$4.25 Billion Deal: Tom Dundon's Group to Acquire Portland Trail Blazers

Carolina Hurricanes owner Tom Dundon

Tom Dundon's group, including Carolina Hurricanes owner, to acquire Portland Trail Blazers for $4.25 billion, pending NBA approval.

Tom Dundon, the billionaire owner of the Carolina Hurricanes, has agreed to buy the Portland Trail Blazers for a whopping $4.25 billion. The deal, which still requires NBA approval, marks a significant milestone for the franchise, ensuring its continued presence in Portland. Dundon will lead a group of investors, including Blue Owl Capital's co-president Marc Zahr and Portland-based entrepreneur Sheel Tyle, who will co-own the team.

The Trail Blazers were put up for sale in May by the estate of Paul Allen, the late Microsoft co-founder who owned the team since 1988. The sale fulfills Allen's directive to sell the franchise, with proceeds going to philanthropic causes. Jody Allen, Paul's sister and executor of his estate, oversaw the process.

Key Deal Details:

• Purchase Price: $4.25 billion, with two payments, one upon deal closure and another at a later date
• Ownership Group: Tom Dundon, Marc Zahr, and Sheel Tyle, with Dundon serving as the Trail Blazers' governor
• Team Future: The new ownership group plans to keep the team in Portland, dispelling relocation rumors
• NBA Approval: The deal requires standard approvals from the NBA's board of governors

This acquisition positions the Trail Blazers for growth under Dundon's leadership, with a focus on competitive success and community engagement.

The Portland Trail Blazers are officially up for sale, with the proceeds going towards philanthropic initiatives as per the late Paul Allen's wishes. Allen, the Microsoft co-founder, passed away in 2018 due to complications from cancer, leaving behind a legacy of generosity and innovation. His estate, led by his sister Jody Allen, has begun the sales process, which is expected to stretch into the 2025-26 NBA season.

NHL Carolina Hurricanes owner Tom Dundon has agreed to buy the Portland Trail Blazers from the estate of Paul G. Allen for a valuation of over $4 billion, sources tell ESPN.

— Shams Charania (@ShamsCharania) August 13, 2025

The sale, managed by investment bank Allen & Co. and law firm Hogan Lovells, is anticipated to fetch between $3 billion and $5 billion, making it one of the most lucrative team sales in league history. This significant transaction will fund Paul Allen's philanthropic vision, which includes supporting various causes such as climate initiatives, homelessness programs, health research and wildlife conservation.

Key Details:

Sale Price: Expected to be between $3 billion and $5 billion

Philanthropic Impact: Proceeds will fund Paul Allen's charitable efforts through the Paul G. Allen Family Foundation

Previous Ownership: Paul Allen purchased the Trail Blazers in 1988 for $70 million

Current Development: A group led by Tom Dundon, owner of the Carolina Hurricanes, has reportedly agreed to purchase the team for over $4 billion, pending NBA approval.

Tom Dundon, a billionaire financier, acquired a majority stake in the Carolina Hurricanes on January 12, 2018, and later completed the purchase of all minority shares on June 30, 2021, for $420 million, becoming the sole owner of the franchise. Under his leadership, the Hurricanes have reached the postseason in each of his five seasons as owner, including their first Stanley Cup Playoffs appearance in 10 years in 2018.

Dundon is now leading a group to purchase the Portland Trail Blazers for approximately $4.2 billion. The investment group includes notable figures such as Marc Zahr, president of Blue Owl Capital. However, information about a member named “Tyle” from Collective Global couldn't be verified in the provided context, so it's unclear if there's a specific individual with that name involved in the deal.

About Tom Dundon:

• Born: September 5, 1971, in New York City
• Education: Bachelor's degree in economics from Southern Methodist University in 1993
• Career: Former chairman and CEO of Santander Consumer USA, founder of Dundon Capital Partners
• Other Ventures: Owner of Pickleball Central, investor in (link unavailable), and co-owner of the PPA Pickleball Tour

As the owner of the Hurricanes, Dundon has been instrumental in guiding the team to success. His competitive nature and strategic approach have contributed to the team's growth and performance.

The Portland Trail Blazers are on the verge of a new era under the ownership of Tom Dundon, the billionaire behind the Carolina Hurricanes. Dundon has reached a tentative agreement to buy the team from Paul Allen's estate for a whopping $4.25 billion, with the deal structured in two payments. This acquisition still requires approval from the NBA Board of Governors.

The Blazers finished last season with a 36-46 record under coach Chauncey Billups, who has since been signed to an extension. With All-Star Damian Lillard returning to the team after signing an off-season deal, the Blazers are looking to make a strong push in the upcoming season. Lillard, who played his first 11 seasons with the Blazers before joining the Milwaukee Bucks, brings a wealth of experience and talent to the team.

Key Details of the Sale:

• Purchase Price: $4.25 billion, with a blended valuation

• Payment Structure: Two payments, one at close and one at a later date

• Ownership Group: Tom Dundon, Marc Zahr, and Sheel Tyle, with Dundon serving as the Trail Blazers' governor

• Team Future: The new ownership group plans to keep the team in Portland and explore a public-private partnership for an arena deal

Dundon expressed excitement about the opportunity, saying, “We are excited.” The Allen family, however, has declined to comment on the reports. With the sale pending NBA approval, the Blazers are poised for a new chapter under Dundon's leadership.