The Trail Blazers are being sold and will stay in Portland.
The Estate of Paul G. Allen announced on Friday that it signed a sale agreement with a group of investors, including two with ties to Oregon.
A statement from the Estate of Paul G. Allen said the ownership group “confirmed their intention to keep the team in Portland.” The sale is “in the ballpark” of $4.25 billion, according to a source familiar with the agreement.
The investment group is led by Tom Dundon, who also owns the Carolina Hurricanes of the National Hockey League, and includes Chicago’s Marc Zahr, the co-president of Blue Owl Capital, and Sheel Tyle, the Portland-based founder of Collective Global. The group also includes the Cherng Family Trust, which co-founded Panda Express. Peggy Cherng, who lives in Las Vegas, attended Oregon State University.
The deal still has to be approved by the NBA’s Board of Governors at a later date, but no sooner than 90 days from Friday. The closing date for the sale is scheduled for March 31, 2026, but the investment group is hoping to move to finalize the transaction sooner.
Paul Allen bought the Blazers in 1988 for $68 million. A passionate owner who lived in Seattle, Allen built the Rose Garden, the arena the Blazers have played in since 1995. He was a constant presence at home games, draft workouts and strategy sessions up until his death in 2018 at age 65 from non-Hodgkin’s lymphoma. His sister, Jody, became the governor of the Blazers and was the executor of his trust. In May, the trust announced the team was for sale, and that the proceeds would go to charity.
(Photo: Steph Chambers / Getty Images)
Sep 12, 2025
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