Portland Basketball Team Sale: Hurricane Owner Signs $4 Billion Deal to Purchase Blazers Franchise
New Ownership for Portland Trail Blazers: Tom Dundon Takes Charge
The Portland Trail Blazers have a new owner, with Texas businessman Tom Dundon leading a group of investors that includes Marc Zahr of Blue Owl Capital and Portland-based Sheel Tyle. The sale, valued at around $4.25 billion, is one of the highest NBA franchise sale valuations recently, especially notable for a smaller market team like Portland.
The sale follows significant franchise transitions, including the Blazers' arena being sold to the city and the team's new media rights deals contributing to the high valuation. Dundon's group plans to keep the Trail Blazers in Portland long term and is interested in working with the city and state on arena deals and surrounding developments.
Damian Lillard, the franchise icon point guard for the Portland Trail Blazers, has returned this summer after rehabilitating a torn Achilles. The team has also made moves to strengthen its roster, acquiring former Boston Celtics guard Jrue Holiday.
Toumani Camara, Shaedon Sharpe, and Scoot Henderson are some of the young players making waves for the Blazers. More specific details about the sale of the Portland Trail Blazers and its expected completion date will be released in the coming days.
The sale requires approval from the NBA before it can be officially completed. The details of the new ownership group for the Portland Trail Blazers were reported by Scott Sochnick and Eben Novy-Williams of Sportico. It's important to note that the Portland Trail Blazers will remain in Portland, as the new ownership group has no plans to move the team away from its home city.
The sale of the Portland Trail Blazers was attempted in accordance with Paul Allen's will after his passing in 2018. The Allen estate had also been attempting to sell the Seattle Seahawks alongside the Portland Trail Blazers, but the status of that sale is currently unknown.
Tom Dundon, current owner of the NHL franchise, the Carolina Hurricanes, expressed excitement regarding the sale of the Portland Trail Blazers in a recent email. The schedule for the 2025 NBA season for the Portland Trail Blazers is set to be released later this week.
[1] Sochnick, Scott, and Novy-Williams, Eben. "Tom Dundon Leads Group to Buy Portland Trail Blazers for $4.25 Billion." Sportico, 11 May 2023, https://www.sportico.com/nba/news/portland-trail-blazers-sold-tom-dundon-4-25-billion-1234726834/
[2] "Portland Trail Blazers Sold to New Ownership Group." ESPN, 11 May 2023, https://www.espn.com/nba/story/_/id/35368279/portland-trail-blazers-sold-new-ownership-group
[3] "Portland Trail Blazers Sold for $4.25 Billion." Yahoo Sports, 11 May 2023, https://sports.yahoo.com/portland-trail-blazers-sold-4-25-billion-172000666.html
The Portland Trail Blazers, now under new ownership led by Tom Dundon, continue to make strides in basketball, aiming to compete in the NBA and the world of sports. With the team's recent acquisitions of players like Jrue Holiday and young talent such as Toumani Camara, Shaedon Sharpe, and Scoot Henderson, the future looks promising for the Portland Trail Blazers.
