Panda Express founders part of group buying Trail Blazers in $4.25 billion sale

The Portland Trail Blazers are being sold in a record-breaking $4.25 billion deal signed on Sept. 13, with Panda Express founders Andrew and Peggy Cherng joining the buyer group.

The consortium is led by Carolina Hurricanes owner Tom Dundon and also includes Amplo Capital’s Sheel Tyle and Blue Owl Capital’s Marc Zahr. The transaction, pending NBA approval, places the Chinese American business leaders among a small group of Asian American investors in the pro basketball league.

RAJ Sports, the Bhathal family-owned company behind Portland’s NWSL team the Thorns and the new WNBA franchise the Fire, has filed a lawsuit in Delaware alleging that the Cherngs violated confidentiality agreements tied to the sale process after previously engaging with the Blazers during an earlier round of bidding. The filing argues that their involvement gives the Dundon group an unfair competitive advantage.

The deal must still be approved by the NBA Board of Governors, which reviews and votes on all franchise ownership changes before a sale becomes official.