Carolina Hurricanes owner Tom Dundon has reached a tentative agreement to buy the Portland Trail Blazers from Paul Allen's estate, Dundon told CNBC.

Dundon declined to provide the terms of the proposed sale but said he is "very excited." CNBC's latest Official NBA Team Valuations listed the Trail Blazers at a value of $3.65 billion.

The 53-year-old businessman is chairman of Dundon Capital Partners based in Dallas, Texas.

He's also a passionate sports owner. He agreed to purchase a controlling stake in the NHL's Carolina Hurricanes in 2017, and he's the majority owner of the Pro Pickleball Association and Major League Pickleball.

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