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Carolina Hurricanes owner Tom Dundon reached an agreement to purchase the Portland Trail Blazers, according to Sportico. In the potential transaction, Dundon buys the NBA franchise from previous owner Paul Allen’s estate. Sportico also reports that Blue Owl Capital co-president Marc Zahr, Portland native and co-CEO of Collective Global Sheel Tyle would join Dundon in purchasing the Trail Blazers. The group has no plans to move the team if the sale goes through.
The terms of the deal and closing date of the sale are unknown at this time, but ESPN’s Shams Charania reports that the Trail Blazers are worth $4 billion. Any sale requires league approval.
Allen, who co-founded Microsoft along with Bill Gates, originally purchased the Trail Blazers for $70 million in 1988. The businessman also bought the Seattle Seahawks as well as a large minority stake in the MLS’ Seattle Sounders. When Allen died in 2018, his will stated that all ownership stakes would be sold.
Since Allen died, his sister, Jody, served as the owner of the Trail Blazers and Seahawks and is the executor of his estate.
Meanwhile, Dundon owned the Hurricanes since 2018 when he bought the NHL franchise for $425 million. He also is the majority owner of the PPA Tour as well as Major League Pickleball.
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