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National Post
6 days ago
- Business
- National Post
Hurricanes owner Tom Dundon strikes tentative deal to buy Portland Trail Blazers
Article content A group led by Carolina Hurricanes owner Don Dundon has reached a tentative agreement with Paul Allen's estate to buy the Trail Blazers and keep the team in Portland. Article content Dundon confirmed the agreement in a text exchange with The Associated Press on Wednesday. His group includes Portland-based Sheel Tyle, the co-founder of investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital. Article content Article content The NBA Board of Governors has to ratify any final purchase agreement. ESPN reported Wednesday that the deal was for $4 billion. Dundon did not reveal the terms of the sale to the AP. Article content CNBC earlier this year valued the Trail Blazers at $3.65 billion. In March, the Boston Celtics sold for $6.1 billion. Article content Dundon, 53, bought a stake in the Hurricanes in 2017 and became the majority owner in 2018. He is chairman and managing partner of the Dallas-based firm Dundon Capital Partners. Article content Allen's estate announced in May that it had begun the process of selling the Trail Blazers. The billionaire co-founder of Microsoft, who died in 2018 at age 65 from complications of non-Hodgkin lymphoma, originally bought the Blazers in 1988 for $70 million. Article content Allen also owned the NFL's Seattle Seahawks and was a co-owner of Major League Soccer's Seattle Sounders. Article content Since his death, Allen's sister, Jody Allen, has served as chair of both the Blazers and Seahawks and is a trustee of the Paul G. Allen Trust. Paul Allen stipulated in his will the eventual sale of his teams, with the proceeds given to philanthropic endeavors. Article content Article content Representatives for the estate did not immediately respond to emails from The Associated Press seeking comment on the agreement. Article content The estate has not announced plans for the sale of the Seahawks or the 25% stake in the Sounders. Article content Jody Allen reportedly rebuffed an offer from Nike co-founder Phil Knight to buy the Trail Blazers for more than $2 billion in 2022. At that time, there were no ongoing discussions about the sale of the teams, she said in a rare statement. Article content The Trail Blazers joined the NBA as an expansion team in 1970 and won their lone NBA championship in 1977. Article content Last season, the Blazers finished 36-46 and missed out on the playoffs for the fourth straight year. Article content A spokesperson for the Carolina Hurricanes said Dundon was 'excited about the opportunity' to buy the Trail Blazers, and added that the move will not affect the NHL team. Article content
CBC
6 days ago
- Business
- CBC
Tom Dundon, owner of NHL's Hurricanes, strikes tentative deal to buy NBA's Trail Blazers
Paul Allen's estate has agreed to a tentative agreement to sell the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon. Dundon confirmed the agreement in a text exchange with The Associated Press on Wednesday. He also confirmed plans to keep the team in Portland. The group includes Sheel Tyle, the co-founder of investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital. The NBA board of governors must ratify any final purchase agreement. ESPN reported Wednesday the deal was for $4 billion US. Dundon did not reveal the terms of the sale to the AP. CNBC earlier this year valued the Trail Blazers at $3.65 billion. In March, the Boston Celtics sold for $6.1 billion. Dundon, 53, bought a stake in the Hurricanes in 2017 and became the majority owner in 2018. He is chairman and managing partner of the Dallas-based firm Dundon Capital Partners. Allen's estate announced in May it had begun the process of selling the Trail Blazers. The billionaire co-founder of Microsoft, who died in 2018 at age 65 from complications of non-Hodgkin lymphoma, originally bought the Blazers in 1988 for $70 million. Allen also owned the NFL's Seattle Seahawks and was a co-owner of Major League Soccer's Seattle Sounders. Since his death, Allen's sister, Jody Allen, has served as chair of both teams and is a trustee of the Paul G. Allen Trust. Paul Allen stipulated in his will the eventual sale of his teams, with the proceeds given to philanthropic endeavors. The estate has not announced plans for the sale of the Seahawks or the 25 per cent stake in the Sounders. Jody Allen reportedly rebuffed an offer to buy the Trail Blazers from Nike co-founder Phil Knight for more than $2 billion in 2022. At that time, there were no ongoing discussions about the sale of the teams, she said in a rare statement.
Yahoo
6 days ago
- Business
- Yahoo
Hurricanes owner Tom Dundon strikes tentative deal to buy the Portland Trail Blazers
PORTLAND, Ore. (AP) — Paul Allen's estate has agreed to a tentative agreement to sell the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon, a person with knowledge of the negotiations told The Associated Press on Wednesday. The person spoke to the AP on condition of anonymity because the team hadn't yet made an official statement. Dundon intends to keep the Trail Blazers in Portland, the person said. The group includes Sheel Tyle, the co-founder of the investment firm Collective Global. The NBA Board of Governors must ratify any final purchase agreement. ESPN reported Wednesday that the deal was for $4 billion. Allen's estate announced in May that it had begun the process of selling the Trail Blazers. Allen, the billionaire co-founder of Microsoft, died in 2018 at age 65 from complications of non-Hodgkin lymphoma. Since then, his sister, Jody Allen, has served as chair of the Trail Blazers and the NFL's Seattle Seahawks and is a trustee of the Paul G. Allen Trust. ___ AP NBA: Anne M. Peterson, The Associated Press
The Independent
6 days ago
- Business
- The Independent
Hurricanes owner Tom Dundon strikes tentative deal to buy the Portland Trail Blazers
Paul Allen's estate has agreed to a tentative agreement to sell the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon, a person with knowledge of the negotiations told The Associated Press on Wednesday. The person spoke to the AP on condition of anonymity because the team hadn't yet made an official statement. Dundon intends to keep the Trail Blazers in Portland, the person said. The group includes Sheel Tyle, the co-founder of the investment firm Collective Global. The NBA Board of Governors must ratify any final purchase agreement. ESPN reported Wednesday that the deal was for $4 billion. Allen's estate announced in May that it had begun the process of selling the Trail Blazers. Allen, the billionaire co-founder of Microsoft, died in 2018 at age 65 from complications of non-Hodgkin lymphoma. Since then, his sister, Jody Allen, has served as chair of the Trail Blazers and the NFL's Seattle Seahawks and is a trustee of the Paul G. Allen Trust. ___
Associated Press
6 days ago
- Business
- Associated Press
Hurricanes owner Tom Dundon strikes tentative deal to buy the Portland Trail Blazers
PORTLAND, Ore. (AP) — Paul Allen's estate has agreed to a tentative agreement to sell the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon, a person with knowledge of the negotiations told The Associated Press on Wednesday. The person spoke to the AP on condition of anonymity because the team hadn't yet made an official statement. Dundon intends to keep the Trail Blazers in Portland, the person said. The group includes Sheel Tyle, the co-founder of the investment firm Collective Global. The NBA Board of Governors must ratify any final purchase agreement. ESPN reported Wednesday that the deal was for $4 billion. Allen's estate announced in May that it had begun the process of selling the Trail Blazers. Allen, the billionaire co-founder of Microsoft, died in 2018 at age 65 from complications of non-Hodgkin lymphoma. Since then, his sister, Jody Allen, has served as chair of the Trail Blazers and the NFL's Seattle Seahawks and is a trustee of the Paul G. Allen Trust. ___ AP NBA:
