NBA's Trail Blazers sold in $4 billion deal to owner of NHL's Hurricanes
Tom Dundon agreed to purchase the Blazers from the estate of Paul G. Allen on Wednesday, according to multiple reports.
The valuation of the deal is at a little more than $4 billion, per ESPN, and Dundon is leading a group that includes co-president of Blue Owl Capital Marc Zahr and co-CEO of Collective Global Sheel Tyle, who is also Portland-based.
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4 Carolina Hurricanes owner Tom Dundon during a 2019 interview.
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The Trail Blazers announced in May the team was up for sale and it had always been called for in Allen's will that the NBA franchise be sold 'at some point.'
His sister, Jody Allen, had been acting as team governor since Allen's passing in 2018 from cancer.
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Dundon confirmed the tentative to buy the NBA franchise with the Associated Press, but did not reveal terms of the sale.
A spokesperson for the Hurricanes told The Athletic that Dundon 'is in the process of buying the Portland Trailblazers and is excited about the opportunity.'
4 A overhead general view of the NBA Cup painted court during a game between the Sacramento Kings v Portland Trail Blazers at the Moda Center.
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A source told The Oregonian that the group 'is passionate about basketball and intends to keep the team in Portland, where it belongs.'
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The Dundon-led group is also planning to talk with the city and state about a public-private partnership for a new arena, according to ESPN.
4 Jerami Grant #9, Dalano Banton #5, Shaedon Sharpe #17 and Robert Williams III #35 of the Portland Trail Blazers walk off the court.
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Once a deal is finalized, the sale will need to be approved by the NBA board of governors.
In the May announcement about the sale of the team, the estate said that the proceeds of the sale of the Trail Blazers would go to philanthropic endeavors.
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4 Former Trail Blazers owner Paul G. Allen, who died in 2016.
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Allen's trust said the Seattle Seahawks, which his estate also owns, and the 25 percent stake in the MLS Seattle Sounders would not be included in the sale.
The billionaire co-founder of Microsoft bought the franchise for $70 million in 1988 and died in 2018.
It marks the latest multi-billion dollar sale of an NBA franchise this year, with the Celtics being sold for $6.1 billion in March and a deal for majority ownership of the Lakers pegging the team at a $10 billion valuation.
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