PORTLAND, Ore. (AP) — The Portland Trail Blazers have laid off employees as new owner Tom Dundon cuts costs.
The exact number of employees who were let go was not made public, but they included staff in both the business and basketball operations.
"These changes impacted talented people who have helped shape the Trail Blazers over many years,” Dewayne Hankins, the Blazers' president of business operations said in a statement. "We are deeply grateful
for their contributions, their leadership and the care they showed every day for our team, our fans and the Portland community.”
Dundon leads the group of investors who bought the NBA franchise from the estate of Paul Allen, the co-founder of Microsoft who died in 2018. The NBA's Board of Governors approved the sale, worth a reported $4.25 billion, in April. Dundon also owns the Carolina Hurricanes of the NHL.
Blazers employees learned of the layoffs during a Tuesday morning video call. Among the employees impacted was digital reporter Casey Holdahl, who had been with the team for 18 years. He announced his fate on social media, thanking fans for engaging with his work.
The move comes as the new owners negotiate with both local and state officials over funding to renovate the Moda Center and secure a long-term lease that would keep the team in Portland.
The Oregon Legislature approved funds for the renovation of the Moda Center in early March. The measure gives the state joint ownership of the 30-year-old arena with the city, and provides a mechanism to secure $365 million for the building’s renovation ahead of the women’s NCAA Final Four in 2030.
The new owners group includes Dundon, Portland-based Sheel Tyle, the co-founder of investment firm Collective Global; Marc Zahr, co-president of Blue Owl Capital; the Cherng Family Trust, the investment firm of the co-founders of Panda Express; Stan Middleman of Freedom Mortgage who also owns a stake in the Philadelphia Phillies.
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