Allen Estate Reaches Formal Deal to Sell Trail Blazers for $4.25 Billion

The Paul G. Allen Estate has formally agreed to sell the Portland Trail Blazers to a group led by Tom Dundon, majority owner of the NHL's Carolina Hurricanes, for approximately $4.25 billion. The ownership group also includes Marc Zahr of Blue Owl Capital, Sheel Tyle of Collective Global, and the Cherng Family Trust, co-founders of Panda Express, all of whom have confirmed their intention to keep the team in Portland. The sale is expected to close before the end of the 2025-26 NBA season, pending approval from the NBA board of governors. This transaction follows Paul Allen's will, which stipulated the sale of his sports holdings after his death in 2018, with proceeds directed to philanthropic efforts. Dundon, who acquired the Hurricanes in 2018, will serve as the Trail Blazers' governor, and future plans are expected to focus on arena renovations or a new venue. The deal represents one of the highest valuations for an NBA franchise, though it is below recent NBA sales such as the Celtics and Lakers.