NBA Approves Sale of Trail Blazers to Tom Dundon-Led Group

The $4.25 billion deal will keep the team in Portland and bring new ownership with ties to Oregon.

Mar. 30, 2026 at 11:04pm by Ben Kaplan

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A cubist, fragmented painting depicting a basketball game or match, with sharp, overlapping geometric shapes in the team colors of the Portland Trail Blazers and Carolina Hurricanes, conveying the energy and dynamism of the sport.The new ownership group's challenge is to rebuild the Trail Blazers franchise and revitalize their aging home arena through a bold, geometric vision.Portland Today

The NBA Board of Governors has approved the sale of the Portland Trail Blazers from the estate of Paul Allen to a group led by Carolina Hurricanes owner Tom Dundon. The two-part deal will see 80.1% of the team sold this week, with the remaining 19.9% to close by 2028. The new ownership group includes several members with connections to Oregon, and they will face the challenge of reviving the struggling Blazers franchise and renovating their aging Moda Center arena.

Why it matters

The sale of the Trail Blazers is a significant event for the city of Portland and the NBA. The team has struggled in recent years, both on the court and with their aging arena, so new ownership brings the opportunity to revitalize the franchise and its home venue. The involvement of owners with Oregon ties also suggests a commitment to keeping the team rooted in the local community.

The details

Under the agreement, the Dundon-led group will acquire 80.1% of the Trail Blazers this week, with the remaining 19.9% to be purchased by September 2028. The new ownership includes several members with connections to Oregon, including Sheel Tyle, the founder of Portland-based Collective Global, and Peggy Cherng, who attended Oregon State University. Other owners include Chicago's Marc Zahr and Stanley Middleman, founder of Freedom Mortgage and a part-owner of the Philadelphia Phillies.

  • The NBA Board of Governors approved the sale on March 30, 2026.
  • The initial 80.1% purchase will close by March 31, 2026.
  • The remaining 19.9% will close no later than September 1, 2028.

The players

Tom Dundon

The lead owner of the new group that is purchasing the Portland Trail Blazers. Dundon also owns the Carolina Hurricanes NHL team.

Sheel Tyle

The founder of Collective Global, a Portland-based company, and a member of the new Trail Blazers ownership group.

Peggy Cherng

A member of the Panda Express restaurant family who attended Oregon State University, and is part of the new Trail Blazers ownership group.

Marc Zahr

The co-president of investment firm Blue Owl in Chicago, and a member of the new Trail Blazers ownership group.

Stanley Middleman

The founder and CEO of Freedom Mortgage, who is also a part-owner of the Philadelphia Phillies and a member of the new Trail Blazers ownership group.

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What’s next

The new ownership group will need to address the Trail Blazers' recent struggles, including a 117-211 record over the past four seasons, and the need to renovate or replace the aging Moda Center arena. The state of Oregon and local officials in Portland have proposed $365 million in funding to help with the arena renovations, but those proposals still need to be voted on by city councilors.

The takeaway

The sale of the Trail Blazers to a new ownership group led by Tom Dundon represents a significant transition for the franchise. With connections to Oregon and a commitment to keeping the team in Portland, the new owners have an opportunity to revitalize the struggling Blazers and their home arena. However, they will face several challenges, including rebuilding the team on the court and securing the necessary funding for the Moda Center renovations.