Tom Dundon Approved as New Owner of the Portland Trail Blazers

The NBA Board of Governors has officially approved Dallas businessman Tom Dundon as the new owner of the Portland Trail Blazers, the league announced on Monday. This marks a significant shift for the franchise, ending the Allen family’s ownership that spanned since 1988.

The transaction, valued at approximately $4.25 billion, is structured in two parts. An initial 80.1 percent stake is being acquired at a $4 billion valuation, with closing expected by March 31st. The remaining 19.9 percent will be purchased at a $4.5 billion valuation, finalized no later than September 1, 2028. During the transition, Bert Kolde, former chairman under Paul Allen, will attend board meetings as an observer but will not have any governance authority.

A Proven Sports Investor

Dundon is already a prominent figure in professional sports, serving as the majority owner of the NHL’s Carolina Hurricanes. He’s known for a data-driven approach and a willingness to invest heavily in player talent. Since taking ownership of the Hurricanes, he’s elevated the team’s payroll to the sixth-highest in the NHL, leading to eight consecutive playoff appearances and a recent Eastern Conference Finals run.

The Ownership Group

Dundon leads a diverse purchasing group that includes:

• Sheel Tyle: CEO of investment firm Collective Global (Portland)
• Marc Zahr: Co-president of investment firm Blue Owl (Chicago)
• The Cherng Family: Owners of Panda Express (Las Vegas)
• Stanley Middleman: Founder and CEO of Freedom Mortgage (Philadelphia/Ocean Ridge, FL), also a part-owner of the Philadelphia Phillies.

Moda Center Renovations on the Horizon

One of Dundon’s immediate priorities is addressing the aging Moda Center, the Blazers’ home arena. The team is seeking $600 million in funding for renovations to the 31-year-old facility. The Oregon Legislature has already pledged $365 million, funded through taxes on Blazers revenues, performers, and construction workers. Additional funding is being considered by Multnomah County and the Portland City Council, potentially through rental car taxes and adjustments to the Portland Clean Energy Fund.

Recent Hurricanes Stake Sale

Just earlier this month, Dundon sold a 12.5 percent stake in the Carolina Hurricanes at a $2.66 billion valuation to three investors, while remaining the majority owner. He initially purchased the Hurricanes in 2018 for $420 million and became the sole owner in 2021.

A Legacy of Ownership

The Trail Blazers were founded in 1970 by Harry Glickman. Ownership transitioned to Larry Weinberg in 1975, and ultimately to Paul Allen in 1988 for $70 million. Following Allen’s passing in 2018, his sister Jody Allen assumed governance. The Allen estate decided to sell the team in May 2025, with all proceeds earmarked for charitable donations.

Source: The Athletic