The Allen family estate has announced formal plans to sell its majority stake in the Trail Blazers, according to Bill Oram of The Oregonian.
The franchise will be sold to a group led by Tom Dundon, the majority owner of the NHL's Hurricanes, for a price that is expected to exceed $4 billion. The sale is anticipated to close by the end of the 2025–26 basketball season.
Paul Allen, the late co-founder of Microsoft, purchased the team in 1988 for $70 million. He died in 2018 from non-Hodgkin's lymphoma, and his will stated that all of his sports holdings should be sold after his death.
As for Dundon, the 53-year-old has owned the Hurricanes since 2018 and the franchise has reached the conference finals three times since he purchased the team.
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This article was originally published on www.si.com as Trail Blazers Ownership Announces Formal Agreement in Place to Sell the Franchise.
