Another NBA Team Changes Hands: Trail Blazers Sold for Over $4 Billion Valuation

According to multiple U.S. media reports, Tom Dundon, current owner of the NHL’s Carolina Hurricanes, agreed on Wednesday (13th) to acquire the NBA’s Portland Trail Blazers from the estate of Paul G. Allen. ESPN reported the deal is valued at slightly over $4 billion.

This marks the latest billion-dollar NBA team sale this year, following the $6.1 billion sale of the Boston Celtics in March and the Los Angeles Lakers’ majority stake transaction, which pushed the team’s valuation to $10 billion.

Dundon’s acquisition team includes high-profile figures such as Blue Owl Capital co-president Marc Zahr and Collective Global co-CEO Sheel Tyle (a Portland native). Dundon confirmed his preliminary intent to acquire the NBA franchise, while a Hurricanes spokesperson stated he is "in the process of purchasing the Trail Blazers and is excited about the opportunity."

The sale stems from the will of former owner Paul Allen, the late Microsoft co-founder, who directed that his NBA franchise be sold "at some point" before his 2018 passing. Since then, the team has been managed by Allen’s sister, Jody Allen. Notably, the NFL’s Seattle Seahawks and a 25% stake in MLS’s Seattle Sounders—also held by Allen’s estate—are not part of this sale.

Per Sportico, Dundon intends to keep the Trail Blazers in Portland long-term. The NBA also strongly prefers the team remain in Portland to maintain its Pacific Northwest market presence, with Commissioner Adam Silver backing the stance. For long-term growth, Dundon’s group plans to discuss public-private partnerships with Portland and state officials for a potential new arena.

As an estate sale, this transaction differs from typical private sports team sales. Trustees have a fiduciary duty to maximize asset value, often meaning selling to the highest qualified bidder.