NBA Gives Final Clearance for Tom Dundon’s $4.25 Billion Trail Blazers Purchase
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The NBA’s Board of Governors has unanimously signed off on the sale of the Portland Trail Blazers to an investment group led by Tom Dundon, owner of the NHL’s Carolina Hurricanes.
The league issued a brief statement Tuesday confirming the approval. Dundon’s consortium first reached a tentative agreement in August to acquire the franchise at a blended valuation of about $4.25 billion.
Two-step transaction
According to details obtained by The Athletic, the group will acquire 80.1 percent of the team on March 31 at a $4 billion valuation. The remaining 19.9 percent is scheduled to change hands no later than Sept. 1, 2028 at a $4.5 billion valuation.
During the period between the initial and final payments, current Trail Blazers chairman Bert Kolde may attend board meetings as a passive observer but will have no decision-making authority.
Background of the sale
Portland announced its intent to sell the franchise in May. Longtime owner Paul Allen, who purchased the club for $70 million in 1988, passed away on Oct. 15, 2018. Control then shifted to his sister, Jody Allen, the trustee and executor of his estate. Under Paul Allen’s directive, proceeds from the sale will be directed to philanthropic initiatives.
Dundon’s profile
Beyond hockey, Dundon is a significant investor in pickleball, holding majority stakes in both the PPA Tour and Major League Pickleball. He also serves as chairman and managing partner of Dallas-based Dundon Capital Partners. Once the first payment closes, Dundon will assume the role of Trail Blazers governor.
Source: Hoops Rumors
