it to multiple NBA Finals appearances before his death in 2018. Operational control then passed to his sister, Jody Allen, who has overseen the club until the pending sale.
Source: Hoops Wire
