NBA Owner Tom Dundon Buys Portland Trail Blazers Franchise
In a significant move for the NBA, Texas businessman Tom Dundon has agreed to purchase the Portland Trail Blazers from the estate of former owner Paul G. Allen for approximately $4.25 billion [1][2][3]. Dundon, who is also the owner of the NHL's Carolina Hurricanes, is set to become the new owner of the Trail Blazers, subject to league approval.
Dundon, CEO of Dundon Capital and a prominent figure in sports-related and entertainment businesses, has emphasized that he plans to keep the team in Portland, preserving the Trail Blazers' long-standing history in the city [1][2]. The franchise has been a Portland staple since 1970, and Dundon aims to maintain the NBA's presence in the Pacific Northwest.
One of Dundon's key priorities is the arena situation. He is expected to pursue building a new, modern arena within the next five years to replace or significantly renovate the current Moda Center [2]. Dundon's experience in large-scale sports and entertainment development, as demonstrated by his involvement in a $1 billion mixed-use development around the Carolina Hurricanes’ stadium, signals potential similar investments around the Blazers’ home arena [3][4].
Dundon’s group is also exploring public-private partnerships for arena development involving the city and state of Oregon, aiming to maintain and boost the team’s local and economic footprint [1][4]. The ownership team includes local investors such as Portland-based Sheel Tyle and Marc Zahr from Blue Owl Capital, indicating a blend of national and local influences in ownership.
Dundon's acquisition of the Trail Blazers comes at a time when the team has been without a playoff appearance for four years. However, the franchise has made notable offseason acquisitions, including Deni Avdija and Yang Hansen [5]. In addition, Damian Lillard, who was waived by the Milwaukee Bucks, has returned to the Trail Blazers. Chauncey Billups, who recently extended his contract as head coach, will lead the team as they aim to return to the playoffs.
Meanwhile, Dundon's Hurricanes have been performing well. They advanced to the Eastern Conference Finals for the third time in seven seasons last spring, and since the 2021-22 season, no team in the NHL has earned more points in the regular season than the Hurricanes [6].
This acquisition marks another step in Dundon's sports empire, which also includes his role as chairman of Pickleball.com. The Trail Blazers and Hurricanes will become dual-owned franchises under Dundon's leadership.
References: 1. ESPN 2. The Oregonian 3. Bloomberg 4. The Athletic 5. NBC Sports Northwest 6. ESPN
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