Don’t cry for Tom Dundon. He just pulled a fast one.

The Texas billionaire is purchasing 80.1% of the Portland Trailblazers at a $4 billion valuation and the remaining 19.9% at a $4.5 billion valuation. To push the deal along, the Blazers lobbying group, Rip City Media, secured $365 million in state tax bailouts to remodel the Blazer arena at the Moda Center. Portland and Multnomah County tax pledges could bring the total tax bailout to $600 million.

“This is a great day for our community,” said Dewayne Hankins, Portland Trail Blazers President of Business Operations, after the legislature approved a bill to subsidize the deal.

We are such rubes. To be honest, it was more a great day for Dundon and his investment group, which stands to reap billions from the acquisition down the road.

The payoffs for other buyers of NBA teams who have subsequently sold their teams have been eye watering.

• Boston Celtics: Bought by an investment group, Boston Basketball Partners L.L.C, led by Wyc Grousbeck that purchased the team in 2002 for $360 million; sold to an investment group led by private equity mogul Bill Chisholm in August 2025 for $6.1 billion.
• Phoenix Suns: Bought by Robert Sarver, leading an investment group called Suns Legacy Partners, in 2004 for $401 million; billionaire mortgage lender, Mat Ishbia, purchased the majority stake of the Suns and the WNBA’s Mercury for $4 billion in 2023.
• Dallas Mavericks: Mark Cuban purchased a majority stake in the Dallas Mavericks from H. Ross Perot Jr. in January 2000 for $285 million; Cuban sold a majority interest in the team to Miriam Adelson and Patrick Dumont of the Adelson family casino empire for $3.5 billion in 2023.
• Charlotte Hornets: Michael Jordan bought a majority stake in the Charlotte Bobcats (now the Hornets) from founder Bob Johnson in March 2010 for $275 million; sold his majority stake for $3 billion to a group led by Gabe Plotkin and Rick Schnall in July 2023.
• Golden State Warriors: Bought from Chris Cohan by Joe Lacob and Peter Guber for $450 million in July 2010; current valuation estimated at  $10.8 – $11.3 billion.
• Milwaukee Bucks: Bought by former U.S. Senator Herb Kohl in 1985 for $18 million; sold by Kohl to Wes Edens and Marc Lasry in 2014 for $550 million; current estimated valuation $4.1 – $4.5 billion.
• LA Lakers: Bought by Jerry Buss in 1979 for $67.5 million; in June 2025, Buss family agreed to sell controlling interest to Mark Walter, a minority owner since 2021 and owner of the L.A. Dodgers, for $10 billion.  

So, weep for taxpayers, not billionaire Dundon and his team.