Trail Blazers Sale Agreed in $4 Billion Deal

Portland Trail Blazers are set to change ownership after the estate of the late Paul G. Allen reached an agreement in principle to sell the NBA franchise to Carolina Hurricanes owner Tom Dundon in a deal, reported to be worth over US$4 billion.

Dundon will lead an investment group that includes Marc Zahr, co-president of alternative asset manager Blue Owl Capital, and Portland-based venture capitalist Sheel Tyle. The consortium has signed an exclusivity agreement with the Allen estate and is working toward finalising the acquisition, subject to approval from the NBA’s Board of Governors.

The sale price places the Trail Blazers below the record valuations seen earlier in 2025, when the Boston Celtics were acquired in a US$6.1 billion transaction. Analysts note that the absence of arena real estate in the Portland deal contributes to the lower valuation. The franchise sold the Moda Center to the City of Portland last year, retaining only a lease agreement that runs through 2030.

The future of the team’s home venue is expected to be a key issue in Dundon’s tenure. NBA Commissioner Adam Silver has previously suggested that the Trail Blazers may require either significant renovations to the Moda Center or the construction of a new arena to ensure long-term stability in the market. Discussions with the City of Portland are likely to follow once the sale is completed.

Dundon has confirmed that the franchise will remain in Portland, addressing concerns that new ownership might explore relocation. His track record with the Hurricanes, where he invested in both competitive infrastructure and community engagement, is seen as a positive indicator for the Blazers’ future.

The NBA has experienced rapid growth in franchise valuations over the past five years, driven by rising media rights deals, international expansion, and the increasing appeal of basketball among younger demographics. The Blazers transaction reflects sustained investor appetite for NBA assets, even in smaller markets, with Dundon’s entry adding another high-profile owner from outside the league’s traditional circles.

The agreement continues a trend of major ownership changes in the NBA during 2025, following the Celtics’ sale in March that has now been unanimously approved by the NBA’s board of governors. Subject to league approval, the Trail Blazers’ transaction is expected to close by March 2026.