Portland Trail Blazers officially sold to Tom Dundon on Monday
Published 4:08 pm Monday, March 30, 2026
The NBA announced the league’s board of governors unanimously approved the sale of the Portland Trail Blazers to Texas billionaire Tom Dundon on Monday.
The news, first reported by The Athletic’s Jason Quick, was nearly eight months in the making. Dundon, who also owns the NHL’s Carolina Hurricanes, and his ownership group purchased the franchise for roughly $4.25 billion from the estate of the late Paul G. Allen.
The sale was first reported in August 2025, but became official Monday.
Allen, who co-founded Microsoft, passed away in 2018. His sister, Jody, inherited ownership of the Trail Blazers and the NFL’s Seattle Seahawks following Paul’s death. The Blazers were posted for sale on May 13, 2025. The Seahawks were posted for sale in February, shortly after the franchise won its second championship, Super Bowl 60.
Trail Blazers’ Sale timeline and valuation
The Trail Blazers’ sale will be completed in two phases. The first phase, 80.1% of a $4 billion valuation of the team, closes Tuesday, March 31. The second phase, for the remaining 19.9% paid at a $4.5 billion valuation, will close “no later than 2028,” according to Quick’s reporting.
The Trail Blazers’ sale is the third-most expensive team sale in NBA history. Last year, billionaire investment manager Mark Walter purchased the Los Angeles Lakers for a whopping $10 billion. The Boston Celtics sold for $6.1 billion to private equity mogul Bill Chisholm and his ownership group in 2025, too.
Earlier this month, the Oregon legislature passed Senate Bill 1501 to fund renovations to the Trail Blazers’ Portland home, Moda Center. The bill would borrow $365 million for renovations from investors, with the state repaying the loan over 20 years using tax revenue. The bill ensures the Blazers remain in Portland even after Dundon’s acquisition of the team.
Dundon’s ownership group includes himself; Portland resident Sheel Tyle, CEO Collective global, an investment firm; Marc Zahr, co-president of investment firm Blue Owl; the Cherng family, who owns Panda Express; and Freedom Mortgage CEO Stanley Middleman, who is a part owner of MLB’s Philadelphia Phillies.
In 2020, Dundon’s car loan company, Santander Consumer USA, was called “predatory and harmful” by Oregon’s then-attorney general, Ellen Rosenblum. Dundon’s company payed $550 million settlement in the multi-state lawsuit. As CEO, Dundon was “behind what regulators called an ‘aggressive push’” to waive proof of income requirements, according to Oregon Public Broadcasting in a March 25 article.