NBA Approves Blazers Sale: $4 Billion to Charity

The NBA has approved the sale of the Portland Trail Blazers to an investment group led by Tom Dundon. The deal, valued at $4.2 billion, will see the proceeds go to charitable foundations, according to the wishes of the late owner Paul Allen.

The NBA's Board of Governors unanimously approved the sale. The Allen family had owned the team since 1988.

Dundon will acquire 80.1% of the shares immediately, with the remaining 19.9% to be transferred by September 1, 2028. The investment group also includes Siel Tail, Mark Zahr, the Cherng family, and Stanley Middleman.

Dundon also owns the Carolina Hurricanes of the NHL.