Carolina Hurricanes owner Tom Dundon has reached a tentative agreement to purchase the Portland Trail Blazers from the estate of Paul Allen for more than $4 billion, ESPN reported on Wednesday.

Sportico, which first reported the agreement, said that Dundon plans to keep the NBA team in Portland.

Blue Owl Capital co-president Marc Zahr and Sheel Tyle, co-CEO of Collective Global, are also involved in Dundon’s group, per reports. Dundon bought the NHL’s Hurricanes in 2018 for $425 million and also is majority owner of the PPA Tour and Major League Pickleball.

The estate announced that the Trail Blazers were for sale in May.

The NBA’s Board of Governors would have to ratify any purchase agreement.

Allen, the billionaire co-founder of Microsoft, purchased the Trail Blazers for $70 million in 1988. He died in 2018, with his will directing his estate to sell the sports assets.

Allen’s estate also owns the NFL’s Seattle Seahawks and a 25 percent stake in the Seattle Sounders of MLS.

The Trail Blazers are one of the lowest-valued teams in the league at $3.65 billion, according to CNBC’s 2025 team valuations.

–Field Level Media