RAJ Sports, owner of the NWSL’s Thorns and WNBA’s Fire, voluntarily withdrew its lawsuit on Monday that sought to stop the family behind Panda Express from buying a stake in the Trail Blazers.
The suit alleged the Cherngs, who founded the fast food chain, were part of RAJ’s bid to buy Portland’s NBA team before ditching RAJ to join a competing bid from Hurricanes owner Tom Dundon, who ultimately bought the franchise at a more than $4 billion valuation.
The two parties reached a deal out of court, facilitated by Dundon. On Friday, Dundon filed an affidavit saying he didn’t need the Cherngs’ money to buy the team. That deal awaits approval by the NBA’s Board of Governors and is expected to close by March 2026.
RAJ Sports, run by siblings Alex Bhathal and Lisa Bhathal Merage, sued Andrew and Peggy Cherng in Delaware court Sept. 24 alleging the Cherngs violated an agreement signed on July 24, 2025 to work with RAJ on a bid for the Blazers. They continued to work together even after Dundon’s $4.25 billion bid was announced as the winner in August. But when Dundon’s ownership group was announced in mid-September, the Cherngs were listed among the investors—a surprise to RAJ.
The lawsuit sought to stop the Cherngs from joining Dundon’s group, and asked a Delaware judge for a temporary restraining order to do so. A hearing in the case had been scheduled for Wednesday.
RAJ Sports told a Delaware judge on Monday it was withdrawing the case “without prejudice” less than three weeks after the lawsuit was first filed.
“We are pleased to have reached a resolution out of court which we believe recognizes our position while also preserving the future of basketball in Portland,” a RAJ Sports spokesperson said in a statement to Front Office Sports. “We look forward to working closely with the Trail Blazers as the Fire join them at Moda Center next Spring.”
A spokesperson for Dundon did not immediately respond to a request for comment.
