Carolina Hurricanes owner Tom Dundon has reached an agreement to purchase the NBA’s Portland Trail Blazers from the estate of the late Paul Allen, according to Sportico’s Eben Novy-Williams. The deal, according to ESPN’s Shams Charania, is worth more than $4 billion.
Allen, co-founder of Microsoft, acquired the Trail Blazers in 1988 for just $70 million. Then, diagnosed with non-Hodgkin’s lymphoma in 2009, he passed away in 2018. After that, the franchise was managed by his estate, led by his sister, Jody Allen. Paul’s will stipulated that his sports properties should be sold, with the proceeds going to charitable causes.
In May of this year, the estate confirmed its intention to sell the Trail Blazers, but said it would maintain its stake in the Seattle Seahawks (NFL) and Seattle Sounders (MLS) for now. Both teams were also owned by Paul Allen and remain under the family’s management.
At 53, Dundon made his fortune in the financial services industry and later in private equity. He acquired a stake in the Carolina Hurricanes in 2017 and became majority owner in 2018.
Under his management, the NHL franchise is enjoying a remarkable run. They have now made seven consecutive playoff appearances and three conference finals. However, the Hurricanes have yet to achieve the coveted Stanley Cup title under his ownership.
The Portland Trail Blazers are coming off another disappointing season, finishing 36-46 and missing the playoffs for the fourth consecutive season. Forbes magazine recently valued the franchise at $3.5 billion last October. However, Dundon’s purchase highlights just how high the NBA ‘s market value continues to be.
Now, fans hope the new management will bring the same success Dundon brought to the Hurricanes. The challenge is daunting, with a potential roster rebuild ahead. Still, the moves made last offseason already give some hope for the franchise’s fans of a return to the playoffs.
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