NHL owner Tom Dundon buys Portland Trail Blazers for $4.25 billion

The Portland Trail Blazers have concluded a landmark sale, with a group led by NHL owner Tom Dundon acquiring the NBA franchise for a reported $4.25 billion [1]. This deal joins a growing list of high-value NBA sales in recent months, driven by new media rights agreements with major platforms like Amazon, NBC, and ESPN. Dundon, who owns the Carolina Hurricanes and guided them to consistent playoff contention after his 2018 purchase, now steps into the NBA, marking a significant crossover between major U.S. sports leagues.

Dundon is joined in the ownership group by Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, a Portland-based venture capitalist. Zahr and Tyle bring investment expertise and local ties, respectively, addressing fan concerns over the team’s future [1]. Although Dundon did not confirm the exact transaction value, he expressed excitement about the opportunity. The sale follows a multi-year process initiated by the estate of the late Microsoft co-founder Paul Allen, who had owned the Blazers since 1988. The previous owner, Jody Allen, had rejected a $2.2 billion offer from Nike co-founder Phil Knight in 2022, setting the stage for the current valuation [1].

The sale confirms the team’s long-term commitment to Portland, dispelling years of speculation about a potential relocation. Dundon and his group have also pledged to keep the franchise rooted in the city, with no transfer of other sports assets held by the Allen family, including the Seattle Seahawks and a stake in the Seattle Sounders [1]. Oregon Sen. Ron Wyden noted in a recent public conversation that Dundon appeared “very excited about the team’s future being here in beautiful Portland” [1]. This sentiment aligns with the team’s renewed public-private partnership with the city, which saw the Moda Center sold to the city in 2024 for $1 plus $7 million for the land, ensuring a modernized venue and extended lease through 2030.

Locally, the sale is expected to have broad economic and cultural impacts. Oregon remains one of the few states in the U.S. without an NFL, MLB, or NHL franchise, making the Trail Blazers a critical sports and cultural institution. Proceeds from the sale will support philanthropic efforts as outlined in Paul Allen’s will, though specific initiatives have yet to be detailed [1]. Dundon’s investment group is also known for its role in developing entertainment districts around sports venues, raising hopes for broader revitalization efforts in the Rose Quarter area.

The sale reflects a broader trend of escalating valuations for major NBA franchises, with the Blazers joining the Boston Celtics and Los Angeles Lakers in a recent wave of billion-dollar-plus transactions [1]. Dundon now faces the challenge of maintaining the team’s legacy while pursuing long-term success and growth. With a proven track record in professional sports, his ownership could reshape the trajectory of the franchise, both on and off the court.

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[1] $4.25B takeover shocker: NHL tycoon crashes NBA party with ... (https://thechronicle.com.ph/4-25b-takeover-shocker-nhl-tycoon-crashes-nba-party-with-trail-blazers-grab/)