Paul Allen’s estate has agreed to a tentative agreement to sell the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon.

Dundon confirmed the agreement in a text exchange with The Associated Press on Wednesday. He also confirmed plans to keep the team in Portland.

The group includes Sheel Tyle, the co-founder of investment firm Collective Global, and Marc Zahr, co-president of Blue Owl Capital.

The NBA Board of Governors must 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 . Here is the NBA’s 2025 Christmas Day schedule, featuring five g

See Full Page