What Happened to Thomas Dundon?

Thomas Dundon, born September 5, 1971, has built a diverse business empire spanning financial services, real estate, and sports. His journey to billionaire status began in 1997 when he co-founded Drive Financial, a subprime auto lender. He later sold it to Santander, exiting in 2015 with an estimated $700 million, and subsequently established Dundon Capital Partners, a Dallas-based private investment firm.

Dundon's foray into professional sports began in earnest in January 2018 when he acquired a majority stake (52%) in the NHL's Carolina Hurricanes for $420 million. Under his ownership, the Hurricanes have experienced a significant turnaround, consistently making the playoffs and seeing their franchise value soar. By June 2021, he had acquired all remaining minority shares, becoming the sole owner of the team. In March 2026, Dundon further capitalized on the team's success by selling a 12.5% stake to three minority investors at a valuation of $2.66 billion, one of the highest valuations in NHL history.

However, not all of Dundon's sports ventures have been successful. In February 2019, he invested $70 million (pledging up to $250 million) into the nascent Alliance of American Football (AAF) and became its chairman. Despite his initial commitment, the league suspended operations just two months later in April 2019, leading to its Chapter 7 liquidation. Dundon faced criticism and a lawsuit from the AAF's trustee, who alleged he intentionally tanked the league, though a judge ruled in Dundon's favor in November 2025.

A significant area of recent investment for Dundon has been pickleball. Starting in late 2021, he acquired the Professional Pickleball Association (PPA), Pickleball Central (a leading e-commerce site), and PickleballTournaments.com, effectively building a 'pickleball empire.' In February 2024, the PPA Tour merged with Major League Pickleball (MLP), backed by a $75 million investment, forming the United Pickleball Association, which Dundon controls. This consolidation aims to professionalize and expand the sport, with the United Pickleball Association projected to be profitable by 2026.

Most recently, in August 2025, Dundon's group reached a tentative agreement to acquire the NBA's Portland Trail Blazers for approximately $4.25 billion. The NBA Board of Governors officially approved this sale on March 30, 2026. The acquisition is structured in phases, with Dundon's group paying for 80.1% of the team at a $4 billion valuation on March 31, 2026, and the remaining 19.9% by September 1, 2028. This move makes Dundon a multi-sport franchise owner, further solidifying his presence in the professional sports landscape. His net worth was estimated at $2.3 billion by Forbes as of March 10, 2026.

Controversies have also marked parts of Dundon's career. The company he founded, Santander Consumer USA, settled a multi-state lawsuit in 2020 for $550 million over allegations of 'predatory and harmful' subprime auto lending practices. Recent reports in March 2026 have highlighted Dundon's role as CEO in pushing practices that regulators later deemed problematic, particularly regarding waiving income verification requirements for loans.