Tom Dundon

The businesses in detail

How the main business makes money. Drive Financial lent money to people with poor credit so they could buy cars. It charged high interest to cover the risk that borrowers would not repay. It then bundled the loans and sold them to investors. Spanish bank Santander took the company over in 2006 and renamed it.

Biggest deals.

• 15 November 2017: exit settlement with Santander, set out in SEC filings. Santander bought his 34,598,506 shares for $941.9M and paid $66M in severance. He repaid a $290M company loan plus about $4.5M of interest. That left about $713M before tax.
• 11 January 2018: bought control of the Carolina Hurricanes. Forbes records $420M as the price paid.
• 5 March 2026: sold 12.5% of the Hurricanes at a $2.66B valuation, which works out to about $332.5M.
• 31 March 2026: his group bought 80.1% of the Trail Blazers at a $4.0B valuation. The other 19.9% is due by 1 September 2028 at $4.5B.

Career path

1. Early 1990s

   Runs a Fort Worth burger restaurant that fails within a year; learns car finance at a used-car dealership

2. 1997

   Co-founds Drive Financial

3. 2006

   Santander takes over Drive and renames it

4. 2015

   Leaves as chairman and chief executive; sets up Dundon Capital Partners

5. 2018

   Becomes majority owner of the Carolina Hurricanes

6. 2019

   Backs the Alliance of American Football in February; the league stops on 2 April

7. 2021

   Buys out the remaining Hurricanes shareholders; moves into pickleball

8. 2026

   Closes the Trail Blazers purchase (31 March); Hurricanes win the Stanley Cup (June)

Teams and sports assets

Owns now 9

• teamPortland Trail BlazersNBA · basketball · USSince 2026 · his group holds 80.1%; own share not disclosed · 80.1% at a $4.0B valuation; 19.9% at $4.5B due by Sept 2028
• teamCarolina HurricanesNHL · ice hockey · USSince 2018 · controlling; 100% from 2021, then 12.5% sold in March 2026 at a $2.66B valuation · $420M (Forbes price paid)
• arenaLenovo Center, Raleigh (operating rights)NHL · ice hockey · USSince 2018 · operator; publicly owned arena
• arenaModa Center, Portland (operator)NBA · basketball · USSince 2026 · run by the team's sister company; city-owned
• league stakeUnited Pickleball Association (PPA Tour, Major League Pickleball)pickleball · USSince 2021 · controlling · not found
• sports businessPickleball Centralpickleball retail · USSince 2021 · majority · not found
• sports businessPickleball.compickleball · USSince 2022 · chairman · not found
• sports businessTrinity Forest Golf Club, Dallasgolf · USco-founder · not found
• sports businessTopgolf Callaway Brandsgolf · USstake; size not found · not found

Owned before 1

• league stakeAlliance of American Football (liquidated 2019)AAF · American football · USSince 2019 to 2019 · backer and board member · $70M put in; $250M announced

Other investments and assets

• Companies and funds: A stake in Topgolf Callaway Brands, size not found. Co-founder of Trinity Forest Golf Club, Dallas.
• Property: A 33-storey tower at 2100 Ross Avenue, Dallas. In Raleigh, his company operates the publicly owned Hurricanes arena; a 2023 lease extension brought $300M of public money for renovations.
• Family in the business: None reported.

Giving and politics

• No major gifts, foundation or political donations were found.

How they run their teams

• Hands-on and cost-conscious on everything except players. Front Office Sports and The Oregonian reported that reserve players were left home for two playoff games.
• He spends on players: the Blazers traded for Ja Morant in June 2026. He says none of his own money will go into the city-owned arena; see the Portland Trail Blazers page.
• Football league: its bankruptcy trustee sued him in 2022 for at least $180M. After a 2025 trial, a US bankruptcy court in Texas ruled for him on all claims but one. It awarded the trustee a token $1 in damages.
• Lending: Santander Consumer paid $550M in 2020 to settle a multistate case over loans made while he was chief executive. It admitted no wrongdoing, OPB reported; the matter is closed.

What they have said

• He will not spend on things that do not help win, but sets no budget for players.
• He said the team was bought to stay in Portland; relocation talk ends once public funding is completed.
• He admitted that leaving the reserve players behind was a mistake.
• He said he cares more about his character than his image, and that arena terms would be a negotiated market deal.
• On buying the Hurricanes, he said he valued winning above money.

Little-known facts

• He won the Stanley Cup less than three months after buying the Trail Blazers.
• After buying the main pickleball tour, he lengthened its players' exclusivity contracts from one year to three.
• His Trail Blazers partners include Bill Gates's daughter Jennifer Gates and Panda Express co-founder Andrew Cherng.