Portland Trail Blazers Sold for Over $4 Billion With Promise to Stay in City

After months of concern over the sale of the Portland Trail Blazers- mainly that they would shift their home base from the Moda Center, the iconic team has a new owner- NHL Carolina Hurricanes owner Tom Dundon, who expressed the intention to keep the team in Portland.

Portland Trail Blazers Sold For Over $4 Billion

Microsoft co-founder Paul Allen bought the Portland Trail Blazers in 1988 for $70 million. He died in 2018 at the age of 65 from complications of non-Hodgkin lymphoma.

In May this year, the sale of the team by the Paul G. Allen Estate sparked a local push to keep the team in Portland.

Many will be relieved to hear that the estate has now sold the team to 53-year-old NHL Carolina Hurricanes owner Tom Dundon- for a valuation of over $4 billion. Dundon became the majority shareholder in the Hurricanes in 2028 after buying a stake the previous year.

He is the chairman and managing partner of the Dallas-based firm Dundon Capital Partners. His group includes Portland-based Sheel Tyle, the co-founder of investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital.

NBL teams are fetching record sums. The Boston Celtics were sold for $6.1 billion in March, and earlier this year, CNBC valued the Trail Blazers at $3.65 billion.

With significant upgrades approved at the Moda Center, the pushback against other sales appears to be resolved, as Dundon intends to keep the team in Portland. This news will also likely be welcomed by loyal Trail Blazers fans who stuck with their team despite a difficult last season.