The estate of the late Microsoft co-founder Paul Allen reached an agreement to sell the Portland Trail Blazers on Friday to Hurricanes owner Tom Dundon.
The two sides reached a tentative deal in August to buy the team for a reported valuation of $4 billion, and Allen’s estate announced on Friday that it has “entered a formal sales agreement” with Dundon and his team.
Dundon’s ownership group also includes Sheel Tyle, the co-founder of investment firm Collective Global, based in Portland, Marc Zahr, co-president of Blue Owl Capital, and the Cherng Family Trust, which is the the family office and investment firm of Andrew and Peggy Cherng, the co-founders of restaurant chain Panda Express.
The NBA Board of Governors has to approve any final purchase agreement and the sale is expected to close by the end of the year. The Trail Blazers are the third NBA team to sell in 2025, behind the Celtics in March for $6.1 billion and the Lakers in June for a record $10 billion.
The Lakers sale to Dodgers owner Mark Walter is also awaiting approval from the Board of Governors. Walter is already a minority owner with the Lakers.
Allen’s estate first announced the sale of the team in May shortly after the NBA’s regular season had ended. Allen died in 2018 at 65 from complications of non-Hodgkin lymphoma after originally buying the team in 1988 for $70 million. He also owned the Seattle Seahawks and a minority stake in the Sounders. His sister, Jody Allen, ran the Blazers and Seahawks after he died and is a trustee of the Paul Allen Trust.
Paul Allen wanted both teams sold after his passing with the money going to philanthropic causes, but neither the Seahawks nor Sounders stakes are currently for sale.
