The Panda Express Empire Just Expanded Into the NBA’s Ownership Club

A formal agreement to sell the Portland Trail Blazers, between the estate of Paul Allen — the late Microsoft co-founder and longtime Blazers owner — and an investor group led by Carolina Hurricanes owner Tom Dundon, was reached last week. With the franchise valued at $4.25 billion, the deal is expected to close by the end of the upcoming NBA season.

Following the announcement, more details about the agreement have surfaced, particularly about an unexpected addition to Dundon’s investment group. The group, which consists of Blue Owl Capital co-president Marc Zahr, as well as Sheel Tyle, the CEO of Collective Global, who’s from the Portland area, also includes The Cherng Family Trust.

While the name may not ring a bell, you’re probably more familiar with the Cherng family than you know. The trust is an investment firm owned by Andrew and Peggy Cherng, the founders of Panda Express and the Panda Restaurant Group, along with their family members. 

Even more surprising is that The Cherng Family Trust has invested the most in the acquisition, which presumably will make them the official owners of the Portland Trail Blazers. According to Forbes, the husband and wife have a net worth of $7.4 billion.

Founded in 2001, The Cherng Family Trust manages a massive real estate portfolio, direct private equity and fund investments, and considerable philanthropic endeavors. The Cherngs made most of their billions from Panda Express, which first opened in 1973. 

With regards to the Cherng’s connection to Portland, Peggy Cherng attended Oregon State University, where she graduated in 1971 with a degree in applied mathematics.