Dallas' Tom Dundon has invested heavily in the Hurricanes and their arena since buying the team. Photo: Gregg Forwerck/NHLI via Getty Images
Dallas billionaire Tom Dundon's sports empire is about to get even bigger. He is among a group of investors that has reached a tentative agreement to buy the Portland Trail Blazers.
The intrigue: Dundon grew up in the Dallas area and attended SMU. His business ventures include a private investment firm and a large stake in Dallas-based Topgolf.
Dundon bought the Carolina Hurricanes for $420 million in 2018. The team is now valued around $1.25 billion, per Forbes.
He also wants to bring Major League Baseball to North Carolina.
State of play: The Trail Blazers have a roughly $4 billion price tag and play in a decades-old arena that will need to either be renovated or replaced entirely.
The new ownership group has expressed no plans to move the team, which fans and civic leaders feared before the sale.
What they're saying: Mark Cuban, who is friends with Dundon, told a Portland TV stationthathe thinks Dundon "will be a great owner."
"He loves and knows basketball … I think fans will really like Tom," Cuban said.
What's next: The NBA Board of Governors will likely take several months to finalize the sale.
