Panda Express founders Andrew and Peggy Cherng joined Tom Dundon’s investment group in acquiring the Portland Trail Blazers for over $4 billion, bringing their $7.5 billion net worth and cultural connections to the franchise.
On September 12, the estate of the late Microsoft co-founder Paul Allen officially announced the sale of the Portland Trail Blazers to an investment group led by Dallas investor Tom Dundon. Notably, the acquisition team includes Andrew Cherng and Peggy Cherng, the founders of global fast food chain giant Panda Express. The deal still requires approval from the NBA Board of Governors. Forbes estimates the Cherngs’ combined net worth at $7.5 billion, making them the wealthiest investors in Dundon’s investment group. The transaction is reportedly worth over $4 billion, and according to Allen’s will, the proceeds will go to charitable causes.
The new ownership group has pledged to keep the team in Portland, alleviating a major concern among fans. Cheng Jiangpeiqi also has a special connection to Oregon—she graduated from Oregon State University in 1971. Cheng Zhengchang, born in China in 1948, brings a new cultural dimension to the team’s ownership, particularly given the Trail Blazers’ growing popularity in China. The team’s draft-night selection of Chinese center Yang Hansen in June has made them a cultural and economic force in the Chinese market. Founded in 1973, Panda Express has grown into one of the most successful and well-known Asian fast-food chains in the world, with 2,600 locations in 11 countries. The Chengs are also actively involved in philanthropy through their charity, Panda Cares, which has raised over $415 million since 1999.