The Trail Blazers are changing hands — are they leaving Portland?

Another NBA franchise has officially changed hands. As reported by Sportico and confirmed by Shams Charania (ESPN), Tom Dundon, owner of the Carolina Hurricanes (NHL), will become the new owner of the Portland Trail Blazers. The deal for the Oregon team has been finalized at a valuation exceeding $4 billion.

Dundon, 53, who resides in Dallas, leads a group of investors that includes Marc Zahr and Sheel Tyle, who has Portland roots. He has no plans to relocate the team, a point eagerly awaited by fans: the change in ownership will not affect the team’s city. The sales process began in May, building on momentum that started when Paul Allen passed away in 2018.

Allen, the billionaire philanthropist, Microsoft co-founder, and childhood friend of Bill Gates, requested in the final stages of his battle with Hodgkin lymphoma that the franchise be sold after his death. His sister, Jody Allen, has overseen the management of the team and ensured that her late brother’s wishes were respected. Paul Allen had acquired the Blazers in 1988 for $70 million and also owned the nearby Seattle Seahawks (NFL).

The sale affects only the Trail Blazers; both the Seahawks and the Seattle Sounders (MLS, in which the Allens hold a 25% stake) are excluded. The timing of the sale, while inevitable, coincides with the start of new NBA television contracts—a nearly $77 billion, 11-year deal with ESPN, NBC, and Amazon that has significantly boosted franchise valuations. The average value of NBA teams is now around $4.6 billion. In recent months, major market transactions have reset expectations: the Celtics sold for over $6 billion, and the Lakers’ valuation may exceed $11 billion.

Last year, the Blazers sold the Moda Center for $1 and the underlying land for $7 million, initiating a public-private partnership to renovate the arena and its surroundings. The new agreement ensures the team will continue playing at the Moda Center until at least 2030. Revenue from parking and a small portion of ticket sales (6%) will now fund arena improvements; previously, these funds went to the city and totaled over $150 million since the original agreement in 1995.

According to Paul Allen’s will, proceeds from the sale of his sports holdings are intended for charitable and philanthropic initiatives. Details on this aspect of the Blazers’ sale remain limited. Importantly, the deal guarantees the team’s continuity in Portland, a state without NFL, MLB, or NHL franchises. The Trail Blazers, established in 1970, have been a central sports presence in Oregon, winning one title in 1977 and appearing in three Finals, most recently in 1992. Speculation about a possible relocation had been significant, prompting 100 Portland figures to sign the “Rip City Forever” manifesto to protect the team’s location—“Rip City” being a nickname for Portland when referencing the Blazers.

From a sporting perspective, fans have reason for optimism. Dundon, who took over the Hurricanes in 2018, stabilized the franchise in Carolina, leading them to seven playoff appearances over the next eight seasons after a nine-year drought. Although he was not previously among the top candidates to acquire the Blazers, the deal now moves toward NBA board approval.

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In 2022, Jody Allen rejected a $2.2 billion offer from Nike co-founder Phil Knight, fueling speculation about whether she truly intended to sell. The valuation of the Blazers has since increased, with Sportico estimating $3.6 billion, ranking the team 23rd among 30 NBA franchises. The final sale price, as often happens in high-profile transactions, exceeded this figure.

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