The NBA board of governors has approved the sale of the Portland Trail Blazers from Paul Allen's estate to a group led by investor Tom Dundon. The $4 billion deal, which the league expects to close this week, comes after Oregon legislators approved funding for the Moda Center renovation. The approval removes uncertainty about the team's future in Portland.

Dundon's ownership group includes Portland-based Sheel Tyle, Marc Zahr, and the Cherng Family Trust. The investor, who previously owned the NHL's Carolina Hurricanes, will take control of a franchise purchased by Paul Allen in 1988 for just $70 million. Allen's estate began the sales process following the Microsoft co-founder's 2018 death.

The sale comes amid a frenzy of NBA franchise valuations, with the Boston Celtics recently selling for $6.1 billion. Allen stipulated in his will that his teams would be sold to fund philanthropic endeavors. His estate has also begun the process of selling the NFL's Seahawks, which won the Super Bowl in February 2026.