The NBA announced on Monday that it's approved the sale of the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon.
Per the league, the sale is expected to close this week. Dundon will serve as the team's governor.
Dundon reached an agreement to purchase the teamfrom the estate of late owner Paul Allen in August. Per multiple reports, the team is being sold at a $4.25 billion valuation.
Allen, who co-founded Microsoft, previously owned the Trail Blazers from 1988 untilhis death in 2018. Hepurchased the team for $70 millionin 1988. The team has since been run by his his estate, which is managed by his sister, Jody Allen.
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Allen's will dictatedthat the team be sold after his death and for the proceeds to go toward philanthropic ventures. Now that sale is final and approved by the NBA. It's not clear what philanthropic efforts the proceeds will support.
Who is Tom Dundon?
Dundon, 54, purchased a majority stake in the NHL's Carolina Hurricanes in 2018, and the franchise has experienced success under his leadership.
The Hurricanes have made the playoffs in each year from 2019-25, making the conference finals three times. Prior to the 2018-19 season, the Hurricanes missed the playoffs for nine consecutive years.
Per the Oregonian, Dundon built his fortune in the supbrime auto lending industry as the co-founder and eventual CEO of Drive Financial, which later became Santander Consumer USA. Heleft the company in 2015 with more than $700 millionand nowruns the Dallas-based investment firm Dundon Capital Partnersin addition to his sports ownership ventures.
Dundon is also majority owner of Major League Pickleball and the PPA Tour.