Portland Trail Blazers Sale Announcement
In a significant development for the Portland Trail Blazers franchise, it has been announced that the estate of the late Paul Allen has successfully finalized a sales agreement with an investment group led by Tom Dundon, the owner of the Carolina Hurricanes. This agreement, made public on Friday, confirms that the team will remain in Portland; however, the financial details of the transaction have not been revealed. The tentative deal for the Blazers was initially disclosed by Dundon last month.
Investment Team Composition
Dundon’s investment team comprises notable figures including Sheel Tyle, a co-founder of the Portland-based investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital. They are joined by the Cherng Family Trust, which is associated with the founders of Panda Express.
Approval and Valuation
Before any sale can be finalized, it must receive approval from the NBA’s Board of Governors. Reports suggest that the sale could be valued at approximately $4 billion, a figure that follows the recent sale of the Boston Celtics for $6.1 billion earlier this year.
Historical Context
The completion of the sale is anticipated by the end of the year, marking a significant shift since Allen’s ownership began when he purchased the team in 1988 for $70 million. Paul Allen, co-founder of Microsoft, passed away in 2018 at the age of 65 from non-Hodgkin lymphoma complications. Posthumously, his sister, Jody Allen, has taken on the role of chair for both the Trail Blazers and the Seattle Seahawks, the latter of which Allen also owned.
Future of the Franchise
In May, the Allen estate announced its intention to sell the Trail Blazers, a decision that follows the guidelines laid out in his will regarding the disposition of his sports teams, with the intention of directing the profits towards philanthropic causes. However, details around the potential sales of the Seattle Seahawks and the 25% share in the Seattle Sounders remain unspecified as of now.
