Trail Blazers Sale Approved by NBA After Tom Dundon's Group Reportedly Buys Team At $4.25B Valuation

Six months after Paul Allen's estate entered into a formal agreement to sell the Portland Trail Blazers to a group led by Tom Dundon, the NBA has officially approved the deal.

The league announced on Monday that the board of governors voted to approve the Blazers' sale.

Per The Athletic's Jason Quick, Dundon's group purchased the Trail Blazers at a valuation of $4.25 billion.

Quick noted the transaction will be completed in two parts, with 80.1 percent of the deal closing on March 31. The remaining 19.9 percent will close "no later" than Sept. 1.

Bert Kolde, who is the current Blazers' vice chair under governor Jody Allen, will continue to observe board meetings but won't have any involvement in decisions during the period between the first and second transactions closing, according to Quick.

Paul Allen purchased the Trail Blazers in 1988 and the NFL's Seattle Seahawks in 1997. Following his death in 2018, control of the franchises transferred to his estate, with his sister, Jody, serving as chair for both the Blazers and Seahawks.

Allen's estate announced on Feb. 18 that it has commenced a formal sale process for the Seahawks, 10 days after the franchise defeated the New England Patriots to win Super Bowl 60.

ESPN's Brady Henderson pointed out Allen's will stipulated that both the Seahawks and Blazers were to eventually be sold in the wake of his death, with all proceeds going to philanthropic efforts.

Even before the sale agreement was announced in September, ESPN's Shams Charania and Brian Windhorst reported Dundon's intention to keep the Blazers in Portland as part of the deal.

The 54-year-old Dundon's primary connection to the sports world prior to Monday's deal is the Carolina Hurricanes. He became a majority owner of the NHL franchise in January 2018 and eventually bought all of the minority shares in 2021 to become the sole owner.

Dundon recently sold a 12.5 percent stake in the Hurricanes to three minority partners at a $2.66 billion valuation. He was also an investor in the Alliance of American Football in 2019 prior to the league ceasing operations.

The Blazers (38-38) are in the midst of a playoff push down the stretch this season. They are currently ninth in the Western Conference standings. If they make the play-in tournament and reach the postseason, it would be their first time in the field since the 2020-21 season.

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