Allen estate reaches deal to sell Trail Blazers to group led by Tom Dundon
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The estate of late Microsoft co-founder Paul Allen has entered a formal agreement to sell the Portland Trail Blazers to an investor group headed by Carolina Hurricanes owner Tom Dundon, the parties announced Friday.
Specific financial terms were not released. ESPN previously reported the transaction values the NBA franchise at about $4 billion.
Dundon revealed a tentative purchase arrangement last month, pledging to keep the team in Portland. His consortium includes Portland-based investor Sheel Tyle, co-founder of Collective Global; Marc Zahr, co-president of Blue Owl Capital; and the Cherng Family Trust, the family office of Panda Express co-founders Peggy and Andrew Cherng.
The sale requires approval from the NBA Board of Governors and is expected to close by the end of 2025.
Dundon, 53, bought into the NHL’s Hurricanes in 2017 and became majority owner a year later. He also leads Dallas-based Dundon Capital Partners.
Allen purchased the Trail Blazers in 1988 for $70 million. The billionaire died in 2018 at age 65 from complications of non-Hodgkin lymphoma. His will directed that proceeds from the eventual sale of his sports teams be allocated to philanthropic causes.
Since Allen’s death, his sister Jody Allen has served as chair of both the Trail Blazers and the NFL’s Seattle Seahawks and acts as a trustee of the Paul G. Allen Trust. The estate has not disclosed plans for the Seahawks or its 25 percent stake in MLS’s Seattle Sounders.
Source: ESPN
