A group led by Carolina Hurricanes owner Tom Dundon has reached a formal agreement to purchase the Portland Trail Blazers from the estate of Paul Allen, a deal that will require approval from the NBA board of governors to become official.

The Trail Blazers announced the agreement on Friday. The Oregonian reported the transaction values the franchise at $4.25 billion.

Under the agreement, the team will remain in Portland.

At least two members of the ownership group have connections to Oregon. Sheel Tyle is the founder of Collective Global, based in Portland. And Peggy Cherng, part of the family that owns Panda Express restaurants, attended Oregon State.

No date has been scheduled for the NBA governors to vote, but the closing date for the sale is set for no later than March 31, 2026.

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