In an effort to keep the Portland Trail Blazers in Oregon, lawmakers were presented with a bill this week to fund a massive overhaul of the Moda Center.
A looming change in ownership has city and state leaders scrambling to come up with a funding plan for the aging arena. Texas businessman Tom Dundon is set to acquire the organization and NBA Commissioner Adam Silver has signaled that a renovation is likely a prerequisite for the Blazers’ long-term survival in the city.
Generative AI was used to summarize arecent article. This story was reviewed and edited by The Oregonian/OregonLive.
While fans and local officials speculate about the team’s future, Dundon remains quiet on the topic. The Carolina Hurricanes owner has declined to speak with local media for months, saying he wants to wait until his purchase is finalized.
Related: ‘He likes to win’: Inside Tom Dundon’s rise from failed burger joint to buying the Blazers
But Joe Freeman, the Blazers beat reporter for The Oregonian/OregonLive, spoke with people who know Dundon about what drives him in life, how he’s navigated past business negotiations, and what fans should expect when he takes over the city’s oldest professional sports team.
Here’s what you need to know:
A controversial path to wealth through subprime auto loans
Tom Dundon built his fortune in the subprime auto lending industry, a path marked by significant controversy. He co-founded Drive Financial, which was later acquired and became Santander Consumer USA. While Dundon was CEO, the company’s successor faced allegations of predatory lending from multiple state regulators, including Oregon. Investigations by the U.S. Department of Justice and the SEC followed. In 2015, the company settled allegations of improperly repossessing vehicles from military members for $9 million. Dundon left the same year with a separation agreement worth over $700 million. Five years later, Santander agreed to a massive $550 million settlement with 34 states, including Oregon, over its lending practices, though the company did not admit wrongdoing.
Proven success in revitalizing a struggling sports franchise
Dundon’s ownership of the Carolina Hurricanes provides a direct blueprint for his approach to sports management. Before he took over, the NHL team was in “dire shape,” having missed the playoffs for nine consecutive seasons amid low payrolls, sparse attendance, and persistent relocation rumors. Dundon orchestrated a dramatic turnaround. He invested heavily in the roster, which now boasts the sixth-highest payroll in the league, and empowered a state-of-the-art analytics department. The results have been undeniable: under his stewardship, the Hurricanes have made the playoffs in eight consecutive years, won 10 playoff series during that time, and are now considered a perennial Stanley Cup contender, demonstrating his ability to transform a struggling franchise into a winner.
A fierce, demanding and unyielding negotiator
Those who have worked with Dundon consistently describe him as a “glass chewer” and a “fierce negotiator” who is intense and highly demanding. His negotiations in Raleigh to secure public financing for the Hurricanes’ arena renovation and a new long-term lease were famously challenging. Philip Isley, who led the negotiations for the local government, called the talks “complicated as hell” and said the two sides “cussed at each other.” However, the difficult process ultimately resulted in a 20-year lease extension, $300 million in public financing for the arena, and a deal for Dundon to develop an $800 million mixed-use project on surrounding land. Isley noted that despite the contentious nature of the talks, Dundon “never lied to me.”
An unconventional, hands-on, and often unpopular owner
Dundon’s leadership style is defined by a hands-on, unconventional approach that often prioritizes on-field success over public sentiment. In Carolina, he made headlines for deeply unpopular cost-cutting moves, such as asking a beloved, long-time radio announcer to take an 80% pay cut and a respected TV announcer to take an 83% pay cut, leading both to leave the organization. These actions earned him a reputation for being cheap among some fans. However, he simultaneously implemented fan-friendly initiatives like lowering beer prices and famously declared his goal was to “put all the money on the ice.” This dual approach shows a willingness to make controversial business decisions if he believes they ultimately serve the primary goal of building a winning team.
A singular, lifelong obsession with winning
From his earliest days, Dundon has been driven by an intense and singular focus on winning. In college, he was the “ringleader” of a fraternity with an “unhealthy obsession” with intramural sports, meticulously building rosters to ensure victory. This competitive fire is the foundation of his ownership philosophy. Friends and colleagues state he is not buying the Trail Blazers for social status but purely for the challenge and thrill of competition. This is best summarized by a line he delivered to his Hurricanes players and the media: “Our job is to find players better than you and it’s your job to make that hard.” This mentality suggests he will bring an intense, demanding, and results-oriented culture to the Blazers franchise.