"The NBA Board of Governors approved the sale of controlling interest in the Portland Trail Blazers from Paul Allen's estate to a group led by investor Tom Dundon on Monday. The league said in a statement it expects the deal to close this week."
"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."
"The approval of the sale of the Trail Blazers comes after the Oregon Legislature approved funds for the renovation of the Moda Center in early March, providing a mechanism to secure $365 million for the building's renovation."
"Paul Allen stipulated in his will the eventual sale of his teams, with the proceeds to be given to philanthropic efforts, following his death in 2018."
The NBA Board of Governors approved the sale of the Portland Trail Blazers from Paul Allen's estate to a group led by Tom Dundon for $4 billion. The deal is expected to close this week. Dundon's group includes notable investors and follows his recent sale of a stake in the NHL's Carolina Hurricanes. The sale comes after Oregon approved funds for the renovation of the Moda Center, ensuring the team's location in Portland. Paul Allen originally purchased the Blazers in 1988 for $70 million.
Read at ESPN.com
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