Portland Trail Blazers have new owner after $4.25 billion sale

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Tom Dundon.

The NBA announced Monday night the approval of the sale of the iconic Portland Trail Blazers for a staggering $4.25 billion.

The Oregon franchise will soon have a new owner, investor Tom Dundon.

Dundon also owns the Carolina Hurricanes, an NHL franchise.

The transaction was carried out with the heirs of Paul G. Allen, who passed away in 2018.

Allen, one of the founders of Microsoft, reportedly stipulated in his will that the team would have options to sell and that the proceeds would be used for philanthropic purposes.