The sale of the Portland Trail Blazers will take place in several stages over the next few years. The Blazers were sold at a valuation of $4.25 billion to Tom Condon, who also owns the NHL’s Carolina Hurricanes. 

Paul Allen passed away in 2018 and his sister, Jody, has been running the franchise since. Allen purchased the Blazers in 1988 for $70 million.

The deal is expected to close in March 2026 with Dundon becoming the team’s majority owner when it does. Dundon will replace Jody Allen as governor at that time as well. Dundon will buy the remaining stake in the Blazers from the Allen estate at a later date.

The sale will be similar to the one structured by Bill Chisholm when he purchased the Boston Celtics for $6.1 billion. A second transaction will occur in 2028 to complete the sale.