Tom Dundon is expected to keep the Trail Blazers in Portland after purchasing the team for just over $4 million on Wednesday, sources told ESPN.

Dundon and his group plan to discuss a public-private partnership for an arena with both the city of Portland and state of Oregon, according to sources.

In 2024, the Blazers sold their home arena and the land under the arena to the city of Portland. A public-private partnership was launched to renovate both the arena and the area surrounding the arena.

Other members of Dundon's group include Marc Zahr (copresident of Blue Owl Capital) and Sheel Tyle (Portland-based founder and co-CEO of Collective Global).