The ownership group will purchase the Trail Blazers from the estate of Paul Allen for $4.25 billion. <\/p>\n
PORTLAND, Ore. \u2014 The NBA Board of Governors voted to approve the sale of the Portland Trail Blazers to a new ownership group led by Tom Dundon<\/a> on Monday.\u00a0<\/p>\n The ownership group will pay approximately $4.25 billion to purchase the team from the estate of Paul Allen, the Athletic<\/a> 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.\u00a0<\/p>\n 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.\u00a0<\/p>\n \u201cToday is the beginning of a new chapter for the Portland Trail Blazers, as we build on the legacy of this storied franchise,\u201d said Dundon. \u201cOn 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.\u201d<\/p>\n 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.<\/p>\n 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<\/a>.<\/p>\n In August, Dundon reached a tentative agreement<\/a> 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<\/a> the ownership group plans to keep the Trail Blazers in Portland.<\/p>\n 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<\/a>, allocating up to $365 million in state-issued bonds.\u00a0<\/p>\n Following approval of the funds, NBA Commissioner Adam Silver<\/a> 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.<\/p>\n