Blazers Reportedly Sold For $4B-Plus Valuation to Tom Dundon, Team to Stay in Portland
The Portland Trail Blazers will reportedly have a new ownership group.
ESPN's Shams Charania reported Wednesday that Tom Dundon, who is the owner of the NHL's Carolina Hurricanes, is part of a group that agreed to purchase the Trail Blazers from Paul Allen's estate at a valuation of more than $4 billion.
Scott Soshnick and Eben Novy-Williams of Sportico reported the group plans on keeping the team in Portland.
Allen died in 2018, and Soshnick and Novy-Williams noted his will directed the estate to sell his sports assets and use the money from the sales for philanthropy. In addition to the Trail Blazers, he purchased the NFL's Seattle Seahawks and was a large minority stakeholder in the MLS' Seattle Sounders.
His sister, Jody, has served as the owner of the Seahawks and governor of the Trail Blazers. She is also the executor of his estate.
Allen purchased the Trail Blazers for $70 million in 1988, which was 30 years before Dundon purchased the Hurricanes in 2018 for $425 million. Dundon is no stranger to the sports world, as he is also the majority owner of the PPA Tour and Major League Pickleball.
"We are excited," Dundon, who will be the governor of the Trail Blazers, said in an email, per Soshnick and Novy-Williams.
In February, CNBC valued the Trail Blazers at $3.65 billion. That was just 22nd in the NBA, although it was higher than Forbes' valuation of $3.5 billion and 24th in the NBA.
Both publications listed the Golden State Warriors as the most valuable NBA team, the New York Knicks at second and the Los Angeles Lakers at third. However, the Buss family sold their majority ownership of the Lakers at a $10 billion valuation in June, which was the largest sale of a professional sports team in the world.
Portland is not the same type of international brand as the Lakers, although its valuation checks in higher than the estimates from Forbes and CNBC.
It comes at a time when the Trail Blazers are attempting to rebuild themselves into a Western Conference factor after missing the playoffs in each of the last four seasons. They won 36 games in 2024-25, which was their highest total since reaching the postseason in 2020-21.
What's more, they brought back franchise icon Damian Lillard and added veteran leader Jrue Holiday this offseason. There are also some potential young building blocks in Scoot Henderson, Shaedon Sharpe, Donovan Clingan and others, meaning the future could be bright.
And now that future comes with a new ownership group.
