The Portland Trail Blazers have found a new ownership group led by Tom Dundon, a businessman with diverse investments in sports and entertainment who has committed to keeping the team in Portland. The Paul Allen estate has reached a tentative agreement with Dundon and a group of investors in a deal reportedly exceeding $4 billion.

Tom Dundon, owner of the NHL's Hurricanes, has agreed to buy the NBA's Trail Blazers for more than $4 billion and keep the team in Portland, sources told ESPN.

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.