The ownership group will purchase the Trail Blazers from the estate of Paul Allen for $4.25 billion.

PORTLAND, Ore. — The NBA Board of Governors voted to approve the sale of the Portland Trail Blazers to a new ownership group led by Tom Dundon on Monday. 

The ownership group will pay approximately $4.25 billion to purchase the team from the estate of Paul Allen, the Athletic reported. The sale will be a two-part deal: 80.1% is being bought at a $4 billion valuation and will close March 31. The additional 19.9% is being bought at a $4.5 billion valuation and will close no later than Sept. 1, 2028. 

During the first closing period, Bert Kolde, vice chairman of the Blazers and Seattle Seahawks, will observe board meetings but will have no involvement or governance. 

“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 buying group also includes Marc Zahr, co-president of Blue Owl Capital, and Portland-based Sheel Tyle, co-CEO of Collective Global,the Cherng family, who owns Panda Express, and Stanley Middleman, founder and CEO of Freedom Mortgage.

Tyle is married to Dr. Sejal Hathi, who has served as the director of the Oregon Health Authority since 2023. He also founded global venture capital firm Amplo, the Portland Business Journal reported.

In August, Dundon reached a tentative agreement to purchase the team from the estate of Paul Allen. When the news broke, it initially sparked fears that the ownership group might move the team out of the Rose City. Sportico reported the ownership group plans to keep the Trail Blazers in Portland.

The sale comes at the same time as a legislative effort to renovate the 30-year-old Moda Center, further quelling concerns that the team could move out of Portland. In early March, the Oregon Legislature passed Senate Bill 1501, allocating up to $365 million in state-issued bonds. 

Following approval of the funds, NBA Commissioner Adam Silver attended a Trail Blazers’ game against the Utah Jazz at the Moda Center. During his visit, Silver met with local officials about the next steps.

Dundon, a 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. 

Dundon co-founded auto financing company Drive Financial Services, which was later acquired and turned into Santander Consumer USA. He also co-founded Dundon Capitol Partners, a private investment firm.

Jared Cowley, Alex Jensen, Jamie Parfitt and Evan Watson contributed to this report.