The late Paul Allen’s estate made a splashy move to start a wave. It has now confirmed that it has signed a sales agreement to sell the Portland Trail Blazers. This deal is in line with Allen’s desires. In his deed of sale, he stated that the proceeds from sale should go to advancing philanthropic causes. The announcement is a huge step forward in the continued long fight, begun by Allen’s estate last May. Their stated aim is to seek a new owner for the NBA franchise.
Jody Allen, Paul Allen’s sister and chair of the Portland Trail Blazers, has overseen this transition as the estate sought to honor her brother’s legacy. Paul Allen, who passed away in 2018, was known for owning the NFL’s Seattle Seahawks and co-owning Major League Soccer’s Seattle Sounders. His commitment to philanthropy was a hallmark of his life, and selling the Trail Blazers ensures that his values continue to impact the community positively.
The sale takes place when the NBA scene is in the midst of several record-breaking financial deals. In March, the sale of the Boston Celtics for $6.1 billion – a stunning figure that reflects the current strength of the market for any professional sports franchise. The group buying the Blazers is headed by Tom Dundon, an experienced investor with stakes in several other sports ventures and owner of the NHL’s Carolina Hurricanes. This is particularly relevant because Dundon became the majority owner of the Hurricanes in 2018, after buying an initial controlling interest in 2017.
Dundon’s investment group includes some heavy hitters. Among them are Sheel Tyle, co-founder of Portland-based investment firm Collective Global; Marc Zahr, co-president of Blue Owl Capital; and the Cherng Family Trust, associated with the co-founders of Panda Express. This diverse coalition promises to bring a wealth of expertise and resources to the franchise.
He reiterated his desire to keep the Trail Blazers in Portland, and the franchise’s history and importance to their local fanbase. The agreement comes on top of a tentative settlement that was reached last month. As evidenced by this milestone, it’s a remarkable accomplishment for both Dundon and the city of Portland.
It casts a long shadow on a legacy that thrived due to local, grassroots community support and philanthropy. The sale would guarantee the team’s long-term future. It additionally makes sure that Allen’s vision for giving back continues to flourish through the proceeds created from this transaction.
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