Rip City Rising: A New Era for the Portland Trail Blazers
The Rip City Rising ownership group, led by Tom Dundon, recently acquired ownership of the NBA's Portland Trail Blazers. This ownership transfer also includes the Rip City Remix of the G League, Rip City Management, and operational control of the Moda Center, the team's home arena. The group is also responsible for the surrounding Rose Quarter, which includes the Veterans Memorial Coliseum, the team's former home arena.
The NBA Board of Governors approved the majority ownership transfer from the estate of the late Paul Allen. Rip City Rising purchased the combined assets for $4.25 billion, with 80.1% of the purchase to be completed this week and the remaining 19.9% to be completed by September 1, 2028. Under the agreement, the team will continue to be based in Portland, and Tom Dundon will serve as the Trail Blazers' governor.
Members of the ownership group have ties to Oregon, with Sheel Tyle, the founder of Collective Global, based in Portland, and Peggy Cherng, part of the family that owns Panda Express restaurants, having connections to the state. Other members of the group include Marc Zahr from Chicago and Stanley Middleman, founder and CEO of Freedom Mortgage and part-owner of the Philadelphia Phillies.
The Moda Center, which opened in 1995, is in need of renovation or replacement and is considered a focal point of the Rose Quarter's revitalization. Efforts to renovate the arena have been proposed, with the state Senate approving a plan to allocate $365 million for the renovation using income tax revenues. Additional funding pledges from Multnomah County and Portland Mayor Keith Wilson are also being considered, pending approval by city councilors.
Paul Allen, the previous owner of the Trail Blazers, purchased the team in 1988 for $70 million. Following his passing in 2018, his estate was directed to sell the team to support philanthropic endeavors. Allen's estate also owns the NFL's Seattle Seahawks and holds a 25% stake in the Seattle Sounders of MLS.
The Trail Blazers have had a solid season, currently holding a 38-38 record and securing a spot in the Western Conference play-in tournament for the upcoming NBA postseason. The team has shown improvement recently, going 6-2 since March 16 and posting a 3-1 record on their most recent homestand. The NBA regular season concludes on April 12, with the play-in tournament scheduled for April 14-17.
In conclusion, the Rip City Rising ownership group, led by Tom Dundon, has taken ownership of the Portland Trail Blazers, marking a new chapter for the NBA franchise and its associated assets. With plans for arena renovation and a promising season ahead, the Trail Blazers are poised for continued success under the new ownership.