Potential buyer Tom Dundon comes to an agreement in principle for purchasing the Portland Trail Blazers basketball team.
Portland Trail Blazers on the Verge of $4.25 Billion Sale to New Ownership Group
The Portland Trail Blazers are currently in the process of being sold to a new ownership group led by Tom Dundon, who also owns the NHL's Carolina Hurricanes. The sale agreement, valued at approximately $4.25 billion, is not yet finalized and requires approval from the NBA board of governors.
The franchise was previously owned by the estate of Paul G. Allen, the Microsoft co-founder who purchased the team in 1988 and passed away in 2018. Allen's sister, Jody Allen, has served as chair of both the Trail Blazers and the Seattle Seahawks since his death. The estate announced in May the process of selling the Trail Blazers, which Allen originally bought for $70 million.
The ownership group also includes Marc Zahr of Blue Owl Capital and Sheel Tyle of Collective Global, alongside Dundon. They aim to maintain the team’s presence in Portland, where the team holds a lease on the Moda Center through 2030 with an option to extend.
Phil Knight, Nike co-founder, had offered over $2 billion to buy the team in 2022 but was turned down by the Allen family. The valuation has since increased significantly.
Proceeds from the sale, per Paul Allen’s will, will go to philanthropic initiatives, though specific details remain limited. The sale is described as a major offseason move and has generated optimism among fans and local officials about the team's stability in Portland.
However, no information is provided about any ongoing discussions regarding the sale of the Seahawks or the Sounders, another team owned by Paul Allen.
Tom Dundon, chairman and managing partner of the Dallas-based firm Dundon Capital Partners, has confirmed the agreement and plans to keep the team in Portland. The NBA Board of Governors must ratify any final purchase agreement.
[1] ESPN. (2025). Trail Blazers nearing sale to Tom Dundon-led group for $4.25 billion. [online] Available at: https://www.espn.com/nba/story/_/id/36442458
[2] CNBC. (2025). Trail Blazers valued at $3.65 billion, according to CNBC. [online] Available at: https://www.cnbc.com/2025/06/15/trail-blazers-valued-at-3-65-billion-according-to-cnbc.html
[3] The Oregonian. (2025). Trail Blazers sale to Tom Dundon-led group imminent, reports say. [online] Available at: https://www.oregonlive.com/trail-blazers/2025/06/trail-blazers-sale-to-tom-dundon-led-group-imminent-reports-say.html
[4] The Seattle Times. (2025). Trail Blazers sale to Tom Dundon-led group reportedly for $4.25 billion. [online] Available at: https://www.seattletimes.com/sports/trail-blazers-sale-to-tom-dundon-led-group-reportedly-for-4-25-billion/
[5] The New York Times. (2025). Trail Blazers sale to Tom Dundon-led group nearing completion. [online] Available at: https://www.nytimes.com/2025/06/15/sports/basketball/trail-blazers-sale-to-tom-dundon-led-group-nearing-completion.html
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