The Portland Trail Blazers have been sold to a group led by billionaire Tom Dundon for a reported $4.25 billion. This sale is part of a trend of high-value NBA franchise deals driven by new media rights agreements. Dundon, alongside investors Marc Zahr and Sheel Tyle, guaranteed that the team will remain in Portland, alleviating local concerns about possible relocation. The Blazers were put up for sale following the directives of Paul Allen's estate after his 1988 acquisition at $70 million, marking a significant increase in franchise value since then.
The deal is reportedly valued at $4.25 billion, joining a string of multibillion-dollar NBA franchise deals in recent months, a product of new, lucrative media rights deals with Amazon, NBC, and ESPN.
Dundon confirmed the sale while declining to comment on the exact transaction value, saying he was 'very excited.'
Crucially, Dundon and his group have assured the city and NBA fans that Trail Blazers will remain in Portland, putting to rest years of speculation about a possible relocation.
The estate of billionaire Paul Allen announced the Blazers were formally up for sale in May, acting on directives from the late Microsoft co-founder.
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