Tom Dundon, who owns the NHL’s Carolina Hurricanes, has reportedly reached an agreement to buy the Portland Trail Blazers from Paul Allen’s estate, as per several reports.
Tom Dundon(AP)
ESPN’s Shams Charania validated the deal after Sportico’s Scott Soshnick and Eben Novy-Williams first reported it. Charania stated the sale price was around $4 billion.
Sportico reports that Sheel Tyle, a co-CEO of Collective Global based in Portland, and Marc Zahr, co-president of Blue Owl Capital, are also part of the purchasing group.
According to Sportico, the potential owners intend to retain the Trail Blazers in Portland.
The Oregonian’s Bill Oram, who quoted a source with knowledge of the deal, affirmed that assertion, saying the group “is passionate about basketball and intends to keep the team in Portland, where it belongs.”
“We are excited,” 53-year-old Dundon wrote in an email to Sportico.
No closing date has been announced. The NBA Board of Governors is required to authorise any franchise sale.
Dundon paid $425 million for Hurricanes in 2018
Dundon, a Dallas, Texas resident, paid $425 million for the Hurricanes in 2018. Additionally, he owns the majority of shares in Major League Pickleball and the Professional Pickleball Association (PPA). Dundon, who owns 10% of Topgolf, was an early investor. In addition, he co-founded Drive Financial Services, which subsequently became Santander Consumer USA. He currently serves as the leader of Dundon Capital Partners, which makes investments in real estate, healthcare, and finance.
Sportico said Dundon will be the governor of the Blazers.
On May 13, the Blazers said that the sale of the NBA team was officially under motion.
Legal firm Hogan Lovells and investment bank Allen & Company are spearheading the deal.
The estate of Allen, the Blazers’ previous owner, is currently in charge of running the team.
Prior to his passing in 2018, Allen stipulated that all of his sporting assets will eventually be sold, with the earnings going to charitable causes. Jody Allen, Allen’s sister, has been the Trail Blazers governor since his passing. She is in charge of the Allen Trust as well.