The Trail Blazers are making a change in ownership.
Paul Allen's estate has reached a tentative agreement to sell the franchise to a group led by Tom Dundon, according to a Sportico report. The franchise's valuation is over $4 billion, per ESPN's Shams Charania.
Amid speculation of a potential relocation, Dundon intends to keep the franchise in Portland, per the above reports.
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Dundon is also the owner of the NHL's Carolina Hurricanes. His ownership group also includes Blue Owl Capital co-president Marc Zahr and Collective Global co-CEO Sheel Tyle.
Here is what to know about the Blazers' new owner.
MORE: Why Damian Lillard made decision to return to Trail Blazers
Who is Tom Dundon?
Tom Dundon is an American businessman who is a co-founder and the chairman of Southpaw Capital Partners. He is also the chairman and managing partner of Dundon Capital Partners and the sole owner of the Carolina Hurricanes.
His investments span the worlds of sports and entertainment, healthcare, real estate and hospitality, as well as automotive and financial services sectors.
Dundon was born in New York, grew up in New Jersey and his family moved to Texas, where he lived in Houston before the family settled in Dallas. He attended Southern Methodist University and still lives in the Dallas area.
How did Tom Dundon make his money?
Dundon netted $713 million in 2017 as part of a settlement agreement when he left his post as CEO of Santander Consumer USA.
He is a major investor in Topgolf and, as of 2024, owns 10 percent of the business. He is also an investor in several pickleball-related companies, which includes Pickleball Inc.
Tom Dundon net worth
As of the sale, Dundon's net worth was not publicly available. He purchased the Hurricanes in 2018 for $425 million, but the franchise is now valued at over $1.2 billion.