The Trail Blazers have reportedly been sold to an ownership group that will keep the team in Portland, according to reporting from Sportico.
Tom Dundon, owner of the NHL’s Carolina Hurricanes, is leading the ownership group. Sportico reports that Marc Zahr of Blue Owl Capital and Portland-based Sheel Tyle of Collective Global are also involved. Tyle is married to Sejal Hathi, who runs the Oregon Health Authority.
Microsoft co-founder Paul Allen bought the Blazers in 1988 and owned the franchise until his death in 2018. Since then, the team has been operated by the family’s estate.
Prior to his death, Allen directed proceeds from an eventual sale to go to philanthropy, according to the Trail Blazers. The team officially went up for sale earlier this year.
It’s unclear how much Dundon’s group will pay for the team, but it’s been valued upwards of $4 billion. ESPN reported the sale is valued at more than $4 billion. The final sale will need approval from the NBA.
The Blazers’ future in Portland has been increasingly a topic of concern in recent weeks. The team has a lease at the publicly owned Moda Center through 2030, with an option for a five-year extension.
That short-term situation was one reason a group of former players, executives and civic leaders formed a group called Rip City Forever to advocate for the team to remain in Portland.
Mayor Keith Wilson has also been involved — publicly and behind the scenes — in advocating for the team’s future. Wilson met with NBA Commissioner Adam Silver in early June, weeks after the estate said the team would be sold.
“Rip City isn’t just a nickname for Portland,” Wilson said in a statement to OPB. ”It’s a rallying cry for our city, and we are excited to hear the prospective new owners of the Trail Blazers have heard that call loud and clear. We are glad that they are committed to keeping the Blazers in Portland and, in return, we are committed to working with new ownership as this deal is finalized to continue to fill the Moda Center with fans, enthusiasm, and pride. The Blazers’ legacy and strength have always been firmly rooted in public-private partnership, and that legacy continues today.”
Wilson and Gov. Tina Kotek also sent a letter to Silver in late July noting the unified commitment to the team’s future, while noting they were prepared to explore a public-private partnership to significantly renovate the Moda Center.
This story will be updated.
This story comes to you from the Northwest News Network, a collaboration between public media organizations in Oregon and Washington.
