Paul Allen’s estate announced Friday that it has reached a formal agreement to sell the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon.

The deal, which The Oregonian/OregonLive first reported earlier this month, is expected to close by the end of the year with a valuation of $4.25 billion, according to a source close to the transaction.

As previously reported, Dundon’s group includes Blue Owl Capital co-president Marc Zahr, as well as Sheel Tyle, the CEO of Collective Global, who lives in the Portland area.

The group also now includes the Cherng Family Trust, according to the estate’s announcement. Andrew Cherng co-founded Panda Express with his wife Peggy Tsiang Cherng. The family has a net worth of $7.5 billion, according to Forbes, which would make th

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