The Portland Trail Blazers have found a new ownership group led by Tom Dundon, a businessman with diverse investments in sports and entertainment who has committed to keeping the team in Portland. The Paul Allen estate has reached a tentative agreement with Dundon and a group of investors in a deal reportedly exceeding $4 billion.
These are the 5 takeaways from the Oregonian/OregonLive’s reporting this week.
1. New ownership group commits to keeping Blazers in Portland
The most significant aspect of the sale is the new ownership group’s commitment to keeping the Trail Blazers in Portland. A source familiar with the sale proceedings told The Oregonian/OregonLive that Dundon’s group “is passionate about basketball and intends to keep the team in Portland, where it belongs.”
Though not a guarantee the team will stay in Portland, this commitment addresses the primary concern of fans and local leaders who feared the team might relocate following the sale, particularly with Seattle’s new arena making it an attractive destination for an NBA franchise.
2. Sale price reportedly exceeds $4 billion
While specific terms weren’t disclosed, multiple reports indicate the sales price exceeded $4 billion, representing a massive return on Paul Allen’s original $70 million investment when he purchased the team in 1988.
The tentative agreement must still be approved by the NBA’s board of governors, a process that will likely take several months to complete. The high valuation demonstrates the significant growth in NBA franchise values and the Blazers’ worth as a market asset despite being in a smaller NBA market.
3. Tom Dundon brings sports ownership experience and business acumen
Dundon, 53, comes to the Blazers with established credentials in sports ownership as the sole owner of the NHL’s Carolina Hurricanes, who have made the playoffs seven consecutive seasons under his leadership.
With an estimated net worth of $2 billion, Dundon built his fortune through various ventures including financial services, real estate, and sports investments. His ownership group includes Marc Zahr of Blue Owl Capital and local investors like Sheel Tyle, with active recruitment of additional local backers that include Tim Boyle, CEO of Columbia Sportswear.
4. Arena improvements will be a key challenge for new ownership
NBA Commissioner Adam Silver previously noted that “the city of Portland likely needs a new arena,” highlighting a significant challenge for the incoming ownership group. The Moda Center, built in 1995, will need either substantial renovation or replacement.
The “Rip City Forever” coalition of local leaders emphasized that a public-private partnership will be essential for arena improvements, stating: “What’s needed is a public-private partnership for a new or renovated arena to ensure Portland remains Rip City Forever.”
5. Local reaction shows cautious optimism about the franchise’s future
The sale announcement was met with widespread celebration across Portland’s business and civic communities. Portland Mayor Keith Wilson committed to “working with new ownership as this deal is finalized,” while U.S. Sen. Ron Wyden expressed excitement after a personal call from Dundon about his vision for the team.
Boyle, who has had preliminary discussions about joining as a minority investor, called the Blazers “an incredibly important institution for the state, and especially for the city,” reflecting the team’s significance to Portland’s identity and economic future.
Generative AI was used to draft this storybased on original reporting. It was edited by members of the The Oregonian/OregonLive newsroom.
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