Tom Dundon, the owner of the NHL’s Carolina Hurricanes, finalized an agreement to purchase the Portland Trail Blazers from the Paul G. Allen Trust. According to a report by ESPN, the valuation of the deal is exceeding $4 billion. It marks a significant milestone for the NBA franchise, ensuring its continued presence in Portland.
Tom Dundon’s investment group and local commitment
Leading the acquisition, Tom Dundon is joined by Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, a Portland-based entrepreneur and co-CEO of Collective Global.
This group brings financial acumen and local ties, reinforcing their commitment to the city.
“Dundon intends to keep the team in Portland,” sources told ESPN, dispelling relocation rumours and affirming the Trail Blazers’ role as a community cornerstone.
Paul Allen’s legacy and the Trust’s strategic sale
The sale fulfills the directive of Paul Allen, the late Microsoft co-founder who owned the Trail Blazers until his passing in 2018. His will mandated the eventual sale of the franchise, with proceeds supporting philanthropic causes.
Jody Allen, acting as the team’s governor and executor of the Paul Allen Trust, oversaw the process, which began formally in May 2025.
Notably, the sale excludes other trust assets, such as the NFL’s Seattle Seahawks and a 25% stake in the MLS’ Seattle Sounders, focusing solely on the Trail Blazers.
Arena Deal and Future Investments
A crucial factor in the sale is the recent transfer of the Moda Center, the Trail Blazers’ home arena, to the City of Portland in 2024 for $1, alongside the surrounding land for $7 million.
This transaction facilitated a partnership to renovate the arena and its surrounding area, securing a lease through 2030. Dundon’s group plans to explore further public/private partnerships with city and state officials, aiming to enhance the arena and strengthen community ties.
NBA’s financial boom and the Trail Blazers’ future
The acquisition coincides with the NBA’s new 11-year, $77 billion media rights deals with ESPN, NBC, and Amazon, which have elevated franchise valuations. This financial backdrop positions the Trail Blazers for growth under Dundon’s leadership. With a focus on competitive success and community engagement, the new ownership group is poised to build on Portland’s basketball legacy, ensuring the Trail Blazers remain a vital part of the city’s identity.