A deal to sell NBA side Portland Trail Blazers to a group led by Tom Dundon, the owner of NHL outfit Carolina Hurricanes, has been completed.
The Trail Blazers had been owned by the estate of billionaire businessman Paul Allen, who died in 2018, but last May the team was put up for sale with all proceeds to go towards Allen’s charity work.
Financial terms of the deal were not revealed but it is estimated to be worth around $4.25 billion (£3.21bn).
Under the agreement, the team will remain in Portland with Dundon serving as the team’s governor.
“Today is the beginning of a new chapter for the Portland Trail Blazers, as we build on the legacy of this storied franchise,” said Dundon.
“On behalf of our ownership group, my commitment to this tremendous fan base is that we are going to be relentless towards building a team that can compete at the highest level, every single season.”
Allen, the co-founder of Microsoft alongside Bill Gates, bought the team from one of the franchise’s founders Larry Weinberg for $70m (£52.9m) in 1988 and also owned NFL side Seattle Seahawks.
The Trail Blazers, whose only NBA championship title came in 1977, have had a challenging time this season with head coach Chauncey Billups suspended indefinitely after being charged following an FBI investigation into illegal sports betting and allegedly rigged, mafia-linked poker games.
Under interim coach Tiago Splitter, they are set for a place in the post-season play-in tournament which begins on 14 April.
