The $4.25 billion sale of the Portland Trail Blazers to Tom Dundon's group has been unanimously approved by the NBA Board of Governors, according to Jason Quick of The Athletic.
Quick adds that this is a two-part sale. Part one will close on Tuesday, March 31, at 80.1 percent of the purchase price, valued at $4 billion. Part two closes no later than September 1, 2028, with the remaining 19.9 percent priced at $4.5 billion.
Tom Dundon's takeover is perfect timing for the Blazers
I'm over here second-guessing whether I really needed to add guacamole to my Chipotle burrito, while Dundon is adding yet another professional sports franchise to his portfolio. Must be nice.
But seriously, given Dundon's track record with successfully turning around the NHL's Carolina Hurricanes, this is an ideal outcome for the Blazers franchise.
There's been much speculation regarding whether the Blazers will ultimately remain in Portland, but I would be surprised if they actually relocated. Quick mentions that the Blazers are still seeking $600 million in funding, but took a step in the right direction when the Oregon Legislature pledged $365 million towards arena renovations.
If there's one guy you want leading the charge, it sounds like Dundon's that guy. Quick calls him a "fierce negotiator" who secured a 20-year lease for the Hurricanes after landing $300 million in funding to renovate their venue in Raleigh, North Carolina.
What Blazers fans can expect from Tom Dundon
Dundon won't just have a positive impact on higher-level initiatives like arena funding; he has a reputation for being hands-on and will leave his mark on the Blazers' on-court product, too.
Data-driven decisions and player investments are the two key takeaways from Quick's piece. The Hurricanes were one of the cheapest teams in the league before Dundon entered the picture, and now are the sixth-highest. The Blazers' young core is going to get expensive to retain in the coming seasons, especially given that Deni Avdija is significantly outplaying his current contract. That may be a problem in terms of the CBA, but it shouldn't be a problem for Dundon.
This ownership change comes at the perfect time as the Blazers look to take that next step. With another year of development and Damian Lillard's return, expectations will be heightened next season in Rip City.
It will be interesting to see how aggressive Dundon is to start. He quickly changed the Hurricanes' front office landscape, demoting and eventually firing former general manager Ron Francis. Could history repeat itself with Joe Cronin in Portland?
Cronin has made a compelling case to stick around, particularly when it comes to the way he's navigated the Lillard and Deni Avdija trades. Nonetheless, that will be something Dundon will have to consider, and could even depend on how Portland looks in the Play-In Tournament.