Tom Dundon, owner of the Carolina Hurricanes of the NHL, could soon be an NBA owner.
According to a Sportico report Wednesday, Dundon has a tentative agreement to buy the Portland Trail Blazers from the estate of the late Paul Allen, the Microsoft co-founder who also owned the Seattle Seahawks.
Sportico’s valuation of the Trail Blazers is $3.6 billion, which ranked No. 23 among NBA teams. ESPN reported the deal at $4 billion.
Sportico reported the team, once sold, would remain in Portland. It reported, based on unnamed sources, that the ownership group would include Marc Zahr, co-president of Blue Owl Capital; and Sheel Tyle, co-CEO of Collective Global.
Dundon, who has expressed an interest in bringing Major League Baseball to the Triangle, became majority owner of the Hurricanes in January 2018 – his first venture into major league sports. He later acquired full ownership of the team from Peter Karmanos Jr.
Allen first bought the Trail Blazers in 1988 at a price of $70 million. The man who joined Bill Gates in starting the Microsoft Corporation died in October 2018.
The Paul G. Allen Estate announced in June that the NBA team would be put up for sale. The team said it was Allen’s wishes that proceeds from the sale of his sports holdings be given to philanthropy.Tom Dundon, owner of the Carolina Hurricanes of the NHL, could soon be an NBA owner.
According to a Sportico report, Dundon has a tentative agreement to buy the Portland Trail Blazers from the estate of the late Paul Allen, the Microsoft co-founder who also owned the Seattle Seahawks.
Sportico’s valuation of the Trail Blazers is $3.6 billion, which ranked No. 23 among NBA teams.
Sportico reported the team, once sold, would remain in Portland. It reported, based on unnamed sources, that the ownership group would include Marc Zahr, co-president of Blue Owl Capital; and Sheel Tyle, co-CEO of Collective Global.
Dundon could not immediately be reached Wenesday.
Dundon, who has expressed an interest in bringing Major League Baseball to the Triangle, became majority owner of the Hurricanes in January 2018 – his first venture into major league sports. He later acquired full ownership of the team from Peter Karmanos Jr.
Allen first bought the Trail Blazers in 1988 at a price of $70 million. Allen died in October 2018.
The Paul G. Allen Estate announced in June that the NBA team would be put up for sale. The team said it was Allen’s wishes that proceeds from the sale of his sports holdings be given to philanthropy.
This is a developing story and will be updated