The owners of the NHL’s Carolina Hurricanes are expanding their holdings to include the NBA’s Portland Trail Blazers.
Reports indicate that Tom Dundon has reached an agreement to buy the Blazers from the estate of Paul G. Allen. This deal is valued at over $4 billion. Dundon is leading a group that includes Mark Zarl, co-chairman of Blue Owl Capital, and the co-CEO of a Portland-based company, Global Seal Tiles.
The Trail Blazers, which had been announced for sale in May, needed to be sold eventually, as mandated. Jodie Allen, Paul Allen’s sister, has served as the team governor since his passing due to cancer in 2018.
While Dundon confirmed the tentative agreement to purchase the NBA team with the Associated Press, he didn’t reveal specific sale terms. A representative from the Hurricanes mentioned to an outlet the excitement surrounding acquiring the “pioneer” team based in Portland.
According to sources, Dundon’s group is genuinely enthusiastic about basketball and aims to keep the team in Portland.
Additionally, the group reportedly plans to discuss a public-private partnership with the city concerning a new arena.
Before the deal can be finalized, it will require approval from the NBA Commission.
In a prior announcement about the sale, it was noted that funds from the Trail Blazers’ sale would go towards charitable causes.
Interestingly, Paul G. Allen’s estate mentioned that a 25% stake in the Seattle Seahawks, which he also owned, is not included in this sale.
Allen, a co-founder of Microsoft, acquired the Blazers for $70 million back in 1988 before his passing in 2018.
This sale is part of a trend in the NBA, with franchises changing hands for billions; recently, the Celtics sold for $6.1 billion, while the Lakers have a valuation around $10 billion.
