The Portland Trail Blazers are set to enter a new era: Carolina Hurricanes owner Tom Dundon, together with an investor group including Marc Zahr of Blue Owl Capital and Portland entrepreneur Sheel Tyle, has reached an agreement to acquire the Blazers from the estate of late Microsoft co-founder Paul Allen for just over $4 billion, pending NBA approval.

This agreement brings closure to months of speculation, following the May 2025 announcement by Allen’s estate that the team was officially for sale, with the proceeds earmarked for philanthropic endeavors as Allen’s will stipulated.

Paul Allen purchased the Blazers in 1988 for $70 million, steering the franchise through numerous ups and downs. His passing in 2018 transferred control to his sister, Jody Allen, who oversaw operations and the eventual divestment process.

The Blazers’ sale does not affect the Allen estate’s ownership of the NFL’s Seattle Seahawks or its stake in the Sounders MLS team, both of which remain off the market for now.

Tom Dundon: Expansion of an Athletic Empire

Dundon, age 53, has made sports investments a trademark of his business career, having revitalized the Hurricanes since 2018 with three Central Division titles and multiple deep playoff runs.

His involvement in ventures as diverse as professional football and pickleball demonstrate a penchant for bold moves and a vision for sports growth. Dundon has made clear his intention to keep the Blazers in Portland, a stance likely to reassure a passionate local fanbase.

NBA’s Escalating Franchise Gold Rush

The Blazers’ $4 billion price is staggering, but it’s no longer unprecedented. Recent months have rewritten the record books: the Boston Celtics fetched $6.1 billion in March, only to be eclipsed by the Lakers’ sale for a jaw-dropping $10 billion in June.

As broadcast rights balloon and arenas modernize, franchise valuations soar. Allen’s estate reportedly rejected previous offers — notably Nike co-founder Phil Knight’s bid of over $2 billion in 2022 — only to see the market double in short order.

With the NBA enjoying historic media deals, deep-pocketed investors now see not just tradition but robust financial returns.

The Blazers’ handover is part of a wider trend placing established franchises in the crosshairs of the investment arms race, fundamentally redefining the dynamics of power, prestige, and profit in professional sports.