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.

Carolina Hurricanes owner Tom Dundon has reached a tentative agreement to buy the Portland Trail Blazers from Paul Allen’s estate, according to people familiar with the details. Others in the group include Blue Owl Capital co-president Marc Zahr and Portland-based Sheel Tyle,

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.