Rumors

NBA commissioner Adam Silver attended the Trail Blazers' game against the Jazz on Friday night following the Oregon Legislature's approval of funds for the renovation of the Moda Center. Lawmakers passed the measure last week that gives the state joint ownership of the Moda Center with the city and provides a mechanism to secure $365 million for renovation of the 30-year-old building. The legislative effort comes amid the sale of the Trail Blazers by Paul Allen's estate to a group led by Tom Dundon, owner of the NHL's Carolina Hurricanes. It helped allay fears that the new ownership might move the team out of Portland. During his visit to Portland, Silver met with local officials about the next steps. He noted that Moda Center is not just home to the Trail Blazers, but it will also be home to the expansion Portland Fire in the WNBA. "I've had great conversations with the governor and the mayor, and it's been a bipartisan effort," Silver said. "I think everyone in this community recognizes that, even in addition to the Trail Blazers and the Fire -- and we can't forget about the Fire, which are about to open this season -- that these arenas are multiuse facilities, whether it's conventions or trade shows, concerts, graduations, you name it. They're part of the lifeblood of communities. So it's not just for the Trail Blazers and the Fire. You need a state-of-the-art arena here."

ESPN

The Trail Blazers have maintained that the arena needed renovation to attract big events, like the NBA All-Star Game and future NCAA tournament games. The estimated total cost of the project is $600 million. "The Moda Center has become probably the oldest building in the league. There may be a building or two that are older but have already gone through significant renovations," Silver said. "So you know that this work needs to be done, not just for the basketball teams in town, but for all those events, and because I know, on behalf the economy of Portland, you guys have lost out on some big events because this arena hasn't been updated in a long time. So it's just work that needs to get done. But it seems like the spirit is there."

ESPN

When the Paul Allen estate reached a formal agreement last week to sell the Portland Trail Blazers to an ownership group led by Tom Dundon, it came as a surprise to learn that The Cherng Family Trust was involved in the deal. It turns out, however, that the founders of Panda Express were not the only billionaires Dundon tried to recruit. Dallas Mavericks minority owner Mark Cuban divulged on the “Road Trippin’” podcast that Dundon asked Cuban to join his bid to buy the Blazers. The revelation came when podcast co-host Channing Frye — a former Blazers player — asked Cuban if he ever considered buying another NBA team and starting over in another market. Cuban offered his thoughts on NBA expansion, provided a scouting report on Dundon’s pick-up hoops game, and then dropped the news. “We had a real brief conversation,” Cuban said on the podcast. “But I’m like, ‘Unless I can be majority owner, I’m not going to do it.’”

Oregonian

Dundon, the owner of the NHL’s Carolina Hurricanes, has reached an exclusivity agreement with Paul Allen’s estate, which means there will be no negotiations with other interested buyers. Dundon’s group is in the process of negotiating documents, but the source close to Dundon says all major points have been agreed upon. The hope is to have a purchase agreement signed in September. A target date of March 31, 2026, has been set for the close of the deal. The estate expressed a desire for the team to stay in Oregon, and the source told The Athletic the team will remain in Portland.

New York Times

Eurohoops: 🤑 Paul Allen bought the Blazers in 1988 for $70 millions. 37 years later the team sold at a valuation of over $4 billions! pic.x.com/A6MqOGPI4e

Twitter

Eben Novy-Williams: Update: Transaction include two different payments, with a blended average of about $4.25 billion, sources say. Would be among highest prices ever paid for NBA team, but nowhere near the top.

Twitter

Shams Charania: NHL Carolina Hurricanes owner Tom Dundon has agreed to buy the Portland Trail Blazers from the estate of Paul G. Allen for a valuation of over $4 billion, sources tell ESPN.

Twitter

A source familiar with the proceedings said the group “is passionate about basketball and intends to keep the team in Portland, where it belongs.” That assertion comes as a relief after significant angst arose about the franchise’s future when Jody Allen, the sister of longtime owner Paul Allen, announced plans to sell the team in May, seven year’s after her brother died from complications of non-Hodgkins lymphoma.

Oregonian

Carolina Hurricanes owner Tom Dundon has reached a tentative agreement to buy the Portland Trail Blazers from Paul Allen’s estate, according to people familiar with the details.

Sportico

Others in the group include Blue Owl Capital co-president Marc Zahr and Portland-based Sheel Tyle, co-CEO of Collective Global, according to the people, who were granted anonymity because the details were private. The new group intends to keep the team in Portland, the people said.

Sportico

Dundon bought the NHL’s Hurricanes in 2018 for $425 million. He is also majority owner of the PPA Tour and Major League Pickleball. He will serve as the Trail Blazers governor, the people said.

Sportico

But mostly, they remain unsold because Jody Allen hasn’t wanted to sell them. “She did get a lot of pressure from people to sell soon after Paul passed,” says Bert Kolde, Paul Allen’s college roommate at Washington State, who has worked closely with the family since the mid-1980s. “People just assumed that she would have to sell both teams soon, or in the near future.”

Sports Business Journal

Nike co-founder Phil Knight said Wednesday that he is not interested in buying the Portland Trail Blazers, who are up for sale. Paul Allen's estate said Tuesday that it has begun the process of finding a new owner for the team. Allen, the billionaire cofounder of Microsoft who died in 2018, stipulated the eventual sale of his sports properties in his will. There was speculation that Knight, the chairman emeritus of Beaverton, Oregon-based Nike Inc., might step in to buy the Blazers because he had expressed interest a few years back. "Five years ago, when I was a younger man, I had a great interest in being a part of the Portland Trail Blazers franchise. However, at my current age, I can confirm that I no longer have interest in acquiring the team," Knight, 87, said in a statement via Nike.

ESPN

One day after Paul Allen’s estate announced it has started the process of selling the Portland Trail Blazers, Senator Ron Wyden (D-OR) is advocating to keep Portland’s ties to the National Basketball Association. On Wednesday, Sen. Wyden sent a letter to NBA Commissioner Adam Silver, describing Portland — and Oregon’s — love for the Blazers.

KOIN