Overview
- Following Monday's unanimous league vote, the Rip City Rising group assumed majority control Tuesday of the Trail Blazers, their G League team and arena operations.
- The purchase uses a two-step structure valued at about $4.25 billion, with 80.1% closing at a $4 billion valuation this week and the final 19.9% due by Sept. 1, 2028 at $4.5 billion.
- Tom Dundon becomes team governor with investors including Sheel Tyle, Marc Zahr, the Cherng family and Stanley Middleman, and the group now oversees the Moda Center and the Rose Quarter campus.
- Oregon lawmakers approved $365 million in March for a planned renovation of the roughly $600 million project at the Moda Center, and Dundon dismissed relocation talk while citing a proposed long-term commitment to Portland.
- The sale fulfills Paul G. Allen’s directive to sell the franchise and send proceeds to philanthropy, and Dundon told players on day one that recent results do not meet his standards.