PORTLAND, Ore. (AP) — Carolina Hurricanes owner Don Dundon and his investor group have reached a tentative agreement with Paul Allen’s estate to purchase the Portland Trail Blazers, with plans to keep the NBA team in Portland.
Dundon confirmed the deal to The Associated Press on Wednesday, noting that his group includes Portland-based Sheel Tyle, co-founder of Collective Global, and Marc Zahr, co-president of Blue Owl Capital. The NBA Board of Governors must still approve the sale. ESPN reported the price at $4 billion, though Dundon did not disclose terms.
Earlier this year, CNBC valued the Blazers at $3.65 billion; by comparison, the Boston Celtics sold for $6.1 billion in March. Dundon, 53, became majority owner of the Hurricanes in 2018 and also heads Dallas-based Dundon Capital Partners.
Paul Allen, Microsoft’s co-founder, bought the Blazers in 1988 for $70 million. After his death in 2018, his sister Jody Allen became team chair and trustee of the Paul G. Allen Trust, which stipulates that proceeds from team sales go to philanthropic causes. The estate began the sale process in May.
The Blazers, who joined the NBA in 1970 and won their only championship in 1977, finished 36-46 last season, missing the playoffs for the fourth straight year. Dundon’s purchase will not affect the Hurricanes, who have made the playoffs in each of the past seven seasons.
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