Tom Dundon, the owner of the Carolina Hurricanes, is close to buying the Portland Trail Blazers from Paul Allen’s estate. Dundon is not alone in this venture; he’s joined by Marc Zahr from Blue Owl Capital and Sheel Tyle from Collective Global. They aim to keep the team in Portland, according to sources familiar with the negotiations.
The financial details of the deal are still hidden, but Sportico estimates the team’s value at around $3.6 billion. Dundon expressed excitement about the deal in an email, but Allen’s estate has not commented on the transaction. Any sale will need the NBA’s approval to go through.
Paul Allen, a co-founder of Microsoft, acquired the Blazers in 1988 for about $70 million. After his passing in 2018, his will directed that his sports teams be sold, with proceeds benefiting various philanthropic causes. His sister, Jody Allen, has been overseeing the estate, acting as the team owner during this transition.
Dundon previously bought the Hurricanes for $425 million in 2018 and has interests in other sports leagues, such as Major League Pickleball. He will serve as the governor of the Trail Blazers if the sale is finalized.
The dynamics of this sale are notable. Unlike typical private sales where the seller has more control, estate sales are more structured. A fiduciary duty is involved, aiming to maximize asset value. This aspect parallels the recent record sale of the NFL’s Denver Broncos for $4.6 billion, setting a precedent for how valuable franchises are managed during ownership transitions.
Experts believe this kind of transaction may become more common as sports franchises grow in worth. According to a 2023 study by the Sports Business Journal, the value of NBA teams has increased by nearly 30% over the last five years.
Social media buzz around the possible sale reflects fan concerns and hopes about the future of the Trail Blazers. Many are eager to see how Dundon’s leadership might influence the team’s strategy and performance.
In summary, this potential sale marks a significant moment in sports ownership. It leads to speculation about the future of both the Trail Blazers and the NBA landscape as a whole. For ongoing updates, you can refer to trusted sources like Sportico.
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Carolina Hurricanes,NHL,Paul Allen,Portland Trail Blazers,Tom Dundon
