What's Happening?
The Portland Trail Blazers are set to be sold to Tom Dundon, owner of the Carolina Hurricanes, according to sources. Dundon leads a group that includes Marc Zahr, co-president of Blue Owl Capital, and Portland-based CEO Sheel Tyle. The sale price is reported to be over $4 billion, although specifics have not been disclosed. Dundon has expressed his commitment to keeping the team in Portland, alleviating concerns about the franchise's future location. The NBA has yet to comment on the sale, and the transaction requires approval from the NBA's board of governors, which could take several months.
Why It's Important?
The sale of the Portland Trail Blazers is significant as it ensures the team's continued presence in Portland, a city with a rich basketball history. This decision is crucial for local fans and businesses that rely on the economic activity generated by the team. The involvement of local investors, such as Tim Boyle, CEO of Columbia Sportswear, underscores the community's commitment to maintaining the team's local roots. The acquisition also highlights the growing trend of cross-sport ownership, with Dundon already owning an NHL team. The sale could impact the NBA's landscape, especially if Dundon's group decides to invest in a new arena or renovate the existing Moda Center.
What's Next?
The next steps involve the NBA's board of governors reviewing and approving the sale, a process that could take several months. Dundon's group will need to address the team's infrastructure needs, as NBA Commissioner Adam Silver has indicated the necessity for a new arena or significant renovations to the Moda Center. Local investors may continue to join Dundon's ownership group, further solidifying the team's ties to Portland. The community and local leaders will likely remain engaged to ensure the team's long-term viability in the city.
