Question 1

Why community ownership?

Accepted Answer

First and most importantly, for the Buy The Blazers (BTB) case, it is fan engagement. Fans who have a vested stake in the business, have been proven to have a high level of interest, support and investment in the franchise over time (see: Green Bay Packers). The ownership and support is generational, passed down to create lasting, long-term fan and franchise value.

As NBA franchises grow in overall value, the prospect of finding singular owners who have both the financial means and interest in owning an NBA franchise will continue to shrink. Newer ownership is already trending towards ‘ownership groups’, led by a lead majority investor, and usually backed by other private investors and/or private equity or venture capital funding.

Community ownership fits well within the ownership group model, specifically for those groups who intend to re-invigorate the franchise through strong community connection and optionally a give-back element with the revenue management.

This approach is also good for civic pride, creates wealth for the citizenry, and bonds fellow citizens to one another.

Question 2

Why Portland?

Accepted Answer

Native Portlanders know, they’ve always been a bit… different. Willing to try new things before anyone or anywhere else, create their own identity, and above all else…blaze new trails. Coupling that innovative mindset with a deep-seated, passionate fan base provides the ideal proving grounds for a new model of this nature.

Question 3

Why now?

Accepted Answer

Rip City is on the rise. Portland boasts one of the youngest teams in the league. The Blazers had a record of 23 - 18 in the second half of the season (prorates to a playoff spot if projected over a full season). The city itself is in the process of a monumental rebound that is palpable, but continues to need a spark. With the change of ownership and recent sale – and the declaration by the Allen Estate that all proceeds from the sale will go towards the community and non-profits – the stage is set to embed this model for the benefit of the city and the community for years to come.

Question 4

Why will this work?

Accepted Answer

Early support from the community has been vast and loud. The city is ready to invest in their home team. The new ownership group (led by Tom Dundon) is set to capitalize on the proven interest in innovative new business models to continue to develop the league and the NBA brand.

Question 5

What are the biggest obstacles?

Accepted Answer

Something like this hasn't been tried in the US in over 100 years (Green Bay Packers) - the biggest obstacle is discomfort with new ideas.

Question 6

Why is the NBA considering this?

Accepted Answer

​It's an opportunity for the league to support its community-building initiatives by creating long-term wealth for disadvantaged communities through both ownership and related charity initiatives. It also creates a gigantic new pool of future revenue to draw from in team sales, which ought to appeal to all current owners.

Question 7

Does this model exist elsewhere in sport?

Accepted Answer

•  The Green Bay Packers, who went public over 100 years ago, are the only community-owned major professional sports franchise in the United States, within the spectrum on the NFL, NBA, MLB and NHL. MLS has many clubs that have minority share community ownership.

•  The Atlanta Braves, however, do have publicly traded stock that enables some degree of fan/community ownership. There are also a number of minor league baseball teams that offer community ownership

•  Minority community ownership is quite common in Global Football (Soccer) around the World (and in the United States). Many Football Clubs across various levels of professional affiliation have community ownership components.

Question 8

Why hasn’t this been done in the NBA before?

Accepted Answer

•  The NBA is relatively young at barely 80 years of age, by comparison to other US and European professional leagues.

•  There are many complexities with the model that have no precedent in the NBA specifically, and the groundwork alone has likely prevented prior attempts from gaining traction. Coupled with the relative infrequency with which NBA franchises changed hands, there simply haven’t been very many opportunities to vet through all the details. Until now. Many believe fractional community ownership within the NBA is ‘only a matter of time’.

Question 9

What is the structure of the ownership company?  Is it a non-profit?

Accepted Answer

We are considering a number of options, including an SPV (Special Purchase Vehicle, B Corp and hybrid models.

Question 10

What does the ownership organizational structure look like?

Accepted Answer

The company will consist of a Board of Directors who will meet regularly to discuss and vote on key decisions and ongoing financial management of the business. During the initial investment stage, a Board of Advisors will include the original founding members, and Advisors across a number of disciplines (legal, financial, PR/media, etc.), who will support the organization through all the phases of start-up, fractional team purchase and business operations. The Board may also appoint a qualified representative.

Question 11

Who are the people behind Buy The Blazers?

Accepted Answer

Buy The Blazers was founded by Jon Toorock (linkedin.com/in/allfantastic/).  Jon enlisted his Advisors;  Scott Dylag (Ex-Nike Global), Chris Lustrino (CEO of Kingscrowd.com), and Malcolm Manswell (TheIPO.co).  Additionally, other helpers include;  Rowan Anderson, Jonathan Pulvers, David Gluck, and Jordan Clavon.

Question 12

Who needs to be in agreement to enable this transaction to take place?

Accepted Answer

Alignment across several organizations is required to enable a new ownership model in one of the most powerful and profitable US professional sports organizations in the World. Those organizations include the new Ownership Group (led by Tom Dundon), the Blazers organization including Trail Blazers, Inc., and the NBA.

Question 13

Who else needs to be involved to ensure this venture is successful?

Accepted Answer

The BTB team believes there are many like-minded organizations across Portland and SW Washington that will be critical to the success of this venture. Specifically, The Rip City Foundation, Rip City Forever, Albina Vision Trust, the Rose Quarter organization and the City of Portland, among others.

Question 14

Why would an NBA franchise owner want a community-oriented minority share co-owner?

Accepted Answer

There are both short-term and long-term benefits. A community stake will dramatically increase both the odds and scale of community investment available to the team and their facilities. It will also formalize a core of fans even more invested than typical superfans - owners will be the team's best evangelists.

Question 15

How do the two ownership groups co-exist? Make team decisions?

Accepted Answer

BTB would be a minority stakeholder with all the rights and responsibilities of other minority partners.

Question 16

How are financials shared. Expenses, profits, capital decisions?

Accepted Answer

Financials as a whole would be shared based on our ownership groups total equity stake in the team. Based on our equity stake, a relative percentage of profits will be distributed back to investors. This distribution percentage (payout share) is typically based on what available capital needs to be reinvested back into the team for expenses such as player salaries or new arena expenses. So, your investment would be contributing to the available capital to put a successful team on the floor with potential for dividends to vary year-over-year.

Question 17

Why is BTB targeting a 5% share?

Accepted Answer

To enable the BTB organization to make a meaningful impact for the community, the goal is to purchase and own at least a 5% share of the team.

Question 18

How much is required to purchase a 5% share of the team?

Accepted Answer

With the sale price now set at $4.25B, the BTB organization is attempting to raise approximately $200M to fulfill its goal in participating via the 5% share with the new ownership group.

Question 19

Where will the funds from the sale of the team go? How will they be used?

Accepted Answer

Jody Allen and the Estate of Paul Allen shared when they announced the sale of the team in May 2025, that all proceeds from the sale of the team will go to non-profit and philanthropic purposes. This is separate from the BTB effort.

Question 20

What sources of funding is BTB expecting for its portion of the capital raise?

Accepted Answer

Crowdfunding investors and possibly some private investors, family offices, etc.

Question 21

What is “Crowdfunding”?

Accepted Answer

Raising money or funding a business by getting relatively small amounts of capital from a large number of people.

Question 22

Has crowd funding ever been used to purchase a professional sport franchise?

Accepted Answer

Some soccer teams (mostly in Europe) have taken this approach, as have some minor league teams.

Question 23

How will ownership and equity be tracked and managed?

Accepted Answer

Fundraising (WF, DM, SE). Cap table. SPV. CARTA. Other software.

Question 24

Will crowdfunded investors be able to trade their shares?

Accepted Answer

We will endeavor to make any shares as liquid as possible.

Question 25

Will private investors be able to sell their stake of ownership outside of another team sale transaction?

Accepted Answer

We will adhere to the rules and guidelines as set about by the NBA and the majority owners.

Question 26

How will ongoing team valuation be established?

Accepted Answer

The Blazers, the majority owners and other parties will work to set the valuation.

Question 27

Will annual dividends be distributed amongst shareholders?

Accepted Answer

Yes, we are looking at annual dividends to be distributed amongst shareholders. This will be based on the percent of earnings allocated back to owners and may vary year-over-year. Because of our model, allocating a % of earnings distributed back to the community, dividends will be small relative to your initial investment each year. However, our models still indicate positive returns over the long-term as the value of your investment will increase over time.

Question 28

What portion of the profits will be allocated to non-profit and philanthropic purposes?

Accepted Answer

The portions of profits distributed back to community investors will be changed year to year based on the team's performance. Depending on the organization's performance, we hope to allocate at least 25% of our profits back into the community through strategic donations, grants, or revolving loans based on the democratically decided areas of focus.

Question 29

How will non-profit and community organizations be selected?

Accepted Answer

Input will be taken from the general community, including The Blazers, our team, Advisors, Board members, etc.

Question 30

How will funds be allocated between the different community organizations

Accepted Answer

This will be determined by the aforementioned.  We will look to keep it as simple as possible.

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