Rumors

Howard Schultz credits Bill Gates Sr. with being the critical force in getting him control of Starbucks in 1987. Then in 1992, when Starbucks went public, one of the lead underwriters was Alex. Brown, run by “Buzzy” Krongard. About the same time, Paul Allen bought the Trail Blazers (1988) and Seahawks (1997) meaning that people connected to Gates, Microsoft, and Krongard owned almost all the major pro teams in the Northwest. 2006 Howard Schultz sold the Sonics to a group from Oklahoma City. The hands-on leader was Clay Bennett, but the deep pockets in the group came from a man named Aubrey McClendon. McClendon had co-founded Chesapeake Energy, which had gone public in 1993 underwritten by Bear Sterns, where Epstein had worked a little over a decade earlier and maintained relationships. At the time of the sale, McClendon emailed co-investors “the OKLAHOMA CITY SONIC BOOM.” 2007 According to a subsequent federal indictment, in 2007, McClendon began an effort to rig bids in the natural gas industry. In April, members of the Sonics’ ownership group began emailing Clay Bennett to ask if the team could be moved to Oklahoma City as quickly as possible. Bennett declared “I am a man possessed!”

TrueHoop

The NBA Board of Governors has unanimously approved the sale of the Portland Trail Blazers to a group led by Dallas businessman Tom Dundon, a league source told The Athletic. The transaction, valued at approximately $4.25 billion, will mark the first time since 1988 that the Blazers have not been owned by Paul Allen or his sister, Jody. The sale will be a two-part deal: 80.1 percent is being bought at a $4 billion valuation and will close March 31.

New York Times

The additional 19.9 percent is being bought at a $4.5 billion valuation and will close by no later than Sept. 1, 2028. During the interim period between March 31, 2026, and the second closing, Bert Kolde, chairman of the Blazers under Allen, will observe board meetings but will have no involvement or governance, according to a source with knowledge of the transaction.

New York Times

Dundon, who is also the majority owner of the NHL’s Carolina Hurricanes, heads a purchasing group that includes Portland’s Sheel Tyle, CEO of investment firm Collective Global; Chicago’s Marc Zahr, co-president of investment firm Blue Owl; the Cherng family of Las Vegas, who owns Panda Express; and Stanley Middleman, founder and CEO of Freedom Mortgage. Middleman, who is from Philadelphia but lives in Ocean Ridge, Fla., also owns part of the Philadelphia Phillies.

New York Times

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