Prospective owner Tom Dundon has signed a formal purchase agreement to acquire the Portland Trail Blazers, moving the franchise one step closer to changing hands after nearly four decades under the Allen family.
The deal, confirmed by reports from The Oregonian and Sportico, still requires NBA approval but is expected to close before the end of the 2025-26 season. A target date of March 31, 2026, has been circulated for final completion.
Dundon’s investment group includes Blue Owl Capital co-president Marc Zahr, Collective Global co-CEO Sheel Tyle, and the Cherng Family Trust, the philanthropic arm of Panda Express co-founders Andrew Cherng and Peggy Tsiang Cherng. The consortium intends to keep the team in Portland.
According to Sportico, the purchase will be funded through two separate payments. The combined valuation of those installments places the franchise at roughly $4.25 billion.
Oram of The Oregonian reports that Dundon’s bid outpaced an offer from RAJ Sports and the Bhathal family, owners of the Portland Thorns (NWSL) and the incoming Portland Fire (WNBA).
The Trail Blazers were formally placed on the market in May 2025. Longtime owner Paul Allen bought the club for $70 million in 1988 and oversaw operations until his death on Oct. 15, 2018. Control then shifted to his sister Jody Allen, trustee and executor of his estate. In accordance with Paul Allen’s directives, all proceeds from the sale will be directed to philanthropic causes.
Source: Hoops Rumors
