Tom Dundon-led group reaches tentative deal to buy Portland Trail Blazers from Paul Allen estate
Tom Dundon, the owner of the NHL’s Carolina Hurricanes, has reached a tentative agreement to purchase the Portland Trail Blazers from the estate of Paul Allen. The group also includes Blue Owl Capital co-president Marc Zahr and Portland-based investor Sheel Tyle, co-CEO of Collective Global. The buyers have said their aim is to keep the team in Portland.
It’s not clear what valuation is being used or when the sale could close. Dundon told others via email, “We are excited.” Allen’s estate did not comment. Sportico has valued the Blazers at about $3.6 billion. Any transaction would still require NBA approval.
Allen, who co-founded Microsoft with Bill Gates, bought the Blazers in 1988 for $70 million. He later acquired the Seattle Seahawks and a large minority stake in Major League Soccer’s Seattle Sounders. After his death in 2018, his will directed that his sports holdings be sold, with the proceeds directed to philanthropy. His sister Jody serves as the estate’s executor and has acted as owner of the NBA and NFL teams.
Because the seller is an estate, the sale process can differ from a typical private sale. In estate sales, fiduciaries generally aim to maximize value, which often means selling to the highest qualified bidder. That dynamic was in play during the 2023 sale of the Denver Broncos for a then-record $4.6 billion. Allen & Company facilitated the Blazers deal, and Hogan Lovells provided legal advice.
Dundon, who bought the Hurricanes in 2018 for $425 million, is also the majority owner of the PPA Tour and Major League Pickleball. If the deal progresses, he will serve as the Trail Blazers’ governor.
What this could mean for Portland: A high-profile ownership group could bring additional resources and visibility to the franchise, while keeping the team rooted in its home city remains a stated objective of the buyers. NBA approval will be a key milestone in the transaction process.
Summary: A Dundon-led consortium, including Marc Zahr and Sheel Tyle, is in a tentative agreement to acquire the Portland Trail Blazers from Paul Allen’s estate, with the goal of preserving the team’s presence in Portland. The deal’s price and closing timeline remain unclear, and NBA approval will be required. The sale, guided by estate principles to maximize value, follows a precedent set by other high-stakes sports sales and is supported by representatives from Allen & Company and Hogan Lovells. If completed, the ownership shift could inject new resources into the Blazers while maintaining their Portland identity.
Notes for editors or add-ons:
– Include any updates on NBA valuation discussions or official statements from the NBA governing body as the process progresses.
– Consider a sidebar on Paul Allen’s legacy in Portland sports and how his philanthropic focus may influence the future use of sale proceeds.