Carolina Hurricanes owner Tom Dundon has agreed to purchase the Portland Trail Blazers from the estate of the late Paul G. Allen in a deal, valuing the franchise at just over $4 billion.
Dundons group, which includes Marc Zahr co-president of Blue Owl Capital, and Sheel Tyle Portland-based founder and co-CEO of Collective Global, intends to keep the team in Portland.
The Blazers officially went on the market in May, with the proceeds from the sale earmarked for philanthropic causes.
Allen, who died in 2018, stated in his will that the franchise would be sold at some point. Since then, his sister, Jody Allen, has served as team governor and executor of the Paul Allen Trust.
The trust confirmed that the NFLs Seattle Seahawks and its 25 percent stake in MLS Seattle Sounders would not be included in the sale.
The decision to move forward with selling the Blazers follows several major developments.
The NBA recently finalized an 11-year, $77 billion media rights agreement with ESPN, NBC, and Amazon. In 2024, the Blazers sold the Moda Center to the City of Portland for $1, along with the arenas land for $7 million, as part of a public-private renovation project that extended the teams lease through 2030.
Dundons group plans to continue exploring a public-private partnership for a future arena deal with the city and state, sources told ESPN.
The sale marks the end of an era for the Blazers under the Allen familys stewardship, but also signals stability for Portland fans.
Dundon, a billionaire businessman known for his hands-on ownership style in the NHL, is making it clear that Rip City will remain home for the franchise.
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