In a preliminary arrangement, Carolina Hurricanes owner Tom Dundon agreed to purchase the Portland Trail Blazers basketball team.
The Portland Trail Blazers, a fixture in the NBA since their inception in 1970, are set for a change of ownership. Tom Dundon, the current owner of the NHL's Carolina Hurricanes, has reached a tentative agreement to purchase the Trail Blazers for a reported $4.25 billion.
Dundon's ownership group includes Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, founder and co-CEO of Portland-based Collective Global. The sale represents a significant appreciation from when Paul Allen originally purchased the team for $70 million in 1988.
The Trail Blazers, who finished last season with a record of 36-46 and missed out on the playoffs for the fourth straight year, will remain in Portland. Dundon is engaging in discussions around arena renovations and partnerships with the city and state.
Paul Allen, who passed away in 2018, also owned the NFL's Seattle Seahawks and was a co-owner of Major League Soccer's Seattle Sounders. His estate has been running the Trail Blazers since his passing, and the proceeds from the sale of his teams will go to philanthropic endeavours, as stipulated in his will.
The Trail Blazers were previously valued at $3.65 billion by CNBC. The sale, if ratified by the NBA Board of Governors, will mark a large profit for the Paul G. Allen estate.
ESPN reported the deal, and the Carolina Hurricanes, based in Raleigh, have made the playoffs in each of the last seven seasons. The potential purchase will not affect the Carolina Hurricanes, and a spokesperson for the Carolina Hurricanes stated that Don Dundon is "excited about the opportunity" to buy the Trail Blazers.
[Read more about the Trail Blazers and the NBA at https://apnews.com/hub/NBA]
The Trail Blazers won their lone NBA championship in 1977, under the ownership of Allen's sister, Jody Allen, who has served as chair of both the Blazers and Seahawks since Allen's death.
[1] AP Sports Writer Tim Booth contributed to this report. [2] AP Hockey Writer Stephen Whyno contributed to this report.
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