Portland Trail Blazers Sale Set To Happen For $4.25B; Team Stays In Same City: Report

The Portland Trail Blazers are set for new ownership. A group led by Carolina Hurricanes owner Tom Dundon has reached a formal agreement to purchase the NBA franchise from the estate of late Microsoft co-founder Paul Allen.

The deal, announced Friday by the Trail Blazers, is valued at $4.25 billion, according to The Oregonian

. Completion of the sale will require approval from the NBA’s Board of Governors.

Team Will Stay in Portland

As part of the agreement, the Trail Blazers will remain in Portland, a crucial detail for fans who have long feared relocation. The group includes individuals with ties to Oregon. Sheel Tyle, founder of Collective Global, is based in Portland, while Peggy Cherng, co-owner of Panda Express, attended Oregon State University.

No date has been set for the NBA’s formal vote, but the transaction is expected to close no later than March 31, 2026.

Challenges Ahead for Dundon Group

The new ownership group faces significant tasks: rebuilding the roster and addressing the team’s arena situation. Once a perennial playoff contender, the Blazers have struggled under head coach Chauncey Billups, posting a 117-211 (.357) record over the past four seasons.

Dundon has not spoken publicly about his bid to buy the team, but one of his first orders of business will need to be mapping out a future for the 30-year-old arena and the dormant Rose Quarter district surrounding it.

The team’s home, Moda Center, opened in 1995. Now nearly three decades old, the arena is widely considered due for either major renovations or a complete replacement. It remains central to efforts to revitalize Portland’s Rose Quarter district.

In July, NBA Commissioner Adam Silver said the city “likely needs a new arena,” increasing the urgency for a tangible plan for either a major renovation or a new build.

Legacy of Paul Allen

Paul Allen purchased the Trail Blazers in 1988 for $70 million, saving the franchise from potential relocation. A passionate sports owner, Allen also acquired the Seattle Seahawks (NFL) and maintained a 25 percent stake in the Seattle Sounders (MLS).

Since Allen’s death in 2018, his estate has overseen the franchise, with his will instructing that proceeds from team sales fund his philanthropic initiatives.

(with agency inputs)