PORTLAND Ore. (KPTV) – The sale of the Portland Trail Blazers to a multi-family ownership group led by Tom Dundon is officially done, the team announced Tuesday morning.
On Monday afternoon, the NBA approved the sale.
The group, operating as Rip City Rising, has acquired a majority stake not only in the Trail Blazers but Rip City Remix and Rip City Management, which oversees operations at the Moda Center and the Rose Quarter campus.
Dundon will serve as the team’s governor, with Mark Zahr, Stan Middleman, Andrew Cherng and Sheel Tyle named as alternate governors, according to the team statement.
“Today is the beginning of a new chapter for the Portland Trail Blazers, as we build on the legacy of this storied franchise,” said Dundon. “On behalf of our ownership group, my commitment to this tremendous fan base is that we are going to be relentless towards building a team that can compete at the highest level, every single season.”
The group said it aims to leverage its combined business expertise to strengthen the franchise on and off the court, with an emphasis on sustained competitiveness and improving the fan experience.
Financial terms of the transaction were not disclosed.
The Blazers plan to formally introduce the new ownership during a news conference on April 2 at the Moda Center.
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