Portland Trail Blazers Being Sold to NHL Owner for Over $4 Billion

October 21, 2016; Oakland, CA, USA; Portland Trail Blazers owner Paul Allen during the fourth quarter against the Golden State Warriors at Oracle Arena. The Warriors defeated the Trail Blazers 107-96. Mandatory Credit: Kyle Terada-Imagn Images | Kyle Terada-Imagn Images

Tom Dundon, the owner of the National Hockey League's Carolina Hurricanes, has agreed to purchase the Portland Trail Blazers from the estate of Paul G. Allen for a valuation of over $4 billion, per ESPN's Shams Charania.

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NHL Carolina Hurricanes owner Tom Dundon has agreed to buy the Portland Trail Blazers from the estate of Paul G. Allen for a valuation of over $4 billion, sources tell ESPN.

— Shams Charania (@ShamsCharania) August 13, 2025

According to Sportico, others in the group include Blue Owl Capital co-president Marc Zahr and Portland-based Sheel Tyle, the co-CEO of Collective Global.

Jody Allen, the sister of longtime owner Paul Allen, announced in May her plans to sell the team following her brother's passing. Just a few months later, the team has found a buyer, but the sale still needs to be approved by the NBA board of governors.

Following the completion of the sale, the Blazers will need a new arena. It remains to be seen if the Moda Center undergoes renovations, or if the new ownership builds a new arena, altogether.

Will the Blazers Remain in Portland?

It appears the new ownership has no plans to move the Blazers out of Portland.

According to Sportico, the new group of buyers "intends to keep the team in Portland."

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According to The Oregonion / OregonLive: "A source familiar with the proceedings said the group 'is passionate about basketball and intends to keep the team in Portland, where it belongs.'"

Who is Tom Dundon, Blazers New Owner?

Dundon, 53, was born in New York City and attended Southern Methodist University. He's the owner of the NHL's Carolina Hurricanes, as well as a board member of the Alliance of American Football and an investor in Topgolf Callaway Brands and pickleball.com

Dundon was involved in purchasing the Hurricanes in late 2017 and became a majority owner in January 2018. In June 2021, he purchased all minority shares of the team, making him the sole owner.

How Have the Hurricanes Done Under Tom Dundon, New Blazers Owner?

After missing the playoffs from the 2009-10 season through the 2017-18 season, the Hurricanes have made postseason berths in each of the last seven years since Dundon took over. They've lost in the first round just once, and have reached the Conference Finals three times; although they are yet to reach a Stanley Cup Final in his tenure.

Since the 2018-19 season, the Hurricanes have gone 325-160-49, the third-best record in the NHL behind only the Boston Bruins and Tampa Bay Lightning.

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