PORTLAND, OR – A period of prolonged uncertainty for the Portland Trail Blazers and their loyal fanbase appears to be over. A group led by billionaire Tom Dundon has reached a tentative agreement to purchase the NBA franchise from the estate of the late Microsoft co-founder Paul Allen for approximately $4.25 billion, according to sources familiar with the matter.

Crucially, the agreement includes a commitment from Dundon's group to keep the team in Portland, assuaging fears that the city’s only major professional men's sports team could be relocated. The deal, first reported by Sportico, marks the end of a multi-year process to sell the team as mandated by Allen's trust.

The sale now awaits formal approval from the NBA's Board of Governors, a standard final step in the transfer of team ownership.

A New Steward for Rip City

Tom Dundon, 53, is a well-known figure in professional sports as the majority owner of the National Hockey League's Carolina Hurricanes, a team he acquired in 2018. Under his ownership, the Hurricanes have transformed into a perennial Stanley Cup contender, lauded for a modern, analytics-driven approach to team management and an aggressive marketing strategy that has deeply engaged the Raleigh, North Carolina, community.

His leadership style is known to be hands-on, a characteristic that will be closely watched in Portland. Before his foray into sports, Dundon built his fortune in finance as the co-founder of Dundon Capital Partners and the former CEO of Santander Consumer USA.

The sale price of $4.25 billion reflects the soaring valuations of NBA franchises, driven by massive media rights deals and global popularity. It positions the Trail Blazers comfortably among recent high-profile sales, such as Mat Ishbia's purchase of the Phoenix Suns for $4 billion in 2023.

The Paul Allen Legacy

The agreement concludes the stewardship of the Paul G. Allen Trust, which has managed the team since Allen's death from non-Hodgkin's lymphoma in October 2018. Allen purchased the Trail Blazers in 1988 for $70 million, overseeing an era that included two NBA Finals appearances in the early 1990s and the construction of the team's home arena, the Moda Center.

Allen's sister, Jody Allen, has served as the chair of the trust and has faced immense pressure from fans and potential buyers to finalize a sale. The trust's mandate was to liquidate the vast assets of Paul Allen, which included the Trail Blazers and the NFL's Seattle Seahawks, and dedicate the proceeds to his philanthropic endeavors.

Over the past few years, several high-profile bidders publicly expressed interest, most notably Nike co-founder Phil Knight, who, along with Los Angeles Dodgers co-owner Alan Smolinisky, made a bid reported to be over $2 billion in 2022. That offer was rebuffed, with the trust indicating it was not yet ready to engage in a sale process. Dundon's successful bid signals the culmination of that lengthy and often opaque process.

What Comes Next

With a tentative agreement in place, the next stage involves a thorough vetting process by the NBA. The league's finance committee will review the details of the sale and Dundon's ownership group before making a recommendation to the full Board of Governors, which is composed of all 30 team owners. A three-quarters majority vote is required for approval.

For Trail Blazers fans, the news provides a clear path forward after years of speculation. The commitment to remain in Portland secures the franchise's future in the city it has called home since its inception in 1970. The focus will now shift to the court, as a new ownership group prepares to usher in a new era for Rip City.