The Paul G. Allen Estate has reached a formal agreement to sell the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon, the estate announced Friday. The Rose Garden Report’s Sean Highkin and The Oregonian’s Bill Oram were the first to report the news.

In August, the Allen estate reached a tentative agreement to sell the Blazers to Dundon’s group for a reported $4.25 billion, and Friday’s announcement of a formal agreement was the next step in the sales process.

The deal is expected to close by the end of the 2025-26 season, according to Highkin.

The formal announcement from the estate — posted in Oram’s article — notes Dundon’s group now includes the Cherng Family Trust. Andrew Cherng and his wife Peggy Tsiang Cherng co-founded Panda Express and the Panda Rest

See Full Page