Carolina Hurricanes owner Tom Dundon heads a group that has reached a deal to buy Portland’s beloved NBA franchise.
But it appears the group is still growing. Dundon’s business partners have been in contact with prominent Oregonians about investing in the days leading up to Wednesday’s announcement — including Columbia Sportswear CEO Tim Boyle, who’s considering it.
“If it helped to keep the team here, I’d be interested,” Boyle said.
Boyle said he’s had some conversations with Dundon’s business partners in recent weeks, and he’s interested in being a “tiny speck” of an investor.
“It’s an incredibly important institution for the state, and especially for the city,” Boyle said. “Where the city goes, the state goes in many respects.”
Another source with direct knowledge of the acquisition confirmed that the group seeks to add more local investors.
Separately, more than 100 local leaders, including Boyle, are part of “Rip City Forever,” a group led by former Blazers president Marshall Glickman, ex-Blazer Chris Dudley and local CEO Joth Ricci, working to keep the team in Portland.
It’s unclear how many local investors could join Dundon’s ownership group, which already includes the co-president of Blue Owl Capital, Marc Zahr, as well as Portland-based CEO Sheel Tyle. The NBA has rules that could limit how many people own part of a team.
Dundon’s group “is passionate about basketball and intends to keep the team in Portland, where it belongs,” said a source familiar with the sale process.
But the team also “likely needs a new arena,” Adam Silver, the NBA commissioner, said last month.
Backing from local business leaders, including Boyle and others, could help cement a deal to renovate, or replace, the aging Moda Center, where the Blazers play.
Various business and civic leaders cheered Monday’s announcement, most with cautious optimism about the team’s future in Portland.
“We look forward to working with Thomas Dundon to keep the Trail Blazers in east Portland as we Rebuild Albina,” said Rukaiyah Adams, another business heavyweight and CEO of the 1803 Fund, which is working to redevelop the area with the help of $400 million from Nike co-founder Phil Knight.
“The Blazers are a Portland institution, and the business community will continue to support them in any way we can,” said Jim Mark, CEO of the Melvin Mark Cos. “I am hopeful the new owner will look to Portland as an area that has embraced the Blazers since their inaugural year in 1970.”
The Blazers have an agreement to play at the Moda center through 2030.
Jeff Cronn, a partner at the law firm Tonkon Torp, and another member of the Rip City Forever effort, said the proposed sale includes the “promise of engaged ownership committed to the long-term future of the Blazers in Oregon.”
“City and state officials are ready to partner on a deal that makes sense for the team and the state,” he added. “This is a big moment for Portland’s bright future.”
In a statement, Portland Mayor Keith Wilson was optimistic about the team’s future in Portland.
“We are glad that they are committed to keeping the Blazers in Portland and, in return, we are committed to working with new ownership as this deal is finalized to continue to fill the Moda Center with fans, enthusiasm, and pride,” he said. “The Blazers’ legacy and strength have always been firmly rooted in public-private partnership, and that legacy continues today.”
U.S. Sen. Ron Wyden, was perhaps the most bullish of all. At a press conference Wednesday morning at the Oregon Food Bank, Wyden said he had just spoken with Dundon.
“He sounded very excited about the team’s future being here in beautiful Portland,” Wyden said, later adding that he spoke with NBA officials Tuesday night.
“By the end of the evening I was very encouraged by the proposition that the Trail Blazers are going to stay right here where they belong,” Wyden said. “If you were outside our house in Southeast Portland last night around 9 o’lock, the hollering would have been pretty loud.”
Jonathan Bach contributed to this report
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