FILE – Tom Dundon, majority owner of the Carolina Hurricanes talks to the media about his 250 million investment in the Alliance of American Football league before the start of an NHL hockey game between the New York Rangers and the Carolina Hurricanes in Raleigh, N.C, Tuesday, Feb. 19, 2019. (AP Photo/Chris Seward, File)
In a historic step for NBA ownership, Tom Dundon, the owner of the Carolina Hurricanes, agrees to a $4 billion deal to purchase the Portland Trail Blazers from the late Paul Allen’s estate. After several months of negotiations, this big deal represents a turning point for Dundon and the franchise. According to reports, Dundon, who has been in charge of the Hurricanes since 2018, has made a deal with Allen’s estate. The Trail Blazers were first acquired by Allen, a Microsoft co-founder, in 1988 for $70 million. The NBA Board of Governors must approve the deal, which is currently valued at over $4 billion.
Dundon’s Plan For Trail BlazersSince his death in October 2018, the Trail Blazers have been managed by Paul Allen’s estate. His sister and trustee, Jody Allen, has stated that the sale’s earnings will go to philanthropic causes by Paul Allen’s desires. Dundon is looking into the potential of constructing a new arena to replace the existing Moda Center, which NBA Commissioner Adam Silver stated needs an update, to keep the Trail Blazers in Portland.
Trail Blazers Hope To Regain Competitive Edge Under DundonThe Trail Blazers want to get back to their competitive level under Dundon’s ownership. The squad has struggled in recent years and has missed the playoffs for the fourth year in a row. The team’s potential for expansion under new ownership was reflected in Forbes’ most recent estimate, which put it at $3.5 billion.
Dundon, who has established himself in the NHL, is also known for his knowledge of investments. Among the prominent individuals in his group are Sheel Tyle, co-CEO of Collective Global, and Marc Zahr, co-president of Blue Owl Capital. “We are excited. The goal is to build something for the long term,” Dundon said, expressing hope about creating a long-term future for the Trail Blazers.
In addition to broadening Dundon’s sports portfolio, this acquisition demonstrates his dedication to improving the NBA scene in Portland, a city with a fervent basketball fan base.