Dundon-led bid to buy Trail Blazers for about $4B, keep in Portland

A group led by Carolina Hurricanes owner Tom Dundon has reached a tentative agreement to buy the Portland Trail Blazers from the Paul Allen estate for about 4 billion, with plans to keep the team in Portland and take the sale through the NBA’s final approval process. The deal, disclosed as a leading step in a multistage sale, would place the Trail Blazers in a new ownership era while signaling a continued commitment to remain in their Oregon home.

Dundon’s group includes Portland-based investor Sheel Tyle, cofounder of Collective Global, and Blue Owl Capital co-president Marc Zahr. While terms beyond the purchase price have not been disclosed publicly, the sale is described as substantial in scope and is contingent on final NBA Board of Governors approval. Dundon indicated publicly that keeping the team in Portland is a priority, and he signaled interest in pursuing a public-private approach to arena financing in collaboration with city and state officials.

The sale comes as Paul Allen’s estate moves to settle his holdings in a manner consistent with his philanthropic intentions. Allen, who bought the Blazers in 1988 for about 70 million, died in 2018, leaving the franchise...