Tom Dundon Group Acquires Control of Portland Trail Blazers

Rip City Rising ownership group completes $4.25 billion purchase of NBA franchise and surrounding assets.

Apr. 1, 2026 at 1:25am by Ben Kaplan

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The Rip City Rising ownership group, led by Tom Dundon, the owner of the NHL's Carolina Hurricanes, has completed a $4.25 billion purchase to take control of the NBA's Portland Trail Blazers. The deal includes the Trail Blazers franchise, the Rip City Remix G League team, Rip City Management, and operational control of the Moda Center arena and the surrounding Rose Quarter development.

Why it matters

This acquisition represents a major shift in ownership for one of the NBA's most storied franchises. The new ownership group has pledged to keep the team in Portland and invest in renovating the aging Moda Center, which is seen as crucial to the revitalization of the Rose Quarter neighborhood.

The details

Under the agreement approved by the NBA Board of Governors, Dundon's Rip City Rising group purchased 80.1% of the combined assets this week, with the remaining 19.9% to be completed by September 2028. The deal includes the Trail Blazers, the G League Rip City Remix team, Rip City Management, and operational control of the Moda Center and surrounding Rose Quarter. At least two members of the ownership group, Sheel Tyle and Peggy Cherng, have connections to Oregon.

  • The NBA Board of Governors approved the majority ownership transfer from the estate of the late Paul Allen on Monday.
  • The $4.25 billion purchase is set to be 80.1% completed this week, with the remaining 19.9% to be finished by September 1, 2028.

The players

Tom Dundon

The owner of the NHL's Carolina Hurricanes, who is leading the Rip City Rising ownership group that acquired the Portland Trail Blazers.

Sheel Tyle

The founder of Collective Global, a Portland-based company, and a member of the Rip City Rising ownership group.

Peggy Cherng

Part of the family that owns Panda Express restaurants, and a member of the Rip City Rising ownership group who attended Oregon State University.

Marc Zahr

The co-president of investment firm Blue Owl in Chicago, and a member of the Rip City Rising 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 Rip City Rising ownership group.

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What they’re saying

“We are excited to take control of the Trail Blazers and continue the team's legacy in Portland. Our group is committed to investing in the Moda Center and the surrounding Rose Quarter to revitalize the area and provide an enhanced fan experience.”

— Tom Dundon, Owner, Rip City Rising

What’s next

The new ownership group will work with state and local officials to finalize plans and funding for the Moda Center renovation, which is seen as crucial to the revitalization of the Rose Quarter neighborhood.

The takeaway

This acquisition represents a significant shift in ownership for the Trail Blazers, with a new group led by Tom Dundon taking control of the franchise and its surrounding assets. The new owners have pledged to keep the team in Portland and invest in upgrading the aging Moda Center, which could have a major impact on the local community.