Portland WNBA Owners Drop Lawsuit Over Blazers Sale and Panda Express Founders' Involvement
In a surprising turn of events, Portland Fire and Thorns owner RAJ Sports has decided to withdraw its lawsuit against the Cherng family, who were initially part of the Portland Trail Blazers' new ownership group. This decision comes as a relief to many, especially considering the potential impact on the future of basketball in the city.
The lawsuit, filed in late September, was a result of a complex situation involving multiple parties. RAJ Sports, led by siblings Lisa Bhathal Merage and Alex Bhathal, had been working on assembling an investor group to purchase the Blazers as early as May. This group included the Cherng family, renowned founders of Panda Express, with an estimated net worth of $7.7 billion. However, the Cherngs were also part of a competing bid, which raised concerns among RAJ Sports.
Adding to the intrigue, NHL Hurricanes owner Tom Dundon was also in the running to purchase the Blazers. Dundon's group, featuring Portland-based Global Collective co-CEO Sheel Tyle and Blue Owl Capital co-President Marc Zahr, is currently awaiting NBA approval for the acquisition. The involvement of both the Cherngs and Dundon's group in the potential purchase of the Blazers created a legal dispute, with RAJ Sports alleging a breach of a confidentiality and exclusivity agreement signed in July.
The Cherngs and their family trust were barred from participating in any competing bids for the Blazers under this agreement. However, the announcement of their involvement with Dundon's group on September 12th led to the lawsuit. RAJ Sports claimed that the Cherngs had violated the agreement, but the decision to drop the lawsuit suggests a resolution that respects the future of basketball in Portland.
The ownership group's statement expresses satisfaction with the out-of-court resolution, indicating a compromise that acknowledges their position while also ensuring the continuity of basketball in the city. This outcome highlights the importance of collaboration and compromise in the business of sports, even in the face of legal disputes.
