The Portland Trail Blazers will have a new owner — and he intends to keep the team in the city that has been its home since its founding in 1970.
Sources confirmed to The Oregonian/OregonLive that Paul Allen’s estate has agreed to sell the team to Carolina Hurricanes owner Tom Dundon. Dundon heads a group to buy the team that includes the co-president of Blue Owl Capital, Marc Zahr, as well as Portland-based CEO Sheel Tyle.
A negotiated sales price was not disclosed, although ESPN reported it to be just over $4 billion.
In a text message to The Oregonian/OregonLive, Dundon declined to address specifics of the sale, but said he would “be happy to talk” once things are finalized. A spokesperson for the Allen estate said it would not comment on any sale until a deal was formally in place.
Tyle is the founder and co-CEO of Collective Global and a past CEO of global venture capital firm, Amplo. He has a law degree from Harvard and, according to one biography, graduated from Stanford in three years. His wife, Sejal Hathi, became the director of the Oregon Health Authority in 2023.
The NBA did not immediately respond to emails from The Oregonian/OregonLive seeking comment about the sale. Multiple high-ranking Blazers officials also declined comment, noting that teams are unable to discuss the matter publicly, per league rules, until the sale is finalized.
“I think the biggest thing at this point,” one team source told The Oregonian/OregonLive, “is that the team is staying in Portland. People can stop worrying about that now.”
A source familiar with the proceedings said the group “is passionate about basketball and intends to keep the team in Portland, where it belongs.”
That assertion comes as a relief after significant angst arose about the franchise’s future when Jody Allen, the sister of longtime owner Paul Allen, announced plans to sell the team in May, seven year’s after her brother died from complications of non-Hodgkins lymphoma.
The estate’s announcement about selling the team notably did not include any mention of the franchise’s long-term viability in Portland.
Concerns around the future of the team prompted more than 100 prominent local leaders to sign on to “Rip City Forever,” a group led by former Blazers president Marshall Glickman, ex-Blazer Chris Dudley and local CEO Joth Ricci, that was leading the charge to get state and local officials on board with keeping the team local.
READ MORE: His dad brought the Blazers to Portland. He is determined to keep them here. | Bill Oram
Once announcing the sale, the estate moved quickly. But it still needs to be approved by the NBA’s board of governors, a process that could take several months. Bill Chisolm agreed to buy the Boston Celtics in March, and that sale has still not been completed.
While it’s not known how many other potential ownership groups may have been in the mix for the Trail Blazers, RAJ Sports, the company owned by the Bhathal family and operates the Portland Thorns and Portland Fire, were known to be making a push.
Sources told The Oregonian/OregonLive that Dundon’s ownership bid is unique in that he is eager to bring other local investors into the fold — and some are even coming aboard in real time.
One prominent local investor could be Tim Boyle. The President and CEO of Columbia Sportswear said he has had preliminary talks with Dundon’s ownership group about joining the fray, although he characterized his potential investment as a “tiny speck” of the multi-billion dollar pot. Boyle’s motivation is largely centered on making sure the Blazers stay in Portland.
Dundon, 53, lives in Dallas, Texas, and became the majority owner of the NHL’s Hurricanes in 2018. He was an early investor in Topgolf, among other ventures.
His group will have significant projects to take on once it takes control. NBA Commissioner Adam Silver stated in July that the Blazers will need a new arena, which could mean either a dramatic renovation of the 30-year-old Moda Center or a new facility altogether.
— Jonathan Bach and Matthew Kish contributed to this report
— Bill Oram is the sports columnist at The Oregonian/OregonLive. Joe Freeman is a senior writer covering the Trail Blazers and NBA. Subscribe today to OregonLive.com.
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