Hurricanes owner Tom Dundon to purchase NBA’s Portland Trail Blazers
According to a report from ESPN NBA Insider Shams Charania, Carolina Hurricanes owner Tom Dundon has reached an agreement to purchase the NBA’s Portland Trail Blazers.
“We can confirm Tom Dundon is in the process of buying the Portland Trailblazers and is excited about the opportunity,” the Hurricanes said in a statement. “This will not impact the Carolina Hurricanes, and Tom still wants to bring Major League Baseball to North Carolina.”
The team, which is currently held by the estate of previous owner Paul G. Allen, is being sold at a valuation of over $4 billion.
Dundon purchased a controlling stake the Hurricanes from Peter Karmanos Jr. for $420 million before assuming full ownership of the franchise in 2021.
According to CNBC’s 2024 NHL franchise valuations, the Hurricanes are worth approximately $1.3 billion today.
At the time Dundon purchased Carolina from Karmanos Jr, the franchise was mired in the longest playoff drought in the NHL. The Hurricanes have made the postseason in every season since Dundon bought the team.
Dundon, 53, has long made other forays into the world of sports business. In 2019, he made a $250 million investment in the Alliance of American Football while becoming the chairman of the now-defunct league.
His firm Dundon Capital Partners also acquired Pickleball Central in 2021.
Now, Dundon looks set to cement himself as one of the top figures in North American Sports.
He will join other NHL owners like Terry Pegula (Buffalo Sabres and Buffalo Bills), Stan Kroenke (Colorado Avalanche, Los Angeles Rams, Denver Nuggets) Fenway Sports Group (Pittsburgh Penguins and Boston Red Sox) the Illitch Family (Detroit Red Wings and Detroit Tigers), James Dolan (New York Rangers and New York Knicks) Josh Harris (New Jersey Devils and Philadelphia 76ers), Ryan Smith (Utah Mammoth and Utah Jazz) and Rogers (Toronto Maple Leafs, Toronto Blue Jays, Toronto Raptors) in controlling both NHL franchises and other Big 4 North American clubs.
Dundon is a graduate of Southern Methodist University in Dallas, Texas.
The Trail Blazers are in the midst of a rebuild, having missed the NBA playoffs in each of the past four seasons while finishing with a 36-46 record in the 2024-2025 campaign.