The NBA Board of Governors has unanimously approved the sale of the Portland Trail Blazers to a group led by Dallas businessman Tom Dundon, a league source told The Athletic. The deal is structured at an approximate total value of $4.25 billion.

The transaction ends the Allen family’s ownership era dating to 1988. It is structured in two stages: an 80.1 percent stake closes March 31 at a $4 billion valuation, with the remaining 19.9 percent closing no later than September 1, 2028, at a $4.5 billion valuation. During the interim period, former Blazers chairman Bert Kolde will observe board meetings without governance authority.

Dundon’s purchasing group includes Portland’s Sheel Tyle of investment firm Collective Global, Chicago’s Marc Zahr of Blue Owl, the Cherng family of Las Vegas, founders of Panda Express, and Freedom Mortgage CEO Stanley Middleman, who also holds a partial stake in the Philadelphia Phillies.

Dundon currently serves as majority owner of the NHL’s Carolina Hurricanes, which he acquired in 2018 for $420 million. He recently sold 12.5 percent of that stake at a $2.66 billion valuation while retaining majority control. Carolina has reached the playoffs in eight straight seasons under his stewardship.

The Blazers are seeking $600 million to renovate the Moda Center. Oregon’s Legislature has already committed $365 million, funded through income tax revenues from team-related activity. Additional contributions from Multnomah County and the city of Portland remain pending council votes.

Paul Allen purchased the franchise in 1988 for $70 million. Following his death in 2018, his sister Jody assumed governance. The Allen estate listed the team for sale in May 2025, with all proceeds designated for charitable distribution.