The Portland Trail Blazers have reportedly reached an agreement in principle to sell the franchise to Tom Dundon, the owner of the Carolina Hurricanes.
The deal is expected to bring long-term stability and clarity to the organization’s future. However, the process has hit a snag, a pending lawsuit from a group that believed it would have a chance to purchase the team.
As a result, the finalization of the sale could face delays while the legal dispute plays out.
New timeline for Trail Blazers sale revealed
Portland has finally addressed the ongoing talk surrounding the team’s proposed sale. According to Sean Highkin of The Rose Garden Report, team president of business operations Dewayne Hankins chose not to comment on the lawsuit between the Bhathal and Cherng families, noting that it does not directly involve the Blazers or the Paul Allen Estate.
Hankins did, however, provide some insight into where things stand within the organization and the future of arena negotiations tied to the sale. He mentioned that he’s already had preliminary conversations with prospective buyer Tom Dundon since the agreement was announced, describing it as a period of getting to know one another.
Hankins also praised Dundon’s commitment to keeping the franchise in Portland, saying, “[Dundon] and his group have made a multi-billion-dollar bet on Portland, which speaks volumes given that some businesses are doing the opposite these days.”
The Trail Blazers are still expected to close the deal by the end of the season
Highkin added that, barring any major legal setbacks, the sale is still on track to be completed before the end of the season.
“Unless the Bhathals’ lawsuit holds it up, the Blazers sale is generally expected to close before the end of the season,” Highkin reported. “After that, Dundon will begin negotiations with the city of Portland, either about a new arena or a major renovation of the Moda Center.”
Locally, there’s little concern that the lawsuit will derail the process. Most around Portland believe the case lacks substance and are confident it will be dismissed, clearing the way for Dundon’s ownership to move forward.
Source: SI.com
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