The Portland Trail Blazers are being sold to a group led by Carolina Hurricanes owner Tom Dundon, a source familiar with the sale confirmed to Front Office Sports.
The estate of Paul G. Allen put the team up for sale in May, hiring Allen & Company and law firm Hogan Lovells as financial and legal advisers, respectively.
The agreement values the team at more than $4 billion, according to ESPN. The deal to sell the team was first reported by Sportico. The NBA’s board of governors would have to approve any sale.
The sale of the Blazers is in line with wishes of the late Microsoft cofounder Paul Allen, who bought the Blazers for $70 million in 1988 and died in 2018. Since then, Jody Allen has served as her late brother’s executor and trustee of his estate. She has been the chair of both the Blazers and NFL’s Seahawks during that span.
The Seahawks—another pro team Paul Allen requested be posthumously sold—were not put up for sale. The NBA and Allen & Co. did not immediately respond to requests for comment.
This is a developing news story and will be updated.
