Tom Dundon is one step closer to owning the Portland Trail Blazers .

The Paul Allen estate announced Friday that it has reached a formal agreement to sell the franchise to a group led by Dundon, the billionaire businessman from Texas who also owns the Carolina Hurricanes.

It’s a significant step in the process of the sale, and the first time the Allen estate has acknowledged that Dundon and his group are involved in the deal.

The sides entered an exclusive negotiating window last month, as reported by The Oregonian/OregonLive . The sale won’t become official until it is approved by the NBA’s board of governors, which could take several months.

The transaction features a valuation of $4.25 billion, a source familiar with the details of the sale told The Oregonian/OregonLive, an

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