Tom Dundon has agreed to purchase the Portland Trail Blazers from the estate of Paul G. Allen for a valuation of over $4 billion. Allen passed away in 2018 and his sister, Jody Allen, has been managing his estate in subsequent years. 

Dundon is the owner of the NHL's Carolina Hurricanes and is the chairman and managing partner of Dundon Capital Partners based in Dallas.

The Blazers formally began the process of selling the team in May of this year.

Portland's sale follows recent purchases of the Dallas Mavericks, Boston Celtics and Los Angeles Lakers.