Blazers agree to sale with NHL Hurricanes owner Tom Dundon
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Rip City forever. Photo: Alika Jenner/Getty Images
The Portland Trail Blazers have agreed to be sold to a group led by Carolina Hurricanes owner Tom Dundon, sources tell Axios.
Why it matters: The new ownership group has expressed no plans to move the team, which was a growing fear among fans and civic leaders leading up to the sale.
The big picture: The roughly $4 billion price tag potentially puts the Blazers' value well below the Lakers and Celtics — which recently sold for $10 billion and more than $6 billion, respectively.
- The sale would put the team on par with the Phoenix Suns, which sold for $4 billion in 2022 along with its WNBA franchise, the Mercury.
- The Bhathal family, which owns the Portland Thorns and the nascent WNBA franchise in Rip City, also bid on the team, a source familiar with the negotiations who was not authorized to speak publicly told Axios.
Catch up quick: Before his 2018 death, former owner Paul Allen — Microsoft co-founder and owner of the Seattle Seahawks — directed his estate to sell his sports holdings with the proceeds going to philanthropic causes.
- Since then, Allen's sister, Jody Allen, has chaired the franchise, but she declined to comment on the sale until the deal is finalized, per the Oregonian.
The intrigue: The sale terms come as the Blazers look to build on a strong finish to last season.
- The roster is full of strong defenders and the team added veteran guard Jrue Holiday and hometown favorite Damian Lillard in the offseason, even though the latter isn't likely to play until the 2026–27 season.
- And the team has yet to see the promising Chinese 7-foot rookie, Yang Hansen, take to the floor for a regular-season game.
What's next: It will likely take the NBA Board of Governors several months to finalize the sale.
- If they do, the new owners will need to figure out whether the decades-old Moda Center will get a massive renovation or be replaced entirely.
Editor's note: This story has been corrected to reflect that the Blazers have reached an agreement to be sold (the story previously stated that the Blazers have been sold).