The NBA board of governors approved Tom Dundon’s agreement to buy the Portland Trail Blazers from the estate of former owner Paul Allen.
Sportico was first to report last year that Dundon’s group, which includes Blue Owl Capital co-president Marc Zahr and Portland-based Sheel Tyle, co-CEO of Collective Global, had a deal to buy the franchise. The investment group also includes the Cherng Family Trust, the family office of the co-founders of the Panda Express restaurant chain, and Stanley Middleman, founder and CEO of Freedom Mortgage part owner of the Philadelphia Phillies.
It is a two-part transaction, with Dundon’s group buying 80% this week and the remaining 20% by 2028, at a blended valuation of roughly $4.1 billion.
The $4.1 billion price ranks as the third-highest price for control of an NBA team, but well behind the two deals that closed in 2025. The Boston Celtics sold in a $6.1 billion deal, while Mark Walter bought the Los Angeles Lakers at a $10 billion valuation. The Trail Blazers ranked No. 24 in Sportico’s NBA team valuations, published in October.
The Oregon legislature recently approved $365 million in funds to renovate the team’s 30-year old arena, the Moda Center, one of the NBA’s oldest buildings. The Moda Center will also house the WNBA’s Portland Fire franchise that starts play in May. The W team is owned by Lisa Bhathal Merage and her brother Alex Bhathal, who were also bidders for the Trail Blazers.
Allen, a Microsoft co-founder, also owned the NFL’s Seattle Seahawks. He died in 2018, and his will dictated that his sports teams be sold, with the proceeds going to philanthropic efforts. The Seahawks hit the market after their Super Bowl win in February. The estate selected investment bank Allen & Company and law firm Latham & Watkins to lead the Seahawks sale process. Allen & Company also ran the Trail Blazers process with Hogan Lovells the legal advisor.
Paul Allen’s sister Jody is the executor of his estate and has been serving as owner of the NBA and NFL teams.
Dundon bought the NHL’s Carolina Hurricanes in 2018 for $420 million. He is also majority owner of the PPA Tour and Major League Pickleball.
This month, Dundon closed on the sale of 12.5% of the Hurricanes at a $2.66 billion valuation, Sportico previously reported. The deal ranked among the highest valuations ever for an NHL team in a transaction. A piece of the Montreal Canadiens sold in 2023 at a valuation of roughly $2.5 billion; last year Rogers bought 37.5% of Maple Leaf Sports & Entertainment, which includes the NHL’s Toronto Maple Leafs, in a deal that valued the whole enterprise at about $9.1 billion ($12.5 billion CAD).
The Hurricanes’ average attendance of 13,321 ranked 29th in the league when Dundon bought the team. In the seven seasons since, the team has made the playoffs, including three trips to the Eastern Conference finals. Last season, the Canes sold out every game and averaged 18,795 fans, ninth-best in the NHL. The sellout streak was 117 games entering the 2025-26 season, and season-ticket revenue rose 227% since Dundon took over. Corporate sponsorship revenue is up 168%, and suite rental revenue has nearly quadrupled.