Dundon\u2019s group includes Portland-based Sheel Tyle, the co-founder of investment firm Collective Global; Marc Zahr, co-president of Blue Owl Capital; and the Cherng Family Trust, the family office and investment firm of the co-founders of Panda Express.<\/p>\n
The NBA Board of Governors has to ratify any final purchase agreement. ESPN previously reported the deal was for $4 billion. In March, the\u00a0Boston Celtics sold for $6.1 billion.<\/p>\n
The Blazers sale is expected to close by the end of this year.<\/p>\n
Dundon, 53, bought a stake in the Hurricanes in 2017 and became the majority owner in 2018. He is chairman and managing partner of the Dallas-based firm Dundon Capital Partners.<\/p>\n
Allen\u2019s estate announced in May<\/a>\u00a0that it had begun the process of selling the Trail Blazers. The billionaire co-founder of Microsoft, who died in 2018 at age 65 from complications of non-Hodgkin lymphoma, originally bought the Blazers in 1988 for $70 million.<\/p>\n Allen also owned the NFL\u2019s Seattle Seahawks and was a co-owner of Major League Soccer\u2019s Seattle Sounders.<\/p>\n Since his death, Allen\u2019s sister, Jody Allen, has served as chair of both the Blazers and Seahawks and is a trustee of the Paul G. Allen Trust. Paul Allen stipulated in his will the eventual sale of his teams, with the proceeds to be given to philanthropic endeavors.<\/p>\n The estate has not announced plans for the sale of the Seahawks or the 25% stake in the Sounders.<\/p>\n 9-time All-Star Damian Lillard returns to the Portland Trail Blazers<\/a><\/p>\n
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