Paul Allen’s Estate Signs Deal to Sell Blazers for $4 Billion
BREAKING: Paul Allen’s estate has just announced a formal agreement to sell the Portland Trail Blazers to a group of investors led by Tom Dundon, owner of the Carolina Hurricanes. This crucial deal ensures the team will remain in **Portland** and is expected to close by the end of this year.
The Allen estate confirmed the sale agreement earlier today, revealing that Dundon’s investment group includes notable figures such as Sheel Tyle, co-founder of investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital. The Cherng Family Trust, associated with the co-founders of Panda Express, is also part of this high-profile group.
While the exact terms of the deal remain undisclosed, sources indicate the sale is valued at an impressive $4 billion. For context, the Boston Celtics were sold for $6.1 billion in March, illustrating the escalating value of NBA franchises.
The NBA Board of Governors must still ratify the agreement before it is finalized, a process that could lead to further developments in the coming weeks. Dundon, who became the majority owner of the Hurricanes in 2018, has a track record of success and commitment to maintaining teams in their cities.
Since Allen’s passing in 2018, his sister, Jody Allen, has overseen the Blazers and the Seattle Seahawks. She is a trustee of the Paul G. Allen Trust and has been instrumental in managing the estate’s assets. Paul Allen, co-founder of Microsoft, originally purchased the Blazers in **1988** for just $70 million, a stark contrast to today’s valuation.
The sale aligns with Allen’s wishes, as outlined in his will, stipulating that proceeds from the sale of his sports teams should contribute to philanthropic efforts. However, there has been no announcement regarding the potential sale of the Seahawks or Allen’s 25% stake in Major League Soccer’s Seattle Sounders.
As this story develops, fans and stakeholders are eager to see how the new ownership will shape the future of the Blazers. The urgency of this announcement reflects the significant changes coming to the franchise and the broader impact on the NBA landscape.
Stay tuned for more updates as we continue to follow this developing story.
