PORTLAND, Ore. (March 31, 2026) – Following unanimous approval from the NBA Board of Governors, the Rip City Rising ownership group led by Tom Dundon has completed the acquisition of a majority ownership position in the Portland Trail Blazers, the Rip City Remix, and Rip City Management, the operating entity for Moda Center and the Rose Quarter campus.

Dundon will serve as Governor alongside Marc Zahr, Stan Middleman, Andrew Cherng, and Sheel Tyle who will serve as Alternate Governors. The multi-family ownership group includes the Dundon, Zahr, Middleman, Cherng, and Tyle families along with Richard Chaifetz, Marc Grandisson, Nayel Nassar and Jennifer Gates, Taavet Hinrikus, and Dan Zilberman. Together, the ownership group brings deep business expertise, long-term perspective, and a shared passion for basketball, with a focus on building a perennial winner, elevating the fan experience, and positioning the organization for enduring success.

“Today is the beginning of a new chapter for the Portland Trail Blazers, as we build on the legacy of this storied franchise,” said Dundon. “On behalf of our ownership group, my commitment to this tremendous fan base is that we are going to be relentless towards building a team that can compete at the highest level, every single season.”

The Rip City Rising ownership group was advised by Goldman Sachs, LionTree Advisors, and Kirkland & Ellis on the transaction.

The Portland Trail Blazers will introduce Dundon, Cherng and Tyle on Thursday, April 2 at 3 p.m. at Moda Center. Details and RSVP information to come.

ABOUT THE PORTLAND TRAIL BLAZERS

Members of the National Basketball Association (NBA), the Portland Trail Blazers were founded in 1970 and purchased by Rip City Rising in 2026. The team’s rich heritage includes 37 playoff appearances, three trips to the NBA Finals, an NBA championship in 1977 and a commitment to community service and sustainability. The Trail Blazers are dedicated to positively impacting underserved kids and their families throughout Oregon and Southwest Washington where they live, learn and play. Portland is the first and only professional sports franchise to receive the prestigious National Points of Light Award for excellence in corporate and community service. The Trail Blazers home arena, Moda Center, is the first existing arena to earn LEED Platinum Certification in 2019 after receiving LEED Gold Recertification in 2015 and becoming the first existing professional sports venue in the world to receive LEED Gold status in 2010. The team is also one of the founding members of the Green Sports Alliance. For more information, visit trailblazers.com.