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Rip City’s $4 Billion Play: Inside the Portland Trail Blazers’ Record Sale
Men lie. Women lie. The numbers never do.
Samuel Rogers
September 17, 2025
Tom Dundon’s purchase of the Portland Trail Blazers for just over $4.0 billion isn’t just another NBA transaction — it’s a masterclass in sports franchise economics, small-market strategy, and the modern sports asset bubble.
The Deal
Buyer: Tom Dundon (Carolina Hurricanes owner) with Marc Zahr & Sheel Tyle.
Seller: Paul G. Allen’s estate (proceeds earmarked for philanthropic initiatives).
Price: $4.0B — tied for 4th-highest sale price in NBA history.
Market Commitment: Franchise stays in Portland.
Arena Plan: Public-private partnership talks for Moda Center upgrades.
Lease Extension: Through 2030.
The $4B Context — Where Portland Ranks
Rank | Team | Year Sold | Price |
|---|---|---|---|
1 | Lakers | 2025 | $10.0B |
2 | Celtics | 2025 | $6.1B |
3 (tie) | Trail Blazers | 2025 | $4.0B |
3 (tie) | Suns | 2023 | $4.0B |
5 | Mavericks | 2023 | $3.8B |
6 | Bucks | 2023 | $3.5B |
Fact: The Blazers’ price eclipses the Nets, Hornets, and Rockets — all teams in larger media markets — proving market size isn’t the only driver of valuation.
ROI — The Paul Allen Era
Original Purchase Price: ~$70M in 1988.
Appreciation Multiple: ~57× (nominal), ~22× after inflation adjustment.
Comparison: S&P 500 grew ~20× in same span.
Owning the Blazers generated average annualized returns north of 12%, before factoring in operating income, tax advantages, and asset leverage.
Why the Price Makes Sense
Scarcity: Only 30 NBA teams. No expansion since 2004.
Revenue Growth: NBA revenues projected at $12.4B in 2024–25.
Media Rights Boom: Next TV deal (2025–36) projected at $75B+, tripling current payouts.
Global Market: 70% of NBA social followers are outside the U.S.
Small-Market Loyalty: Portland ranks among the top 5 in NBA per-capita attendance.
Small Market, Big Leverage
Portland is the 23rd-largest U.S. TV market, but:
Regional Monopoly: No other major pro teams in Oregon.
Fan Engagement: Consistently top 10 in attendance percentage.
Event Strategy: Moda Center renovation could drive non-game revenue up 15–20%.
The Bigger Picture
NBA team values have been growing at 14× the pace of the S&P 500 over the last 15 years. Institutional capital, PE funds, and global demand are turning franchises into blue-chip alternative assets.
For Dundon, this is not just a basketball play — it’s a real estate, media, and global brand growth play.
Blunt Take
Portland’s $4B sale shows that in the NBA’s current economy, market size matters less than scarcity, brand health, and media upside. With a potential arena revamp, new ownership energy, and the looming media rights surge, Dundon just bought more than a team — he bought a monopoly on Oregon’s sports identity.
If you still think owning an NBA team is “just sports,” you’re missing the most consistent appreciating asset class in the modern U.S. economy. The question isn’t if values will hit $15B — it’s who will get there first.