Paul G. Allen Estate Reaches Formal Agreement With Tom Dundon to Buy Trail Blazers
The sale is expected to close before the end of the 2025-26 NBA season.
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The latest step in the Trail Blazers sale process has been checked off.
After the Paul G. Allen Estate reached a tentative agreement last month to sell the team to a group led by Carolina Hurricanes owner Tom Dundon for $4.25 billion, comes the announcement Friday morning that that preliminary deal is now a formal, binding sale agreement.
The other partners in the deal in addition to Dundon are Marc Zahr, co-president of the private equity firm Blue Owl Capital, Sheel Tyle, the founder and CEO of the private equity firm Collective Global, and the Cherng Family Trust, the co-founders of the Chinese fast-food chain Panda Express.
According to the estate's announcement, the group "confirmed their intention to keep the team in Portland."
The sale is expected to close before the end of the 2025-26 NBA season, according to a person with knowledge of the process. The next step is a vote by the NBA's board of governors, which is required to pass by a three-quarters majority (23 out of 30 teams). It is unclear when exactly the vote will be held; the league's finance committee will have to vet the group's bid before it goes before the board. But Friday's announcement of a formal sale agreement is an indication that the lawyers and investment bankers for both the Allen estate and Dundon's group believe everything is in place.
Once the sale closes, Dundon's group will undoubtedly turn its attention to talks around a new arena or a major renovation of the Moda Center. NBA commissioner Adam Silver indicated over the summer that the Blazers will likely need a fully new building; the Blazers, however, currently have plans in place for work to be done on the existing building. These talks and plans will be tabled until the new ownership group is in place.
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