Tom Dundon, owner of the NHL’s Carolina Hurricanes, has agreed to purchase the Portland Trail Blazers.
The sale price was not available, but CNBC recently valued the Blazers at $3.65 billion.
The Blazers had been owned by the estate of Paul Allen, co-founder of Microsoft.
The new owner of the Portland Trail Blazers is already familiar with the colors black and red.
Tom Dundon, the owner of the NHL’s Carolina Hurricanes, reached an agreement Wednesday, Aug. 13 to purchase the Trail Blazers from the estate of Paul Allen.
The sale price was not available as of early Wednesday afternoon.
CNBC, which provides valuations of NBA franchises, listed the franchise at $3.65 billion in its most recent list.
Since Allen’s death in 2018, his sister, Jody Allen, became the executor and trustee of the estate and therefore the chairperson of the Trail Blazers and NFL’s Seattle Seahawks. Paul Allen’s estate had dictated that the majority of his wealth be donated to philanthropy.
In May 2025, the estate formally put the Blazers up for sale.
Paul Allen, the co-founder of Microsoft alongside Bill Gates, had owned the Trail Blazers since 1988.
Here’s everything you need to know about new Trail Blazers owner Tom Dundon.
Who is Tom Dundon?
Dundon, 53, is a billionaire businessman who is the co-founder and chairman of Dallas-based private investment firm Dundon Capital Partners. He’s also the co-founder and chairman of Southpaw Capital Partners.
Born in New York and raised in Dallas, Dundon graduated from Southern Methodist in 1993 with a bachelor’s degree in economics.
His investments have spanned sports and entertainment, to real estate, healthcare, hospitality, tech and automotive and financial services.
His first big break in the business landscape came in 1997, when he and a collection of partners formed a car financing corporation that became Santander Consumer USA. Dundon eventually rose to become the company’s chairman and CEO.
In 2015, Dundon stepped aside from that role and formed Dundon Capital Partners. He’s also the majority owner of a Dallas-based real estate company called Pacific Elm Properties and is an investor in Topgolf Callaway Brands and Pickleball Inc.
Dundon is also active in several Dallas-area charities and launched the Dundon Family Charitable Fund, which focuses on academic and athletic initiatives at several universities.
When did Tom Dundon buy the Carolina Hurricanes?
In 2017, Dundon’s name surfaced in sales discussions to purchase the Hurricanes from previous longtime owner Peter Karmanos Jr. In January 2018, Dundon completed the sale and became the majority owner of the team.
At the time, per Forbes, Dundon purchased 61% of the franchise’s shares for $420 million. That included operating rights to the Lenovo Center (previously PNC Arena), the arena in Raleigh, North Carolina where the Hurricanes play.
Then, in June 2021, Dundon purchased the remaining shares to become the sole owner and proprietor of the Hurricanes.
The Hurricanes ended a nine-season playoff drought in his first full season of ownership and have made the postseason in all seven seasons. They have reached the Eastern Conference finals three times, including last season.