The Portland Trail Blazers are on the cusp of a transformative era. On August 13, 2025, ESPN’s Shams Charania and Sportico broke the news that Tom Dundon, owner of the NHL’s Carolina Hurricanes, had agreed to purchase the franchise for over $4 billion, alongside partners Marc Zahr and Sheel Tyle. With a commitment to keeping the team in Portland and plans to upgrade the Moda Center, this ownership group offers a lifeline to a franchise that’s been adrift since Paul Allen’s passing in 2018. For fans and players, this signals a return to ambition and relevance in Rip City.
The ownership trio brings serious financial and strategic heft. Tom Dundon, 53, is the centerpiece—a Dallas-based investor whose Dundon Capital Partners has stakes in Topgolf, Callaway Golf, and even pickleball’s Pro Pickleball Association. Since buying the Hurricanes in 2018 for $420 million (now worth $1.2 billion), he’s turned them into a playoff juggernaut, with seven postseason appearances in eight years, three conference finals, and a 168% surge in sponsorship revenue. Marc Zahr, co-president of Blue Owl Capital, manages $273 billion in assets and holds minority stakes in NBA teams like the Suns and Kings, bringing expertise in financing and real estate that could modernize Portland’s arena. Sheel Tyle, a Portland resident and founder of Collective Global Management and Amplo, adds local roots and global investment savvy, managing over $1 billion in assets. Together, they’re a powerhouse poised to stabilize and elevate the Blazers.
For Portland’s young core—Scoot Henderson, Shaedon Sharpe, and recent first-rounders—this is a game-changer. GM Joe Cronin has juggled dual timelines, balancing veterans like Damian Lillard, Jrue Holiday, and Jerami Grant with emerging talent. Last season’s 15-win leap was driven by the youngsters, signaling a roster nearing playoff contention. Dundon’s Hurricanes model—patient rebuilding for sustained success—suggests he’ll double down on youth rather than chasing risky win-now moves that could strand the team in mediocrity. His track record proves he knows how to build a contender without cutting corners.
The Blazers’ story under Paul Allen was one of defiance—a small-market team chasing titles with stars like Clyde Drexler, Rasheed Wallace, Brandon Roy, and Lillard. Allen’s bold trades, free-agent pursuits, and courtside presence defined Rip City’s grit. But since his death, the franchise under Jody Allen has felt rudderless, with inexperienced leadership and cautious moves that dulled fan enthusiasm and eroded relevance. Attendance sagged, and the once-electric bond with the city weakened.
Dundon’s group changes the narrative. This isn’t a guarantee of instant glory, but it’s a shot of purpose for a team craving direction. With plans to renovate or replace the Moda Center and a blueprint for winning, the Blazers can reclaim their overachiever spirit. For fans who’ve weathered years of uncertainty, this ownership shift offers what’s been missing: hope. Rip City is ready to rise again.
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