NHL Carolina Hurricanes owner Tom Dundon officially takes over Portland Trail Blazers franchise

NHL Carolina Hurricanes owner Tom Dundon and his investment group have officially taken control of the NBA’s Portland Trail Blazers. News of the pending deal first surfaced in August.

On Friday, Paul Allen’s estate, which previously owned the Trail Blazers, confirmed that the purchase agreement had been signed. Terms of the agreement have not yet been disclosed, though previous reports from insiders, including Shams Charania, valued the franchise at roughly $4.25 billion. The deal is still subject to NBA approval.

Tom Dundon’s group signs Portland Trail Blazers purchase agreement officially

The agreement between Dundon’s group and the Trail Blazers has now reached the official announcement stage.

Dundon’s group confirmed the acquisition following the signing of the purchase agreement. The new ownership group includes Dundon, Blue Owl Capital co-president Marc Zahr, Collective Global co-CEO Sheel Tyel, and the Cherng Family Trust, founded by the creators of Panda Express, as per King5.com's report.

The group has stated it intends to keep the franchise in Portland. The tentative deal, revealed in August, drew attention for the team’s valuation.

At the time, the Trail Blazers were estimated to be worth $4.25 billion.

Portland Trail Blazers deal fulfills Paul Allen’s will

Before the sale, the Trail Blazers were owned by the estate of Microsoft co-founder Paul Allen, who passed away in 2018. In his will, Allen directed the sale of his sports franchises and committed proceeds to philanthropic causes. Since his death, his sister Jody Allen has served as the team’s governor.

Investment bank Allen & Company and law firm Hogan Lovells have overseen the sales process.

One of the NBA’s most valuable franchise deals

While the Los Angeles Lakers’ $10 billion deal remains the most expensive in NBA history, the Trail Blazers’ $4.25 billion valuation places them among the league’s most valuable franchises. The Boston Celtics sale, estimated at $6.1 billion, also ranks ahead of Portland’s valuation.Paul Allen originally purchased the Trail Blazers in 1988 for $70 million.

In addition to owning the Trail Blazers and the Hurricanes, Dundon also holds a majority stake in the PPA Tour and Major League Pickleball. With the official takeover, he will serve as governor of the franchise.Also Read: Carolina Hurricanes owner Tom Dundon secures $4 billion deal to buy Portland Trail Blazers