Carolina Panthers owner Tom Dundon has agreed to buy the Portland Trail Blazers from the estate of late Microsoft co-founder Paul G. Allen for a valuation of just more than $4 billion and intends to keep the team in Portland, sources with knowledge of the situation confirmed to ESPN on Wednesday (August 13).
Dundon leads a group on investors that also includes Blue Owl Capital co-president Marc Zahr and Collective Global co-CEO Sheel Tyle. ESPN‘s Shams Charania reported that Allen’s estate was in the early stages of selling the franchise in May.
“Estate of Paul G. Allen is starting a formal sales process for the Portland Trail Blazers, sources tell ESPN. Allen & Co and law firm Hogan Lovells leads sales process, is estimated to continue into 2025-26, with all Estate proceeds going to philanthropy, per Paul’s wishes,” Charania wrote on his X account on May 13. “Trail Blazers sales process is beginning with a formal announcement today – and all money from the sale will go to philanthropic efforts as Paul Allen desired.”
Allen purchased the Trail Blazers for $70 million at the age of 35, becoming the youngest team team owner in the Big Four professional sports. The franchise is reportedly valued at $3.65 billion, which ranks 22nd among all NBA teams, according to CNBC Sport.
The Trail Blazers are coming off their fourth consecutive season without a playoff berth, having previously made the postseason eight consecutive years between the 2013-14 and 2020-21 seasons. Portland’s lone NBA championship came in 1977 when regular-season MVP Bill Walton led the Blazers to a series win in six games against the Philadelphia 76ers.
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