Latest news with #Dundon
Axios
5 days ago
- Business
- Axios
Digging into the Portland Trail Blazers sale
The NBA ownership carousel kept spinning on Tuesday, with private equity billionaire Tom Dundon agreeing to buy the Portland Trail Blazers for just over $4 billion from Paul Allen's estate. The league also approved Bill Chisholm's purchase of the Boston Celtics, which was announced back in March. Here are four things to know about the Blazers deal, based on conversations with sources familiar: 1. Dundon doesn't yet have all the money. He does have several partners officially in the door, including Blue Owl co-president Mark Zahr and Portland-based venture capitalist Sheel Tyle. But he's also trying to fill out the syndicate, which could include private equity participation. This isn't unusual — Chisholm needed to do the same after agreeing to buy the Celtics — and is unlikely to become an obstacle, particularly given that it was said to be a "highly competitive" bidding process. One thing to watch will be if there's any involvement by Blue Owl, whose Dyal unit has minority stakes in several other clubs, or if its role will be limited to Zahr as an individual. Also unclear if Zahr's day job would impact his potential ability to serve as an alternate governor for the Blazers. 2. There's no real estate involved, just as there wasn't for the Celtics or Lakers deals. So when calculating future team sales, these might be viewed as discounted comps. The Blazers last year sold their arena and underlying property to the city of Portland for just $7 million, and extended their lease through 2030. The goal was to enable renovation, particularly with a new WNBA club to begin play in Portland next year. But NBA commissioner Adam Silver has said that "Portland likely needs a new arena," which obviously has some locals worried about losing their team to Las Vegas or some other city. There are other available locations, such as an old shopping mall site called Lloyd Center — although the availability of public financing is much more questionable. 3. Dallas-based Dundon is saying the right things about keeping the team in Portland. When Dundon bought the NHL's Carolina Hurricanes in 2018, he kept the club in Raleigh (where he's also been trying to lure a Major League Baseball team). He also spent big to renovate the team's arena and surrounding area. That said, Dundon could come under relocation pressures in Portland if the city doesn't cough up cash — and the relatively short-term lease will give him leverage. 4. Game over. No other NBA teams are actively seeking to sell control stakes, after a two-year flurry that's included Portland, Boston, Los Angeles, Dallas, Minnesota, Phoenix, and Charlotte. That said, the Lakers sale was on a proprietary basis between the Buss family and Mark Walter, so it's possible that sort of deal could be quietly in the works. Or that the high price Portland just fetched will induce a reticent owner to solicit bids.
New York Post
6 days ago
- Business
- New York Post
NBA's Trail Blazers sold in $4 billion deal to owner of NHL's Hurricanes
The owner of the NHL's Carolina Hurricanes can now add the NBA's Portland Trail Blazers to his portfolio. 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. Advertisement 4 Carolina Hurricanes owner Tom Dundon during a 2019 interview. Icon Sportswire via Getty Images 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. Advertisement 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. Getty Images A source told The Oregonian that the group 'is passionate about basketball and intends to keep the team in Portland, where it belongs.' Advertisement 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. Getty Images 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. Advertisement 4 Former Trail Blazers owner Paul G. Allen, who died in 2016. Getty Images 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.
Axios
6 days ago
- Business
- Axios
Hurricanes owner Tom Dundon leading group to buy Portland Trail Blazers
Carolina Hurricanes owner Tom Dundon and a group of investors have reached a tentative agreement to buy the NBA team the 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.
USA Today
6 days ago
- Business
- USA Today
Who is new Portland Trail Blazers owner Tom Dundon?
The new owner of the Portland Trail Blazers is already familiar with the colors black and red. Tom Dundon, the owner of the NHL's Carolina Hurricanes, reached an agreement Wednesday, Aug. 13 to purchase the Trail Blazers from the estate of Paul Allen. The sale price was not available as of early Wednesday afternoon. CNBC, which provides valuations of NBA franchises, listed the franchise at $3.65 billion in its most recent list. Since Allen's death in 2018, his sister, Jody Allen, became the executor and trustee of the estate and therefore the chairperson of the Trail Blazers and NFL's Seattle Seahawks. Paul Allen's estate had dictated that the majority of his wealth be donated to philanthropy. In May 2025, the estate formally put the Blazers up for sale. Paul Allen, the co-founder of Microsoft alongside Bill Gates, had owned the Trail Blazers since 1988. Here's everything you need to know about new Trail Blazers owner Tom Dundon. Who is Tom Dundon? Dundon, 53, is a billionaire businessman who is the co-founder and chairman of Dallas-based private investment firm Dundon Capital Partners. He's also the co-founder and chairman of Southpaw Capital Partners. Born in New York and raised in Dallas, Dundon graduated from Southern Methodist in 1993 with a bachelor's degree in economics. His investments have spanned sports and entertainment, to real estate, healthcare, hospitality, tech and automotive and financial services. His first big break in the business landscape came in 1997, when he and a collection of partners formed a car financing corporation that became Santander Consumer USA. Dundon eventually rose to become the company's chairman and CEO. In 2015, Dundon stepped aside from that role and formed Dundon Capital Partners. He's also the majority owner of a Dallas-based real estate company called Pacific Elm Properties and is an investor in Topgolf Callaway Brands and Pickleball Inc. Dundon is also active in several Dallas-area charities and launched the Dundon Family Charitable Fund, which focuses on academic and athletic initiatives at several universities. When did Tom Dundon buy the Carolina Hurricanes? In 2017, Dundon's name surfaced in sales discussions to purchase the Hurricanes from previous longtime owner Peter Karmanos Jr. In January 2018, Dundon completed the sale and became the majority owner of the team. At the time, per Forbes, Dundon purchased 61% of the franchise's shares for $420 million. That included operating rights to the Lenovo Center (previously PNC Arena), the arena in Raleigh, North Carolina where the Hurricanes play. Then, in June 2021, Dundon purchased the remaining shares to become the sole owner and proprietor of the Hurricanes. The Hurricanes ended a nine-season playoff drought in his first full season of ownership and have made the postseason in all seven seasons. They have reached the Eastern Conference finals three times, including last season.
Toronto Sun
6 days ago
- Business
- Toronto Sun
Hurricanes owner Tom Dundon strikes tentative deal to buy Portland Trail Blazers
Published Aug 13, 2025 • 2 minute read Tom Dundon, majority owner of the Carolina Hurricanes talks to the media in 2019. Photo by Chris Seward / AP 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. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 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. 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. 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 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. This advertisement has not loaded yet, but your article continues below. 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 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. Representatives for the estate did not immediately respond to emails from The Associated Press seeking comment on the agreement. The estate has not announced plans for the sale of the Seahawks or the 25% stake in the Sounders. 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. The Trail Blazers joined the NBA as an expansion team in 1970 and won their lone NBA championship in 1977. Last season, the Blazers finished 36-46 and missed out on the playoffs for the fourth straight year. 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. The Hurricanes, based in Raleigh, have made the playoffs in each of the last seven seasons. Toronto Maple Leafs Columnists World Celebrity Editorial Cartoons
