Tom Dundon, owner of the NHL’s Carolina Hurricanes, reportedly has reached an agreement to buy the Portland Trail Blazers from Paul Allen’s estate at a valuation of more than $4 billion, a story broken by Scott Soshnick and Eben Novy-Williams of Sportico and confirmed by other reports.

The new owners intend to keep the Trail Blazers in Portland, according to the reports. That ultimately will involve Dundon’s group building a new arena in the area, something NBA Commissioner Adam Silver had said was part of the discussion involved with this sale.

“The city of Portland likely needs a new arena,” Silver said during NBA Summer League in Las Vegas. “So that will be part of the challenge for any new ownership group coming in.”

Dundon not only owns the Hurricanes, but also is the major

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