(Photo credit: Soobum Im-Imagn Images)

The Rip City Rising ownership group, led by Tom Dundon, the owner of the NHL's Carolina Hurricanes, took ownership control of the NBA's Portland Trail Blazers on Tuesday.

In addition to the NBA franchise, the ownership also assumed control of the Rip City Remix of the G League, Rip City Management and operational control of the team's home arena, Moda Center.

The group also is in charge of the surrounding Rose Quarter, which includes the team's former home arena, Veterans Memorial Coliseum.

The NBA Board of Governors approved the majority ownership transfer from the estate of the late Paul Allen on Monday. Rip City Rising purchased the combined assets for $4.25 billion, with 80.1% of the purchase to be completed this week and the remaining 19.9% to be completed no later than Sept. 1, 2028.

Under the agreement, the team will remain in Portland, and Dundon will serve as the Trail Blazers' governor.

At least two members of the ownership group have connections to Oregon. Sheel Tyle is the founder of Collective Global, based in Portland. And Peggy Cherng, part of the family that owns Panda Express restaurants, attended Oregon State.

Other members of Dundon's ownership group include Chicago's Marc Zahr, co-president of investment firm Blue Owl, and Stanley Middleman, founder and CEO of Freedom Mortgage who is also part-owner of the Philadelphia Phillies.

The Moda Center, which opened in 1995, reportedly is in need of renovation or replacement and is seen as the centerpiece of the revitalization of the Rose Quarter.

In early March, the state Senate approved a proposal to spend $365 million to renovate the arena with funds from income tax revenues. Additionally, Multnomah County and Portland Mayor Keith Wilson pledged funds to help with the renovation, proposals which need to be voted on by city councilors. A date has not been set for that vote.

Allen, the billionaire co-founder of Microsoft, purchased the Trail Blazers for $70 million in 1988. He died in 2018, with his will directing his estate to sell the team to fund philanthropic efforts.

Allen's estate also owns the NFL's Seattle Seahawks and a 25% stake in the Seattle Sounders of MLS.

The Trail Blazers are 38-38 this season and clinched a Western Conference play-in tournament spot Sunday for the upcoming NBA postseason. The team has been much improved of late, going 6-2 since March 16, while also going 3-1 on a just completed homestand.

The NBA's regular season ends April 12, with the play-in tournament set to take place April 14-17.

--Field Level Media