As reported by Sportico’s Eben Novy-Williams on Wednesday, Tom Dundon, the owner of the Carolina Hurricanes, has purportedly come to a consensus to acquire the Portland Trail Blazers from the estate of the late owner Paul Allen.
According to ESPN’s Shams Charania, Dundon is expected to disburse beyond $4 billion for the basketball organization.
Allen, one of the original founders of Microsoft, acquired the Trail Blazers back in 1988 for a sum of $70 million. Allen received a diagnosis of non-Hodgkin lymphoma in 2009 and passed away in 2018. Since his passing, the team has been managed by his estate, under the leadership of his sister Jody Allen. As stated in a team-issued declaration in May, Paul’s will specified that his sports assets should be divested following his death. The anticipated revenue generated from the sale is earmarked for charitable endeavors.
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In May, alongside revealing its intention to sell the Trail Blazers, Allen’s estate also declared its decision to maintain its ownership stake in both the Seattle Seahawks and Seattle Sounders for the time being. Allen either fully or partially owned both franchises before his death, and they are presently being managed by his estate.
Dundon, aged 53, accumulated his wealth through activities in financial services and, subsequently, private investments. In 2017, he acquired a stake in the Hurricanes and became the team’s principal owner in 2018. He is also a significant advocate for pickleball, possessing the retail website Pickleball Central. Furthermore, he played an instrumental role in the establishment of pickleball.com.
The Hurricanes have seen a considerable amount of prosperity during Dundon’s tenure. The team has secured a playoff berth in each of the previous seven seasons, advancing to the conference finals on three separate occasions throughout that period.
The Trail Blazers are entering a new phase following a season where the team recorded a 36-46 record and failed to qualify for the playoffs for the fourth consecutive year. Last October, Forbes estimated the team’s value at $3.5 billion.
