Panda Express Founders Lead Group to Purchase Portland Trail Blazers
A group led by Jody and Peggy Cherng, founders of the popular fast-casual restaurant chain Panda Express, has reached an agreement to purchase the portland Trail Blazers NBA franchise. The deal marks a important shift in ownership for the team and signals a commitment to keeping the franchise rooted in Portland.
The acquisition,which still requires approval from the NBA Board of Governors,comes after a lengthy search for a new owner. The Cherng family, with an estimated net worth of $6.2 billion according to Forbes, brings significant financial resources and a history of philanthropic investment in the western U.S. to the Blazers institution. This purchase impacts the future of the team, its fans, and the Portland community, with the new owners publicly stating their intention to maintain the franchise’s presence in the city.
Jody Cherng earned a bachelor’s degree in applied mathematics from Oregon State University in 1970. The Cherng family has demonstrated a commitment to giving back thru multi-million dollar donations to universities and hospitals throughout the western United States.
Panda Express currently operates approximately 2,500 locations nationwide. The group’s stated plan is to keep the NBA franchise in Portland, offering stability to a dedicated fanbase.
The sale will be finalized pending approval by the NBA Board of Governors.
