The Carolina Hurricanes owner Tom Dundon-led group has agreed on a deal to buy the Portland Trail Blazers for a whopping $4 billion, ESPN reported on Wednesday, citing sources. This comes months after Paul Allen’s estate announced that it had begun the process of selling the NBA franchise. The team is yet to make an official announcement.
Tom Dundon has agreed to buy the Portland Trail Blazers(X/Tom Dundon)
A person told the Associated Press that Dundon intends to keep the Trail Blazers in Portland. Now, the NBA Board of Governors will need to ratify the final purchase agreement.
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Allen, co-founder of Microsoft, died in 2018 at age 65 from complications of non-Hodgkin lymphoma. Since then, his sister, Jody Allen, has served as chair of the Trail Blazers and the NFL’s Seattle Seahawks and is a trustee of the Paul G Allen Trust.
While the Allen trust is moving ahead with the sale of the Portland-based franchise, the NFL’s Seattle Seahawks, and the 25% stake in the MLS’ Seattle Sounders, is not a part of the deal.
Tom Dundon net worth details
According to Basket News, Dundon’s net worth is estimated between $1.2 and $1.7 billion. The details are not available on public platforms.
Who is Tom Dundon?
Tom Dundon is an American billionaire businessman and sports franchise owner who acquired the Carolina Hurricanes of the NHL in 2018.
Born on September 5, 1971, in New York and raised in Texas, Dundon earned a bachelor’s degree in economics from Southern Methodist University in 1993. His career began with founding Drive Financial Services, which evolved into Santander Consumer USA, where he served as CEO until 2015, netting $713 million in a 2017 settlement. He now chairs Dundon Capital Partners, investing in real estate, healthcare, and sports.
Dundon’s sports ventures include co-founding Trinity Forest Golf Club, a $250 million investment in the defunct Alliance of American Football, and majority stakes in the PPA Tour and Major League Pickleball.
His Hurricanes ownership saw the team’s value rise from $425 million to over $1.2 billion.