PPA and MLP owner Tom Dundon set to acquire Portland Trail Blazers
ESPN reported on Wednesday that PPA and MLP owner Tom Dundon has reached a tentative agreement to buy the NBA's Portland Trail Blazers from Paul G. Allen’s estate for a valuation of just over $4 billion.
Dundon, who also owns the NHL’s Carolina Hurricanes, later confirmed the agreement to Sports Business Journal.
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Dundon’s acquisition group includes Marc Zahr (co-president of Blue Owl Capital) and Sheel Tyle (Portland-based founder and co-CEO of Collective Global), and the group intends to keep the franchise in Portland.
The transaction would ultimately require approval by the NBA’s Board of Governors.
Proceeds from the sale would be directed towards philanthropic endeavors.
ESPN indicated that Dundon's group plans to discuss a public-private partnership for an arena deal with the city and state in the future.
Allen, who died from cancer in 2018, co-founded Microsoft with Bill Gates.
In addition to the Trail Blazers, Allen owned the NFL's Seattle Seahawks and was a part owner of MLS' Seattle Sounders as well.
