PORTLAND, Ore. (KATU) — The Portland Trail Blazers reportedly have a new owner.
According to Senior ESPN NBA Insider Shams Charania, NHL Carolina Hurricanes owner Tom Dundon has agreed to buy the Portland Trail Blazers from the estate of Paul G. Allen for a valuation of over $4 billion.
The estate of Paul Allen announced in May that it had begun the process of looking for an owner. Allen died in 2018 at the age of 65 from complications of non-Hodgkin lymphoma. He bought the team in 1988 for $70 million.
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Scott Soshnick of Sportico confirmed as much.
Dundon’s group includes Portland-based Sheel Tyle, the co-founder of investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital.
The report says that Dundon intends to keep the team in Portland.
The NBA Board of Governors has to ratify any final purchase agreement. ESPN reported Wednesday that the deal was for $4 billion. Dundon did not reveal the terms of the sale to the AP.
CNBC earlier this year valued the Trail Blazers at $3.65 billion. In March, the Boston Celtics sold for $6.1 billion.
Dundon, 53, bought a stake in the Hurricanes in 2017 and became the majority owner in 2018. He is chairman and managing partner of the Dallas-based firm Dundon Capital Partners.
A spokesperson for the Carolina Hurricanes said Dundon was “excited about the opportunity” to buy the Trail Blazers, and added that the move will not affect the NHL team.
“Rip City isn’t just a nickname for Portland; it’s a rallying cry for our city, and we are excited to hear the prospective new owners of the Trail Blazers have heard that call loud and clear. 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,” said Portland Mayor Keith Wilson. “The Blazers’ legacy and strength have always been firmly rooted in public-private partnership, and that legacy continues today.”
Chad Doing, host on Rip City Radio, the Blazers’ flagship station, tells KATU News, “Best possible scenario for Blazers fans. An owner with a track record of success committed to keeping the team in town.”
“I grew up in Portland, and the Blazers have been a part of living here for my whole life, and I’m very excited they’re going to continue to work and play basketball here in Portland. I think we have a long tradition of excellence, and I think the community needs the Blazers,” said Austin Layton, a lifelong Blazers fan.
Jason Whitworth, a Blazers fan, says the team staying in Portland is important. “Portland, they are loyal to their teams, and I’ve seen it, you know, Oakland and now in Sacramento, and the Raiders are in Las Vegas, and so I mean we need to keep it at home. This is where they started, this is where they live, this is where they belong, and the city needs that.”
This is a developing story. Check back with KATU for updates. The Associated Press contributed to this article.
