The estate of Paul Allen has reached a formal agreement to sell the Portland Trail Blazers to billionaire Tom Dundon and a group of several other investors. The Oregonian/Oregon Live and Sportico were the first outlets to report the news Friday.
In a statement provided to OPB, the estate announced that the new owners intend to keep the team in Portland. Dundon is perhaps best known as the current owner of the Carolina Hurricanes hockey team.
The Moda Center before a Portland Trail Blazers playoff game against the Golden State Warriors on May 7, 2016, in Portland, Ore.
Bradley W. Parks / OPB
Paul Allen, who co-founded Microsoft, originally purchased the Trail Blazers in 1988 for $70 million. After he died in 2018, his sister Jody Allen became the executor of his estate and was required by her brother’s will to sell the team. The proceeds of the sale will help fund the estate’s philanthropic efforts.
The sale still needs to be approved by the NBA Board of Governors. The sale price has not been disclosed, but The Oregonian/Oregon Live reported it could be more than $4 billion.
The announcement comes as efforts are underway to update or replace the aging Moda Center. An organization titled Rip City Forever, made up of former players and local business leaders, has been leading the effort to make that happen.
A representative from Rip City Forever issued a statement Friday, calling on the new ownership group begin the process.
“The work to ensure Portland remains Rip City Forever has just begun. A public-private partnership to create a world-class home for the Blazers is at the heart of this effort,” the statement reads. “We urge Mr. Dundon, together with city and state leaders, to seize this once-in-a-generation opportunity to think big and act big – for the future of our city and state.”
The estate also announced new members of the ownership group. The Cherng Family Trust, operated by Panda Express founders Andrew and Peggy Cherng, is the latest and likely wealthiest investor in the group. Forbes estimates that the Cherngs have a combined net worth of $7.5 billion.
They join Dundon, Marc Zahr of Blue Owl Capital and Sheel Tyle of Collective Global as members of the ownership group.
Kyra Buckley contributed reporting to this story.
