Estonian Taavet Hinrikus among new owners of NBA's Portland Trail Blazers

Estonian businessman Taavet Hinrikus is among the new owners of the NBA's Portland Trail Blazers after a group of investors acquired a majority stake in a $4.25 billion deal.

Hinrikus invested in the team through his firm Skaala Investments, in which fellow Estonian businessman Sten Tamkivi holds a 3-percent stake, business paper Äripäev writes.

"Being among the owners of the Portland Trail Blazers is an important milestone and a huge honor for us," Hinrikus said. "We have always invested where we see long-term value and strong teams — both in business and now in sports."

The ownership group, Rip City Rising, is led by American businessman Tom Dundon and also includes several high-profile investors such as Panda Express co-founder and co-CEO Andrew Cherng and venture capitalist Sheel Tyle.

Led by Israeli forward Deni Avdija, the Portland Trail Blazers finished the NBA regular season 42-40 before being falling in the first round of the Western Conference playoffs, losing 4-1 to eventual NBA finalists San Antonio Spurs.

The franchise has won one NBA title, in 1977, led by Bill Walton, and featured Lithuanian legend Arvydas Sabonis from 1995 to 2001.

Following unanimous approval from the NBA Board of Governors, the Rip City Rising ownership group led by Tom Dundon has completed the acquisition of a majority ownership position in the Portland Trail Blazers, the Rip City Remix, and Rip City Management, the operating entity for… pic.twitter.com/FcreEpTpaq

Rip City Rising governor Tom Dundon became majority owner of the NHL's Carolina Hurricanes in 2018 and sole owner in 2021.

The Hurricanes won their second ever Stanley Cup in a 3-0 Game 6 victory over the Vegas Golden Knights on Sunday, an achievement the team attributes to Dundon's contributions to the franchise.

Weeks before the group's Trail Blazers acquisition this March, Dundon sold a 12.5 percent stake in the hockey team at a $2.66 billion valuation.

Estonian businessman and investor Taavet Hinrikus is a co-founder of London-based money transfer company Wise (formerly TransferWise), which is dual listed on the London Stock Exchange and New York's Nasdaq exchange.

Alongside Wise co-founder Kristo Käärmann, Hinrikus made Forbes world's richest list again this year, with an estimated net worth of $1.2 billion (approximately €1 billion). The two remain Estonia's wealthiest individuals.