Portland Trail Blazers Sold In £3.21bn Deal

A deal has been finalised to sell the NBA’s Portland Trail Blazers to a consortium headed by Tom Dundon, who also owns the NHL’s Carolina Hurricanes.

The basketball franchise, previously owned by the estate of the late billionaire Paul Allen, was put up for sale last May, with all proceeds earmarked for Allen’s philanthropic endeavours. Allen, co-founder of Microsoft with Bill Gates, acquired the team in 1988 for $70 million (£52.9 million) and also owned the NFL’s Seattle Seahawks.

While the financial specifics of the transaction remain undisclosed, the deal is reportedly valued at approximately $4.25 billion (£3.21 billion).

Under the terms of the agreement, the team will continue to be based in Portland, with Dundon taking on the role of the team’s governor.

Dundon stated: “Today is the beginning of a new chapter for the Portland Trail Blazers, as we build on the legacy of this storied franchise. On behalf of our ownership group, my commitment to this tremendous fan base is that we are going to be relentless towards building a team that can compete at the highest level, every single season.”

The Trail Blazers, who last won an NBA championship in 1977, have faced a difficult season. Head coach Chauncey Billups has been indefinitely suspended following charges stemming from an FBI investigation into illegal sports betting and allegedly rigged, mafia-linked poker games. Under interim coach Tiago Splitter, the team is set to compete in the post-season play-in tournament, commencing on 14 April.