The estate of Paul Allen has reached a formal agreement to sell the Portland Trail Blazers to billionaire Tom Dundon and a group of several other investors. The Oregonian/Oregon Live and Sportico were the first outlets to report the news Friday.

In a statement provided to OPB, the estate announced that the new owners intend to keep the team in Portland. Dundon is perhaps best known as the current owner of the Carolina Hurricanes hockey team.

Paul Allen, who co-founded Microsoft, originally purchased the Trail Blazers in 1988 for $70 million. After he died in 2018, his sister Jody Allen became the executor of his estate and was required by her brother’s will to sell the team. The proceeds of the sale will help fund the estate’s philanthropic efforts.

The sale still needs to be approved by the NBA Board of Governors. The sale price has not been disclosed, but The Oregonian/Oregon Live reported it could be more than $4 billion.

The estate also announced new members of the ownership group. The Cherng Family Trust, operated by Panda Express founders Andrew and Peggy Cherng, is the latest and likely wealthiest investor in the group. Forbes estimates that the Cherngs have a combined net worth of $7.5 billion.

They join Dundon, Marc Zahr of Blue Owl Capital and Sheel Tyle of Collective Global as members of the ownership group.

This story may be updated.

Kyra Buckley contributed reporting to this story.

News Source : https://www.opb.org/article/2025/09/12/allen-estate-sell-trail-blazers-dundon-cherng-investors/