Portland Trail Blazers Sold to Tom Dundon: A New Era Begins

Portland Trail Blazers Sold to Tom Dundon: A New Era Begins

The NBA Board of Governors has given the green light for the sale of the Portland Trail Blazers to Tom Dundon, a Texas-based entrepreneur. This sale, which was in the works for some time, has now been finalized, with Jason Quick of the Athletic breaking the news. The Blazers have been under the ownership of the Paul G Allen Trust since 1988, when Paul Allen, a prominent figure in the tech industry, acquired the team from Larry Weinberg, the original majority owner.

The deal, valued at around $4.25 billion, represents a significant shift in ownership for the Blazers, marking the first time in over three decades that the team will not be owned by Paul Allen or his sister, Jody. The sale is structured as a two-part transaction: 80.1 percent of the team is being purchased at a $4 billion valuation and is set to close by March 31. The remaining 19.9 percent will be acquired at a $4.5 billion valuation and is expected to close no later than September 1, 2028. During the transition period between the two closings, Bert Kolde, who served as the Blazers' chairman under Allen, will attend board meetings as an observer but will not have any decision-making authority.

With the NBA Board of Governors' approval, the sale of the Portland Trail Blazers to Tom Dundon has been officially sanctioned, signaling a new chapter for the team. This change in ownership, after more than three decades under the stewardship of the Paul G Allen Trust, represents a significant milestone for the Blazers and their fans. The transition to new ownership will bring fresh perspectives and opportunities for the team as they navigate the evolving landscape of professional basketball.