Tom Dundon Says His Group Can Buy Blazers Without Panda Express Founders’ Backing

Texas businessman Tom Dundon, who is leading a group that wants to purchase the Portland Trail Blazers, on Tuesday said in a court filing that he expects to be able to purchase the NBA franchise without receiving financial backing from the founders of Panda Express.

Tom Dundon, Investment Group Purchased Blazers For $4.25 Billion

In mid-September, Paul Allen’s estate said it had reached a deal to sell the Trail Blazers to a group led by Dundon that included investment from Andrew Cherng and Peggy Tsiang Cherng, who founded Panda Express and have a net worth of $7.5 billion.

The Cherng Family Trust is the family office and investment firm of the Cherngs.

Dundon’s group also includes Portland-based Sheel Tyle, the co-founder of investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital.

A new lawsuit filed in late September challenged whether the Cherngs could invest in Dundon’s ownership group, alleging they had violated an exclusivity deal that required them to invest in a competing bid led by RAJ Sports Holdings.

On Tuesday, lawyers for the Cherngs filed a legal response to the request by RAJ Sports to temporarily block their investment in the deal.

Deal Expected To Close By April 2026

Although the response is under seal, Dundon separately filed a declaration in which he said he’s “expecting to close the acquisition of the Trail Blazers without needing funding from the Cherngs.”

“At a basic level, Dundon is saying we have the firepower to close this with or without the Cherngs,” said Keith Cunningham-Parmeter, a Lewis & Clark Law School professor.

A target date of March 31, 2026, has been set for the close of the deal, per The Athletic’s Jason Quick. The current deal remains tentative until the NBA Board of Governors can ratify the agreement.

If the sale is approved by the scheduled closing date of March 31, the new owners will take over with six games remaining in the 2025-26 season.

“Dundon is trying to convince the court that there is no rush and therefore no need to put the brakes on this deal,” Cunningham-Parmeter added.

A hearing on the motion for a temporary restraining order is scheduled for Oct. 15.