When the news broke, it hit like a fast break dunk. The Portland Trail Blazers, a team rich in history but uncertain in recent years, have become the seventh-most expensive franchise in the NBA.  And it’s all because of a $4 billion agreement spearheaded by Tom Dundon, the current owner of the NHL’s Carolina Hurricanes.  That’s a staggering rise for a team once purchased for just $70 million by Microsoft co-founder Paul Allen back in 1988.

Dundon’s move comes during a whirlwind era for NBA team valuations. Just this year, Mark Walter’s $10 billion agreement to buy majority ownership of the Los Angeles Lakers set a new record for North American sports. Not far behind, the Boston Celtics were sold to Bill Chisholm’s group for $6.1 billion. Teams like the Washington Commanders, Denver Broncos, and Phoenix Suns have all changed hands recently, with each transaction raising the market bar. The Mavericks and Hornets followed suit. Now, Dundon’s deal plants the Blazers squarely in that elite bracket.

Tom Dundon is no stranger to big-time sports ownership. He became majority owner of the NHL’s Hurricanes in 2018, acquiring the team for $425 million. Since then, the Hurricanes have made seven straight playoff appearances and advanced to the conference finals three times. Dundon is also deeply invested in pickleball, serving as majority owner of both the PPA Tour and Major League Pickleball. He’s the founder of Dallas-based Dundon Capital Partners, and now, he’s set to become the new governor of the Portland Trail Blazers, pending NBA Board of Governors approval.

The Blazers’ transformation into one of the NBA’s top-valued franchises reflects a potent mix of timing, market trends, and the legacy left by Paul Allen. The late tech titan’s will dictated that his sports holdings, Blazers, Seahawks, and a minority stake in MLS’ Seattle Sounders, be sold, with proceeds going toward philanthropic causes. 

On May 13, 2025, the Allen estate formally announced it had begun the sales process for the Blazers, with Allen & Company leading the effort and Hogan Lovells serving as legal counsel. The estate’s goal was simple: maximize the franchise’s value, and Dundon’s group, which includes Blue Owl Capital co-president Marc Zahr and Portland-based Sheel Tyle, emerged as the winning bidder.

Will the Blazers remain in Portland?

According to Sportico, the Blazers were last valued at $3.6 billion, but on Wednesday, ESPN’s Shams Charania reported on X, “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.” But this sale isn’t just about money, the Blazers haven’t made the playoffs since 2021. They’re mid-rebuild after trading franchise icon Damian Lillard in 2023, and while the team finished 36-46 last season, optimism is stirring. Tom Dundon’s track record suggests a hands-on, performance-oriented approach. 

But one looming challenge remains, the Moda Center. Built in 1995, it’s now tied as the seventh-oldest arena in the NBA. While the team sold the building to the City of Portland in 2024 for $1 and its land for $7 million, the arena needs serious upgrades. A public-private partnership is in motion to renovate the facility by 2030, and Dundon’s group is expected to be heavily involved. 

NBA commissioner Adam Silver had made it clear in July that,  “It’s the league’s preference that that team remain in Portland.” The new owners are reportedly committed to keeping the team’s wish. Local leaders, including Sen. Ron Wyden, had pushed hard to ensure the team stays in Oregon. In a statement, Wyden said, “I’m glad Commissioner Silver reiterated the league’s longstanding preference that the team remain right where all Trail Blazers fans know it belongs – right here in Rip City.” The ownership group, Sheel Tyle, a Stanford grad and co-CEO of Collective Global, is based in Portland. His wife, Sejal Hathi, is director of the Oregon Health Authority. Their involvement adds a layer of civic connection that matters in a market like Portland.

While the final sale still requires NBA approval, which could stretch into the 2025–26 season. But once ratified, Portland enters a new era, one with a billionaire investor at the helm, fresh capital, and the seventh-most valuable team in the league.