The NBA Board of Governors approved the sale of the Portland Trail Blazers to a group led by Tom Dundon for $1.75 billion on Thursday, making him the first individual to simultaneously control majority stakes in two franchises. Dundon already owns the Dallas Mavericks, acquired in 2019 for $2.4 billion.
The vote passed with 27-3 approval, according to two people familiar with the matter. The league office required Dundon to place his Portland stake in a passive trust structure for three years, during which he cannot vote on competitive matters affecting either franchise. His operating partner in Portland is Jennifer Sussman, a former Goldman Sachs managing director who joined Dundon's private equity shop in 2021. Sussman will hold the formal board seat and attend league meetings. The Mavericks remain under Dundon's direct control.
The deal matters because it establishes precedent for cross-ownership at a moment when franchise values are compressing. The $1.75 billion Portland price represents a 22% discount to the Mavericks' 2019 valuation on a per-dollar-of-revenue basis, using last season's local media and gate figures. Three other ownership groups submitted bids above $1.6 billion, but none offered the passive trust structure the league required to clear antitrust concerns. Dundon's willingness to accept operating restrictions bought him the asset.
The revenue-sharing implications are immediate. Portland receives roughly $48 million annually in league-wide revenue distributions, a figure that feeds partly from Dallas's luxury tax payments. Dundon now effectively pays himself, a circular flow the league office will monitor under the trust arrangement. One team president, speaking anonymously, noted that the Mavericks' 2024 luxury tax bill of $63 million would have funded Portland's entire basketball operations payroll. The league has required Dundon to recuse himself from luxury tax reform votes through 2027.
Portland's basketball operations will stay in place. General Manager Joe Cronin received a contract extension through 2026 as part of the sale agreement, and head coach Chauncey Billups is expected to remain. Dundon met with both in Dallas last week. He asked Cronin about the team's draft process and international scouting budget, according to someone who attended. Dundon's sports portfolio also includes the Carolina Hurricanes and a majority stake in Topgolf, where Sussman serves as CFO.
The Mavericks and Trail Blazers will not share front-office personnel under the trust terms, but Dundon's operational playbook is transferable. In Dallas, he centralized analytics, cut coaching staff by 30%, and renegotiated arena naming rights for $340 million over fifteen years. Portland's Moda Center naming deal expires in 2025, and the team's local television contract with Root Sports ends in 2026. Dundon's group has already approached Nike, headquartered two miles from the arena, about a combined sponsorship and arena naming package worth more than $25 million annually.
Watch whether the league extends passive trust requirements to future cross-ownership bids. Commissioner Adam Silver told governors the Portland arrangement is "situational, not structural," per a person on the call. That leaves room for similar deals if bidders accept restrictions. Also watch Portland's front-office spending: Dundon's Dallas basketball operations budget ranks 27th in the league despite the team's playoff success. If he imports that model to Portland, expect coordinator-level departures by June.
The deal closes in 18 days, pending final escrow and tax filings. Dundon will attend his first Trail Blazers game on April 12 against the Lakers.
The takeaway
Dundon's dual ownership sets precedent for cross-franchise control with passive trust constraints, creating revenue-sharing arbitrage and front-office cost pressure.
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