PORTLAND Ore. (KPTV) - On Friday, a North Carolina investment group officially reached an agreement to buy the Portland Trail Blazers from Paul G. Allen. That group includes the co-founders of Panda Express.
What is the Cherng Family Trust?
The Cherng Family Trust, owned by Andrew and Peggy Cherng, is part of the group of investors buying the Portland Trail Blazers. The Cherng’s are co-founders of Panda Express and its parent company Panda Restaurant Group.
According to its website, the Cherng Family Trust was founded in 2001 as an investment firm for the Cherng family. The firm reportedly has $3.1 billion in assets and is headquartered in Rosemead, California.
FILE - On Monday, July 14th, 2025 in New York, Panda Express kicks off a special menu.
FILE - On Monday, July 14th, 2025 in New York, Panda Express kicks off a special menu.(Loren Matthew | AP)
Who is behind the trust?
Andrew Cherng, 77, is the co-CEO of Panda Express and his net worth is estimated to be about $4 billion, according to Forbes.
Peggy Cheng, 77, is Andrew Cherng’s wife and also a co-CEO of Panda Express, with an estimated net worth of about $3.7 billion. She also earned a bachelor’s degree in applied mathematics from Oregon State University in 1970, according to Forbes.
The Cherng family also has a history of philanthropy with several multi-million dollar donations to various universities and hospitals in the western U.S.
Panda Express has about 2,500 locations and is valued at $6.2 billion.
FILE - Panda Express restaurant in Brooklyn, NY on Monday, Jan. 31, 2022.
FILE - Panda Express restaurant in Brooklyn, NY on Monday, Jan. 31, 2022.(AF | AP)
What have they said about the Trail Blazers?
The group of owners has said they plan to keep the NBA franchise in Portland.
When does the purchase of the Trail Blazers become official?
The sale must still be approved by the NBA Board of Governors before it is finalized.
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