PORTLAND, Ore. (AP) — A group led by Carolina Hurricanes owner Don Dundon has reached a tentative agreement with Paul Allen’s estate to buy the Trail Blazers and keep the team in Portland.

Dundon confirmed the agreement in a text exchange with The Associated Press on Wednesday. His group includes Portland-based Sheel Tyle, the co-founder of investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital.

The NBA Board of Governors has to ratify any final purchase agreement. ESPN reported Wednesday that the deal was for $4 billion. Dundon did not reveal the terms of the sale to the AP.

CNBC earlier this year valued the Trail Blazers at $3.65 billion. In March, the Boston Celtics sold for $6.1 billion.

Dundon, 53, bought a stake in the Hurricanes in 2017 and became the

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