"PORTLAND, Ore. -- Paul Allen's estate has formally reached an agreement to sell the Portland Trail Blazers to a group of investors led by Carolina Hurricanes owner Tom Dundon. Dundon announced a tentative deal last month to buy the team and keep it in Portland. The Allen estate announced Friday that it had "entered a formal sales agreement" with the group. Terms were not disclosed. Dundon's group includes Portland-based Sheel Tyle, the co-founder of investment firm Collective Global; Marc Zahr, co-president of Blue Owl Capital; and the Cherng Family Trust, the family office and investment firm of the co-founders of Panda Express."
"Dundon, 53, bought a stake in the Hurricanes in 2017 and became the majority owner in 2018. He is chairman and managing partner of the Dallas-based firm Dundon Capital Partners. Allen's estate announced in May that it had begun the process of selling the Trail Blazers. The billionaire co-founder of Microsoft, who died in 2018 at age 65 from complications of non-Hodgkin lymphoma, originally bought the Blazers in 1988 for $70 million."
Paul Allen's estate entered a formal sales agreement to sell the Portland Trail Blazers to an investor group led by Tom Dundon. Terms of the sale were not disclosed. The investor group includes Sheel Tyle, Marc Zahr and the Cherng Family Trust. The NBA Board of Governors must ratify any final purchase agreement. ESPN previously reported the deal was for $4 billion and the Boston Celtics recently sold for $6.1 billion. The sale is expected to close by the end of the year. The estate has not announced plans for the Seahawks or the Sounders stake.
Read at ESPN.com
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