PORTLAND, Ore. — The estate of Paul Allen confirmed Friday that it has reached a formal agreement to sell the Portland Trail Blazers to a group led by NHL Carolina Hurricanes owner Tom Dundon. News of a tentative deal with Dundon first surfaced last month .

In a statement, the estate said Dundon's ownership group will also include Blue Owl Capital co-president Marc Zahr, Portland-based Global Collective founder Sheel Tyle, and the Cherng Family Trust, which is the family office of the co-founders of the Panda Express restaurant chain.

Dundon and the other owners "confirmed their intention to keep the team in Portland," the estate said.

Terms of the deal were not disclosed, but prior reports from John Canzano and ESPN's Shams Charania put the sale price at or near $4.25 billion. The sa

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