Blazers sale moves forward as Tom Dundon signs purchase agreement

The Trail Blazers’ sale to Tom Dundon is moving from “tentative” to official. Nearly a month after reports first surfaced, Dundon has now signed a purchase agreement to buy the franchise, per Bill Oram of The Oregonian and Eben Novy-Williams of Sportico.

NBA approval is still needed, but the deal is expected to formally close before the end of the 2025-26 season. One earlier report set March 31 as the target date.

Dundon’s investor group includes Blue Owl Capital co-president Marc Zahr, Collective Global co-CEO Sheel Tyle, and the Cherng Family Trust — tied to Panda Express founders Andrew and Peggy Cherng. Sportico previously reported the group will submit two separate payments totaling a blended valuation of about $4.25 billion.

Dundon’s bid beat out RAJ Sports and the Bhathal family, owners of the NWSL’s Portland Thorns and new WNBA franchise Portland Fire.

The Blazers have been for sale since May as part of Paul Allen’s estate plan, with proceeds earmarked for philanthropy.

Dundon is also the majority owner of the NHL’s Carolina Hurricanes.