Hurricanes owner Tom Dundon leading group to buy Portland Trail Blazers
Why it matters: The deal — reportedly valued at more than $4 billion, according to ESPN — raises questions about the feasibility of Dundon's plans to submit a bid to bring a Major League Baseball team to Raleigh, given the large transaction price.
Driving the news: The Carolina Hurricanes confirmed that Dundon was in the process of buying the Trail Blazers on Wednesday.
Reports indicate that the potential ownership group includes some Portland-area investors, and the goal is to keep the team in Oregon.
Former owner of the Trail Blazers and Seattle Seahawks Paul Allen, the Microsoft cofounder who died in 2018, had in his will a stipulation that his teams be sold, according to Sportico, which first reported the Trail Blazers sale to Dundon.
What they're saying: Dundon is "excited about the opportunity" to acquire the Trail Blazers, a spokesperson for the Hurricanes told Axios.
"This will not impact the Carolina Hurricanes, and Tom still wants to bring Major League Baseball to North Carolina," the spokesperson added.
Zoom in: Dundon has invested significantly in the Hurricanes since buying the team for $420 million in 2018, and his connections are shaping development across the region.
He overhauled the Canes' front office and helped lead the team to seven-straight playoff appearances.
Dundon and Dallas-based Pacific Elm Properties are investing $1 billion into turning Lenovo Center's parking lots into an entertainment and mixed-use destination.
To land those investments from Dundon, however, Raleigh and Wake County committed hundreds of millions of dollars toward renovating Lenovo Center.
Pacific Elm — which is part of Dundon Capital Partners, an investment firm Dundon founded — is now proposing an outdoor recreation center at Lake Crabtree Park, hinting at bringing an expansion of the U.S. Whitewater Center to Raleigh.
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