A proper settlement to promote the Portland Trail Blazers, between the property of Paul Allen — the late Microsoft co-founder and longtime Blazers proprietor — and an investor group led by Carolina Hurricanes proprietor Tom Dundon, was reached final week. With the franchise valued at $4.25 billion, the deal is predicted to shut by the top of the upcoming NBA season.

Following the announcement, extra particulars in regards to the settlement have surfaced, significantly about an surprising addition to Dundon’s funding group. The group, which consists of Blue Owl Capital co-president Marc Zahr, in addition to Sheel Tyle, the CEO of Collective Global, who’s from the Portland space, additionally contains The Cherng Family Trust.

While the identify could not ring a bell, you’re most likely extra accustomed to the Cherng household than you already know. The belief is an funding agency owned by Andrew and Peggy Cherng, the founders of Panda Express and the Panda Restaurant Group, together with their relations. 

Even extra shocking is that The Cherng Family Trust has invested essentially the most within the acquisition, which presumably will make them the official homeowners of the Portland Trail Blazers. According to Forbes, the husband and spouse have a internet price of $7.4 billion.

Founded in 2001, The Cherng Family Trust manages a large actual property portfolio, direct personal fairness and fund investments, and appreciable philanthropic endeavors. The Cherngs made most of their billions from Panda Express, which first opened in 1973. 

With regards to the Cherng’s connection to Portland, Peggy Cherng attended Oregon State University, the place she graduated in 1971 with a level in utilized arithmetic.



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