The Paul G. Allen Estate has reached a formal agreement to sell the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon, the estate announced Friday. The Rose Garden Report’s Sean Highkin and The Oregonian’s Bill Oram were the first to report the news.
In August, the Allen estate reached a tentative agreement to sell the Blazers to Dundon’s group for a reported $4.25 billion, and Friday’s announcement of a formal agreement was the next step in the sales process.
The deal is
expected to close by the end of the 2025-26 season, according to Highkin.
The formal announcement from the estate — posted in Oram’s article — notes Dundon’s group now includes the Cherng Family Trust. Andrew Cherng and his wife Peggy Tsiang Cherng co-founded Panda Express and the Panda Restaurant Group. Forbes estimates the family has a combined net worth of $7.5 billion, which would make the Cherngs the wealthiest investors in the group.
Previously reported members in Dundon’s group include Blue Owl Capital co-president Marc Zahr and Portland-based Sheel Tyle, co-CEO of Collective Global.
The announcement from the Allen estate also said the group “confirmed their intention to keep the team in Portland.”
The next step in the process is for the sale to be approved by the NBA Board of Governors.
