If you’re a Blazers fan, you’ve probably seen the billionaire’s name pop up all over the place. Here’s what you should know about him.

PORTLAND, Ore. — The Portland Trail Blazers have a new owner. 

If you’re a fan of the team, you’ve probably seen Tom Dundon’s name come up a lot lately.

He’s the head of Rip City Rising, the team’s new ownership group which recently bought the Blazers for about $4.25 billion. The sale will be a two-part deal: 80.1% is being bought at a $4 billion valuation and closed March 31. The additional 19.9% is being bought at a $4.5 billion valuation and will close no later than Sept. 1, 2028. 

Despite the big figures, Dundon has stayed fairly quiet on the entire process. Thursday will be one of the first times he speaks to the media about the team’s purchase.

RELATED: Tom Dundon takes over as owner of Portland Trail Blazers


Who is he?

Dundon, 53, was born in New York and raised in Dallas, Texas per the Dundon Capital Partners website. The billionaire attended Southern Methodist University, graduating with a bachelor’s degree in economics in 1993. 

The billionaire, who lives in Dallas, Texas, also owns the NHL’s Carolina Hurricanes since 2018, and was an early investor in Top Golf. He recently reportedly sold a minority stake in the NHL franchise. He also holds majority stakes in the Professional Pickleball Association and Major League Pickleball. 

He also co-founded Drive Financial Services (later Santander Consumer USA) and now leads Dundon Capital Partners, investing in healthcare, finance, and real estate.

Dundon’s businesses have come under legal scrutiny in the past. Drive Financial Services was accused of predatory auto lending practices in a case that affected thousands of Oregonians. The company eventually reached a $550 million multistate lawsuit settlement in the case.

Dundon was also found liable for breaching a fiduciary duty of loyalty in a case revolving around the now-bankrupt Alliance of American Football that he invested in.


Will he be a good owner?

If Dundon’s previous performance in the sports world is any indicator, then yes, yes he will.

The Carolina Hurricanes were in rough shape when Dundon took over the team in 2018. The team failed to make it to the playoffs for nine years in a row as attendance dwindled, relocation rumors swirled around the team and former owner Peter Karmanos Jr. looked to sell the team.

Dundon’s ownership strategy quickly reversed the team’s decline. Dundon invested heavily in the roster, leading to a dramatic turnaround in player salary, according to reporting from the Oregonian. Although his aggressive cost-cutting strategies attracted controversy from the fans, his impact on the team’s success is hard to deny.

In 2017, the Hurricanes were tied for last place in the Metropolitan Division. Since Dundon took over, the Hurricanes have made the playoffs for seven consecutive seasons and have won at least one playoff round each year, including reaching the conference finals three times. This season, they’re first in their division with an impressive 100 points overall. 


Why the Blazers?

The Blazers went up for sale in May of 2025 after several developments in the sports world, ESPN reported. 

In 2024, the Blazers sold the Moda Center to the City of Portland before launching a successful campaign to renovate the arena with public funding. Oregon lawmakers recently approved $365 million in bond funding to support renovations, while the city of Portland and Multnomah County have also pledged additional funds.

Former Blazers and Seattle Seahawks owner Paul Allen also dictated that his teams be sold with proceeds going to philanthropic efforts after his death in 2018.

The Portland metro area anchors professional sports activity, while Eugene and Corvallis drive much of the collegiate side, with a study counting nearly 2 million professional event attendees and 1.7 million collegiate attendees in 2024. 

Everything adds up to Oregon being prime real estate for sports investment right now.

Mike Wilkerson, director of economic research at ECONorthwest, said Oregon ranks among the top 10 states for sports economy contribution, a standing he described as particularly notable given the relatively limited public investment made to date.

“Our best guess is Oregon is about the 10th most important state in terms of sports economy, and that’s with not a whole lot of effort,” Wilkerson said.


Who else is involved?

The purchase group includes investors from finance and business sectors, including Marc Zahr, co-president of Blue Owl Capital; Portland-based Sheel Tyle, co-CEO of Collective Global; the Cherng family, owners of Panda Express; and Stanley Middleman, founder and CEO of Freedom Mortgage. Additional members include Jennifer Gates, daughter of Bill Gates; Richard Chaifetz; Marc Grandisson; Nayel Nassar; Taavet Hinrikus; and Dan Zilberman.