Trail Blazers sales of 4.25 billion are blocked! Panda Fast Food owner is accused of violating confidentiality & exclusivity agreement

September 30th According to TA's previous report, the latest news from the US legal news platform Law360, the Portland Trail Blazers' sale is facing legal obstacles.

According to previous reports, RAJ Sports, run by the Batal family, which owns the WNBA Portland Flames (which officially joins next season) and the National Women's Football League (NWSL) Portland Thorns, filed a lawsuit against the Cheng family, the founder of Panda Fast Food, which is about to acquire a minority stake in the Trail Blazers, which attempts to prevent the Cheng family from participating in the acquisition of the Trail Blazers.

It is understood that the previously sealed indictment has been unblocked, and TA updated the contents of the indictment: RAJ Sports said in the indictment that the Cheng family is an "old partner" of the Batal family, and the two parties reached an exclusive agreement at the end of July to reach a cooperation for bidding for the "cornerstone investors" to become the pioneers. Once the bidding is successful, the Cheng family will become the team's deputy director. But when the Trail Blazers announced in mid-September that they had reached an acquisition agreement with a consortium headed by Tom Dundon, the Cheng family was listed.

It is reported that the Cheng family contacted RAJ Sports in early September for an "in-depth update on transaction dynamics and strategies." The week before, RAJ Sports and Cheng and his wife discussed a list of unresolved issues after a two-and-a-half-hour meeting, and the negotiations eventually broke down. Later, the Cheng and his wife sent representatives to contact RAJ Sports, saying they would stop the transaction plan of acquiring Trail Blazers and stop negotiations. When RAJ Sports asked whether the Cheng family had joined the Dunton consortium, the Cheng family promised that there would not be any negotiations with the Dunton consortium and there was no such plan. The Cheng family also said that although the two parties have not yet cooperated to complete the transaction, RAJ Sports can report to the NBA that the Cheng Family Trust is one of the co-investors of RAJ Sports. The lawsuit by RAJ Sports stated that the Chengs’ statements were “false and intended to deceive” and asked the judge to prevent the Chengs’ family from “avoiding, bypassing, interfering, competing or trying to circumvent, bypass, interfering, or competing with the plaintiffs for any transaction involving Trail Blazers’ franchise, Trail Blazers’ franchise any part of the assets, or Trail Blazers’ franchise, any direct or indirect equity interests in Trail Blazers’ franchise.”