The Portland Trail Blazers’ impending change in ownership has already been one of the most closely watched stories in the NBA. But the latest twist in the saga has added a surprising new name to the mix: the Cherng Family Trust, the investment arm of Andrew and Peggy Cherng, founders of the Panda Express empire.
The Cherngs, whose Panda Restaurant Group has grown into the largest Asian dining chain in the United States, bring not only business acumen but also immense financial clout. With an estimated net worth of $7.5 billion, according to Forbes, they instantly become the wealthiest investors in Tom Dundon’s ownership group. Dundon, who already owns the NHL’s Carolina Hurricanes, is leading the purchase of the Blazers from the Paul Allen estate in a deal expected to exceed $4 billion.
For the NBA, the addition of the Cherng Family Trust underscores the league’s growing appeal to global-minded investors. Panda Express, which began as a single restaurant in a California mall in 1983, has expanded to more than 2,300 locations worldwide. The Cherngs’ story is one of immigrant entrepreneurship turned into a multibillion-dollar success, and their entry into the NBA ownership circle reflects the league’s increasingly diverse and international investor base.
The move also signals a new era for the Trail Blazers. Paul Allen, the late Microsoft co-founder, purchased the team in 1988 and oversaw decades of ups and downs before his passing in 2018. His sister, Jody Allen, has managed the franchise since, but his will required the eventual sale of the team. Dundon’s group, now bolstered by the Cherngs, has pledged to keep the Blazers in Portland and invest in the future of the franchise, including potential upgrades or replacements for the aging Moda Center.
