A group of Tom Dundon, owner of Carolina Hurricanes, reached an official agreement to buy Portland Trail Blazers from Paul Allen’s property, which would require approval from the NBA Board of Directors.
Trail Blazers announced the agreement on Friday. Oregonian reported that the transaction is worth 4.25 billion dollars to the franchise.
According to the agreement, the team will stay in Portland.
At least two members of the property group have connections with Oregon. Sheel Tyle is the founder of Portland -based Collective Global. Peggy Cherng, a part of the family, which owns Panda Express restaurants, joined Oregon province.
No date was planned for the NBA governors to vote, but the closing date for sale will not be late than March 31, 2026.
The Dondon group has a task in front of the team to rebuild the team and find the arena situation.
Blazers, once a perennial playoff participant, in the last four seasons under the coach Chauncey Billups 117-211 (.357). The only NBA championship arrived in 1977 with Bill Walton in the center and Jack Ramsay as head coach.
The Home Moda Center, which was opened in 1995, also requires renovation or replacement and is seen as the center of revitalizing the Rose Neighborhood section of the city.
Microsoft’s billionaire founder Allen bought Trail Blazers in 1988 for 70 million dollars. He died in 2018 and directed his will to sell the team to finance the charitable efforts.
Allen’s ownership also has NFL’s Seattle Seahawks and MLS’s 25 percent shares of Seattle Sounders.
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