Prospective Portland Trail Blazers owner Tom Dundon has sold a “significant” portion of his ownership of the Carolina Hurricanes before his purchase of the Blazers, according to Mike Ozanian of CNBC.
The sell-off comes just days after a judge dismissed all but one charge in Dundon’s three-year legal battle with American of Alliance Football investors. Dundon, who faced $144 million in damages, was ordered to pay only $1 following the judge’s ruling.
There has been speculation as to if Dundon possesses the capital to complete the $4.25 billion dollar purchase of the Blazers. His sale of the Hurricanes with a $2 billion valuation may ease those concerns. In addition, favorable outcomes across numerous lawsuits against Dundon (including the lawsuit dropped by the RAJ Sports Group) have paved a clearer path towards completing this purchase of majority ownership in the Trail Blazers.
The sale of the Blazers from the estate of former owner Paul Allen to Dundon is expected to be completed by the end of the NBA’s current season.