Tom Dundon, owner of the NHL’s Carolina Hurricanes, has reached a tentative agreement to purchase the NBA’s Portland Trail Blazers from the estate of Paul Allen, the late Microsoft co-founder. Dundon, 53, leads an ownership group that includes Marc Zahr, co-president of Blue Owl Capital, and Sheel Tyle, co-CEO of Collective Global, both Portland-based investors. The deal is reported to be valued at around $4 billion, making it one of the highest NBA franchise sales in history. Dundon confirmed to media outlets that he and his group plan to keep the Trail Blazers in Portland, with possible discussions on updating or replacing the Moda Center arena in the future.

Paul Allen acquired the Portland Trail Blazers in 1988 for $70 million and maintained ownership until his death in 2018 due to non-Hodgkin lymphoma. Since Allen’s passing, his sister Jody Allen has managed the team and overseen his sports holdings through the Paul G. Allen Trust. In May 2025, the estate officially put the Trail Blazers up for sale, following directives in Paul Allen’s will to liquidate his sports franchises and distribute the proceeds to charitable causes. The estate has retained control of the Seattle Seahawks and a stake in the Seattle Sounders but began the process of selling the Trail Blazers first. The sale requires approval by the NBA Board of Governors to become final.

Tom Dundon is an experienced sports franchise owner and businessman. He purchased the Carolina Hurricanes in 2017 and has been credited with elevating the team to consistent NHL playoff appearances, including multiple trips to the conference finals. Dundon also owns the Professional Pickleball Association and Major League Pickleball, showcasing his broader interest in sports investments. His business acumen extends through his leadership of Dundon Capital Partners, a Dallas-based investment firm. Dundon’s acquisition of the Trail Blazers represents his expansion into NBA ownership, backed by a consortium of partners from the finance and investment sectors.

The transaction process is complex, as it involves the sale of a major sports franchise from an estate rather than a private individual. Typically, estate sales seek to maximize value for the beneficiaries, which in this case includes charitable projects as per Allen’s legacy. The valuation at around $4 billion is a significant increase from past estimates and reflects the rising market for NBA franchises. The sale, once approved by the league, will mark a major transition for the Trail Blazers’ ownership, as Dundon group members are committed to maintaining the team’s presence in Portland and building for long-term success.