Outside of sports, Tom Dundon heads Dundon Capital Partners, a Dallas-based investment firm.
The future of the Portland Trail Blazers finally gained official definition this Friday. Also, Paul Allen’s estate announced a formal sale agreement with the group of investors led by Tom Dundon, current owner of the NHL’s Carolina Hurricanes. Although the official values have not been revealed, American ESPN previously reported that the deal is around US$ 4 billion.
Last month, Dundon brought forward a preliminary agreement to purchase the NBA franchise, ensuring the team would remain in Portland. Now, with the contract formalized, all that remains is for the transaction to be ratified by the NBA Board of Governors. This is expected to happen in the coming months, by the end of 2025.
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In addition to Dundon, 53, the group of investors includes other entrepreneurs with significant financial clout. The diversity of names and backgrounds within the group reinforces the vision that the Trail Blazers’ project will be long-term, combining global capital with local roots in Portland.
Dundon, as mentioned above, already has experience in sports management. He purchased a stake in the Carolina Hurricanes in 2017 and became the majority shareholder the following year. Outside of sports, he heads Dundon Capital Partners, a Dallas-based investment firm.
Finally, Microsoft co-founder Paul Allen acquired the Trail Blazers in 1988 for just $70 million. Under his leadership, the franchise maintained its relevance in the NBA and established itself as one of Portland’s sporting icons. Allen also owned the Seattle Seahawks (NFL) and co-owned the Seattle Sounders (MLS).
After his death in 2018, his sister Jody Allen took over the management of the Paul G. Allen Trust teams. The sale of the Trail Blazers was already provided for in his will—the tycoon stipulated that the proceeds be allocated to philanthropic initiatives.
There’s still no word on when the estate will put the Seahawks or its 25% stake in the Sounders up for sale. For now, attention is focused on closing one of the largest transactions in NBA history, the third franchise sale this offseason. Prior to this, the Celtics and Lakers also changed hands for record sums.
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