Carolina Hurricanes owner Tom Dundon has reportedly struck a massive deal to acquire the Portland Trail Blazers from the late Paul Allen’s estate for over $4 billion, according to ESPN’s Shams Charania.
This move marks one of the most significant transactions in NBA history, continuing the league’s trend of soaring franchise valuations. Dundon will be joined in the purchase by Blue Owl Capital co-president Marc Zahr and Portland native Sheel Tyle, co-CEO of Collective Global, with no intention of relocating the team.
Paul Allen, Microsoft co-founder and longtime sports owner, bought the Trail Blazers in 1988 for just $70 million. Under his stewardship, the team became a model of stability, though the franchise has struggled in recent years. Since Allen’s passing in 2018 due to non-Hodgkin lymphoma, his sister Jody Allen has overseen the team as executor of the estate.
Paul’s will called for his sports holdings to be sold, with proceeds directed toward philanthropic causes. While the Seahawks and Sounders remain under the estate’s control for now, the Trail Blazers have now found their next chapter.
Dundon, 53, made his fortune in financial services and private investments before purchasing a stake in the Hurricanes in 2017, later becoming majority owner in 2018. Under his leadership, the Hurricanes have become a consistent playoff contender, reaching the postseason in each of the past seven seasons, including three trips to the Eastern Conference Finals.
Dundon also has a notable interest in emerging sports, owning Pickleball Central and holding a significant stake in both the PPA Tour and Major League Pickleball.
The Trail Blazers, meanwhile, are coming off a 36-46 season, missing the playoffs for the fourth consecutive year. Once a perennial playoff presence led by stars like Clyde Drexler and later Damian Lillard, the team has been in a rebuilding phase since 2023.
Dundon’s arrival could mark a fresh start for the franchise both on and off the court, especially with the financial power to reshape the roster and infrastructure.
This deal comes on the heels of several high-profile NBA franchise sales. In recent years, the Milwaukee Bucks, Phoenix Suns, and Dallas Mavericks have all changed hands in 2023. Most notably, the Los Angeles Lakers were sold earlier in 2025 for a record $10 billion, while the Boston Celtics fetched $6.1 billion.
The Trail Blazers’ $4 billion price tag reflects the continued surge in NBA valuations, fueled by global popularity, media rights deals, and the sport’s strong commercial growth.
Pending league approval, Dundon will soon add an NBA franchise to his sports empire, joining a rare group of owners with teams in multiple major leagues. While the Hurricanes’ success under his guidance offers optimism for Portland fans, the challenge ahead is steep, restoring the Trail Blazers to contention in a highly competitive Western Conference.
With deep pockets, a track record of building winning cultures, and partners committed to keeping the team in Portland, Dundon’s acquisition could be the beginning of a transformative era for Rip City.
