Hurricanes owner Dundon agrees to buy Blazers, reportedly won't move team

Carolina Hurricanes owner Tom Dundon has reached a tentative agreement to purchase the Portland Trail Blazers from the estate of Paul Allen, Dundon confirmed Wednesday to Alex Silverman of Sports Business Journal.

The agreement values the franchise at over $4 billion, sources told ESPN's Shams Charania.

Dundon, 53, reportedly intends to keep the Trail Blazers in Portland after the sale is finalized.

Dundon bought a controlling stake of the Hurricanes for $420 million in January 2018. Three years later, he became the team's sole owner after purchasing all outstanding shares. Carolina has made the postseason in all seven full seasons since his initial purchase, including three trips to the Eastern Conference Final. The Hurricanes' 2019 appearance snapped a 10-year playoff drought.

Allen co-founded tech giant Microsoft with Bill Gates in 1975 and purchased the NBA franchise in 1988 for $70 million. Led by his sister, Jody Allen, his estate assumed control of the franchise following his death in October 2018.

The Blazers announced in May that proceeds from the team's eventual sale would go toward philanthropy as per a directive from Paul Allen.