The winds of change have swept through the Pacific Northwest, as the NBA Board of Governors has officially approved a landmark sale: the Portland Trail Blazers are set to enter a new era under the stewardship of Dallas billionaire Tom Dundon and his diverse group of investors. The news, confirmed on March 30, 2026, by multiple league and media sources, marks the end of nearly four decades of Allen family ownership and opens a fresh chapter for one of basketball’s most storied franchises.
The deal is nothing short of monumental. Valued at approximately $4.25 billion, it stands among the largest transactions in NBA history. The sale is structured in two distinct phases: Dundon’s group will acquire an 80.1 percent controlling stake at a $4 billion valuation, with the transaction expected to close on March 31, 2026. The remaining 19.9 percent, priced at a $4.5 billion valuation, will be transferred no later than September 1, 2028. During the interim period between the two closings, Bert Kolde—longtime chairman under the Allen regime—will have the right to observe board meetings but will wield no governance or decision-making power, according to sources familiar with the transaction.
So, how did we get here? The seeds of this transition were sown back in May 2025, when the Allen estate formally announced the team was up for sale. Paul Allen, the tech visionary and philanthropist, purchased the Blazers from original majority owner Larry Weinberg for $70 million in 1988. For three decades, Allen’s stewardship was marked by passionate investment and a commitment to keeping the Blazers in Portland. Upon his passing in October 2018 from complications related to non-Hodgkin’s lymphoma, control of the franchise shifted to his sister, Jody Allen, who managed the team as trustee and executor of the Paul G. Allen Estate.
Paul Allen’s legacy is deeply woven into the fabric of Portland sports, and his will left clear instructions: proceeds from the franchise’s sale are to be directed toward philanthropic initiatives. According to reports, every dollar from the Blazers’ sale will support the charitable causes that Allen championed in his lifetime, ensuring his impact endures well beyond his years at the helm of the team.
The new owner, Tom Dundon, is no stranger to the business of professional sports. Dundon, 54, already owns the NHL’s Carolina Hurricanes, a professional pickleball league, and holds stakes in ventures such as Topgolf Callaway and a premier golf course in Dallas. As chairman and managing partner of Dundon Capital Partners, he’s built a reputation as a savvy, hands-on executive who isn’t afraid to make bold moves. In the NHL, Dundon transformed the Hurricanes from perennial underachievers into a playoff mainstay. Since acquiring the team in 2018 for $420 million, he’s boosted the payroll from near the bottom of the league to the sixth highest, and the Hurricanes have not missed the postseason under his watch—winning 10 playoff series and reaching the Eastern Conference finals last year. Earlier this month, Dundon sold a minority 12.5 percent stake in the Hurricanes at a $2.66 billion valuation, but he remains the majority owner.
Dundon’s approach is characterized by aggressive investment in players and a reliance on analytics, traits that have fueled both business and sporting success. Those who know him describe him as intense, intelligent, and shrewd—a leader who prizes accountability and winning above all else. In Portland, those qualities are expected to translate into a new culture of ambition for the Blazers, a franchise hungry for its first NBA title since 1977.
But Dundon is not going it alone. His investor group is as eclectic as it is influential, including Andrew and Peggy Cherng, founders of Panda Express; Marc Zahr, co-president of Blue Owl Capital; Sheel Tyle, CEO of Collective Global; and Stanley Middleman, president and CEO of Freedom Mortgage and part-owner of MLB’s Philadelphia Phillies. This collection of business heavyweights brings a wealth of experience—and, crucially, deep pockets—to the Blazers’ front office.
One of the first major challenges facing Dundon and his team is the future of the Moda Center, the Blazers’ home since 1995. The arena, now over three decades old, is in dire need of renovation. The team’s lease with the City of Portland expires in 2030, and local officials are eager to secure the Blazers’ long-term future in the city. To that end, a $600 million renovation package is on the table, with $365 million already pledged by the Oregon Legislature in March 2026. These funds will be sourced from income tax revenues paid by the Blazers, arena performers, and construction workers. Additional contributions have been pledged by Multnomah County and Portland Mayor Keith Wilson, though both are pending city council approvals. There’s even talk of taxing rental cars and reallocating money from the Portland Clean Energy Fund to help cover costs.
Dundon is no stranger to this sort of civic partnership. In Raleigh, North Carolina, he secured $300 million in public funding for the Hurricanes’ arena and signed a 20-year lease extension, ensuring the team’s stability. Portland fans are hoping for a similar commitment, and early indications suggest Dundon’s intentions align with keeping the Blazers rooted in the Rose City for years to come.
The sale also represents a significant philanthropic moment. As stipulated by Paul Allen’s will, all proceeds from the transaction will be channeled toward charity, amplifying Allen’s lifelong commitment to giving back. It’s a rare instance in professional sports where a major ownership change directly benefits broader society, not just the league or its teams.
For Blazers fans, emotions are running high. The Allen era brought memorable highs and challenging lows, but always with a sense of stability and local pride. Now, with Dundon at the helm, there’s palpable excitement—and perhaps a dash of apprehension—about what the future holds. Will his aggressive investment strategy and data-driven leadership help the Blazers return to NBA prominence? Only time will tell, but one thing’s for certain: the winds of change are blowing strong in Rip City.
As the transaction nears its official closing and the ink dries on this historic deal, the Portland Trail Blazers stand on the threshold of transformation. With a new owner, renewed ambition, and a city rallying behind its team, the next chapter in Blazers basketball promises to be one of bold moves and big dreams.