In a surprising turn of events, the ownership of the Portland Trail Blazers is set to be transferred to a new group, which now includes the founders of the global fast-food chain Panda Express.
The estate of the late Paul Allen officially announced the sale of the NBA team on Friday to a group led by Dallas-based investor Tom Dundon, who already owns the Carolina Hurricanes hockey team.
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The new wrinkle in the sale came with the addition of the Cherng Family Trust, the investment firm of Panda Express founders Peggy and Andrew Cherng. The Cherngs, with a combined net worth of $7.5 billion, according to Forbes, are now the wealthiest investors in Dundon’s group.
A New Era of Ownership
The sale, which is reportedly for more than $4 billion, is double the $2 billion offer that the Allen estate and Allen’s sister, Jody, were widely criticised for turning down from Nike co-founder Phil Knight in the summer of 2022.
The proceeds from the sale will be donated to charity, in accordance with Allen’s will.
The new ownership group has stated its intention to keep the team in Portland, which had been a major concern for many fans. The Cherngs’ connection to the state is also of note, with Peggy Cherng having graduated from Oregon State University in 1971.
A Cultural and Economic Force
Andrew Cherng’s roots in China, where he was born in 1948, add a new dimension to the team’s ownership, especially given the Blazers’ growing popularity in that country. The team’s acquisition of Chinese center Yang Hansen on draft night in June has made them a cultural and economic force in China.
Yang, the only Chinese-born player selected in the first round in nearly 20 years, has become a symbol of hope and inspiration for many fans. The Cherngs, with their intimate knowledge of the market, have bought into the Blazers at the start of what may be a watershed moment for the team and the league.
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Panda Express, which was founded in 1973, has grown into one of the most successful and recognised Asian fast-food restaurants in the world, with 2,600 locations in 11 countries.
The Cherngs, who are self-made billionaires, have also made headlines for their extensive philanthropic work through their charity, Panda Cares, which has raised more than $415 million since 1999.
The new ownership group will now begin negotiations for a new or renovated arena, a debate that is expected to be a major topic of conversation in Portland over the next few years. The Blazers’ sale, which must still be approved by the NBA Board of Governors, marks a period of profound transformation for the team and the city.
