New Owner Tom Dundon's Target Date for Completed Blazers Sale Revealed

Feb 17, 2023; Raleigh, North Carolina, USA; Carolina Hurricanes owner Tom Dundon looks on during practice at Carter-Finley Stadium. Mandatory Credit: James Guillory-Imagn Images | James Guillory-Imagn Images

New hopeful Portland Trail Blazers owner Tom Dundon's target date to wrap up his purchase of the team has been revealed.

The current Carolina Hurricanes NHL team owner has reportedly agreed to buy Portland from the estate of late owner Paul Allen for an astronomic $4.25 billion team valuation.

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Per Jason Quick of The Athletic, Dundon's agreement has effectively ended any other bids. Nike owner Phil Knight reportedly extended an offer of just $2 billion prior to the Dundon purchase.

"Dundon, the owner of the NHL’s Carolina Hurricanes, has reached an exclusivity agreement with Paul Allen’s estate, which means there will be no negotiations with other interested buyers," Quick writes. "Dundon’s group is in the process of negotiating documents, but the source close to Dundon says all major points have been agreed upon. The hope is to have a purchase agreement signed in September. A target date of March 31, 2026, has been set for the close of the deal."

Inheriting A Trail Blazers Team In Transition

Dundon will be inheriting a Portland club that has missed the playoffs in each of the past four seasons. From 2021-23, All-Star point guard Damian Lillard was stuck with ill-fitting role player help.

After Lillard demanded to be dealt to a contending team (he had hoped to join the Miami Heat), Portland flipped him to the Milwaukee Bucks and fully embraced the tank. Now, Lillard is back on a three-year, $41.6 million non-taxpayer's exception. The 6-foot-2 Weber State product will likely be shelved for the entire 2025-26 season, however, as he recovers from a ruptured Achilles tendon.

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Portland finished last season strong, going 13-15 to close out the year after the All-Star break, and wrapping up with a semi-respectable 36-46 record. In the crowded Western Conference, that wasn't enough to make the team even play-in tournament fodder.

This year, the Trail Blazers have made changes both to shore up their veteran depth and to experiment more with their youth movement. Portland waived starting center Deandre Ayton and drafted 7-foot-1 rookie Yang Hansen in the first round. Hansen and Robert Williams III will presumably back up 2024 No. 7 pick Donovan Clingan. In addition to Lillard, the Trail Blazers traded Anfernee Simons' expiring contract for another 35-year-old former All-Star guard, Jrue Holiday.

For more news and notes on the Portland Trail Blazers, visit Portland Trail Blazers on SI.