Blazers to be sold to group led by Hurricanes and pickleball league owner; will remain in Portland

The Trail Blazers are set to be sold for more than $4 billion, according to ESPN’s Shams Charania.

A group led by Carolina Hurricanes owner Tom Dundon has reached a tentative agreement to purchase the franchise from the estate of former owner Paul Allen, Sportico’s Scott Soshnick and Eben Novy-Williams reported. The deal is expected to keep the team in Portland.

Other investors in Dundon’s group include Blue Owl Capital co-president Marc Zahr and Collective Global co-CEO Sheel Tyle.

The Blazers were purchased by Allen in 1988 for $70 million. After his death in 2018, control of the team went to his sister, Jody Allen, as trustee and executor of his estate. The plan has long been to sell the franchise as part of the estate process, with Allen & Co. and law firm Hogan Lovells handling the sale.

Sportico valued the Blazers at $3.6 billion in December 2024, though recent sales of the Celtics ($6.1 billion) and Lakers ($10 billion) suggested the final number could be significantly higher. All proceeds from the sale will go to philanthropy, in keeping with Paul Allen’s wishes.

Dundon also owns the PPA Tour and Major League Pickleball, and is chairman and managing partner of Dallas-based Dundon Capital Partners. He would serve as the Blazers’ new governor once the deal is approved by the NBA.

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