The National Basketball Association’s Board of Governors has given the green light to transfer ownership of the Portland Trail Blazers from Paul Allen’s estate to an investment group headed by Tom Dundon, who currently owns the Carolina Hurricanes, the league confirmed Monday.
The deal, worth roughly $4.25 billion, will be completed in two phases. The first portion, representing 80.1% of the franchise, will be finalized this week with a March 31 deadline, while the final 19.9% will change hands no later than September 1, 2028, according to various media reports.
The franchise will continue operating in Portland under the new ownership structure, with Dundon taking on the role of the Trail Blazers’ governor.
The ownership consortium includes several individuals with Oregon ties. Sheel Tyle, who established the Portland-based company Collective Global, is part of the group. Peggy Cherng, whose family operates the Panda Express restaurant chain and who studied at Oregon State University, is also involved.
Additional members of Dundon’s investment team include Marc Zahr, who serves as co-president of Chicago-based investment company Blue Owl, and Stanley Middleman, the founder and chief executive of Freedom Mortgage who also holds a partial ownership stake in the Philadelphia Phillies.
The new ownership faces several significant challenges moving forward.
The Trail Blazers, historically a consistent playoff contender, compiled a disappointing 117-211 record (.357 winning percentage) across four seasons with head coach Chauncey Billups at the helm. Billups was placed on indefinite suspension in October amid charges related to money laundering and wire fraud conspiracy connected to a federal gambling investigation. While technically still employed by the organization, Billups is not anticipated to return to his coaching duties.
With interim head coach Tiago Splitter leading the team this season, Portland sits at 38-38 with six contests left on their schedule and has secured a spot in the play-in tournament. The franchise’s sole NBA title came in 1977 when Bill Walton anchored the team and Jack Ramsay served as head coach.
The team’s home venue, the Moda Center, which first opened its doors in 1995, requires significant upgrades or complete replacement and represents a key component in revitalizing Portland’s Rose Quarter district.
Earlier this month, Oregon’s state Senate gave approval to a $365 million arena renovation plan funded through income tax collections. Furthermore, both Multnomah County and Portland Mayor Keith Wilson have committed financial support for the project, though these proposals still require approval from city council members. No timeline has been established for the council vote.
Allen, who co-founded Microsoft and amassed a fortune worth billions, acquired the Trail Blazers for $70 million in 1988. Following his death in 2018, his estate was instructed through his will to sell the basketball team to generate funds for charitable causes.
The Allen estate also maintains ownership of the NFL’s Seattle Seahawks and holds a 25% interest in Major League Soccer’s Seattle Sounders.
