Tom Dundon Acquires Portland Trail Blazers for Over $4 Billion

Tom Dundon, owner of the NHL's Carolina Hurricanes and managing partner of Dundon Capital Partners, has reached an agreement to purchase the NBA’s Portland Trail Blazers from the estate of the late Paul G. Allen for a valuation exceeding $4 billion. Paul Allen's sister, Jody Allen, who has managed the estate and the team's operations since his death in 2018, confirmed that proceeds from the sale will be directed toward philanthropic causes. Dundon’s ownership group, which includes local Portland executives, intends to keep the Trail Blazers in Portland and plans to explore a public/private partnership to renovate the aging Moda Center arena, whose lease extends through 2030. The sale follows a wave of high-profile NBA team ownership changes and comes after the Blazers formally announced the team was up for sale in May. The estate clarified that the Seattle Seahawks and the 25% stake in the Seattle Sounders, also part of Allen’s holdings, are not for sale. While fans remain cautious about the team’s future location, NBA Commissioner Adam Silver has indicated Portland requires a new arena, emphasizing the ongoing negotiations around the franchise’s long-term home.