It's official: NBA formally approves sale of Trail Blazers to a group led by Tom Dundon

The expected has become official: The NBA Board of Governors has approved the sale of the Portland Trail Blazers, a group led by Carolina Hurricanes owner Tom Dundon.

The vote was unanimous, according to Jason Quick of The Athletic.

The franchise was valued at $4.25 billion for the sale. The new owners purchased the team from the Paul Allen Trust, which has been run by Allen's sister Judy Allen since 2018, when the Microsoft co-founder died. All proceeds from the sale will be directed to charities, as the trust requires.

Dundon takes over a team that has just received state approval for major upgrades and renovations to the Moda Center. On the court, the Trail Blazers are a transitioning team that has veterans — Jrue Holiday, next season Damian Lillard — but is really built around younger stars such as Deni Avdija, Sharron Sharpe and Scoot Henderson.

"I'm just getting to know Tom," NBA Commissioner Adam Silver said of Dundon after last week's Board of Governors meeting. "I've known him by reputation for a long time, not just through his ownership of the Carolina Hurricanes, but also through the other sports investments he's made. He's a go-getter, he's got a great reputation from having led a turnaround in the NHL. He has enormous passion and spirit. He wants to be successful both as a businessman in Portland and he wants to be successful with the team on the floor."