We all knew that someday, in the years ahead, Jody Allen, trustee of Paul Allen’s estate and sister of the late Microsoft co-founder, was going to have to give up the Portland Trail Blazers. His will was clear: all his sports holdings would be sold and the proceeds directed toward his philanthropic vision.
What that part of the document never mentioned, however, was when the said sale actually had to happen.
Meanwhile, the debate about the Blazers’ future intensified across social media and sports talk. Would the estate prioritize keeping the team in the Rose City? Go with the highest bidder? Or was relocation, maybe 200 miles up north, a possibility? The commissioner’s comments regarding the ownership situation last month didn’t provide much reassurance, either.
This week’s announcement absolutely changes the conversation, though. Sportico reported Wednesday that Dallas-based businessman Tom Dundon has agreed to buy the team for just over $4 billion in a deal with the Allen estate. The NBA Board of Governors will still need to ratify the purchase agreement before the sale is finalized, which can take several months to complete. That is expected to be a formality, however.
Dundon is well-known in the sports world as the majority owner of the Carolina Hurricanes, which he purchased for $400 million in 2017. By negotiating a long-term lease for the team’s arena in Raleigh, he was able to invest $1 billion in upgrades, including renovated seating, improved concourses, modern luxury suites, and new practice facilities, while also developing a surrounding entertainment district. With Portland’s Moda Center now the NBA’s oldest arena without a major renovation, Dundon’s track record offers hope that a similar transformation could be possible in Portland.
His other enterprises include Dundon Capital Partners and a Texas-based real estate firm he owns, as well as holdings in Topgolf, Callaway Brands, and Pickleball Inc.
The strongest indicator that the team will remain in Portland lies in the local partners Dundon has chosen. Among them is Portland-based Sheel Tyle, co-CEO of Collective Global Management and founder of Amplo, who brings both business expertise and deep ties to the city. Tyle is married to Oregon Health Authority director Dr. Sejal Hathi. It looks like even more homegrown stakeholders may come on board, too, with The Oregonian reporting that Columbia Sportswear CEO Tim Boyle is considering investing a “tiny speck” himself.
The fact of the matter is, no move makes sense for Dundon specifically. This isn’t a Clay Bennett-style situation, where he moved the SuperSonics to Oklahoma City, his hometown. Dundon’s base cities already have NBA teams; North Carolina has the Hornets, and Dallas has the Mavericks, so there isn’t the same incentive or opportunity to relocate. Seattle and Vegas might look attractive from afar, but Dundon has no personal or business roots in either city. There is only one market with an invested fanbase, arena support with potential for a public-private partnership, and committed local partners, and that’s Portland.
That’s not to say the team is completely secure; billionaires aren’t always predictable. But it might be time to start looking forward to a rooftop fan deck with skyline views and a club-level lounge, rather than fretting about a potential move up I-5.
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