The estate of the late Microsoft co-founder Paul Allen has formally reached an agreement to sell the Portland Trail Blazers to an investment group led by Tom Dundon, who also owns the Carolina Hurricanes. This announcement follows a tentative deal disclosed by Dundon last month. The formal sales agreement, confirmed by the Allen estate on Friday, did not reveal specific terms, but the transaction is expected to close by the end of this year, pending ratification by the NBA Board of Governors.

Tom Dundon, 53, is the chairman and managing partner of the Dallas-based firm Dundon Capital Partners. His experience in sports ownership includes acquiring a stake in the Carolina Hurricanes in 2017 and becoming the majority owner in 2018. The diverse investor group includes Portland-based Sheel Tyle, co-founder of Collective Global; Marc Zahr, co-president of Blue Owl Capital; and the Cherng Family Trust, the family office and investment firm of the co-founders of Panda Express.

Although the exact financial details were not disclosed by the estate, ESPN had previously reported the deal to be valued at $4 billion. For comparative context, the Boston Celtics were sold for $6.1 billion in March. This sale aligns with the wishes of Paul Allen, who stipulated in his will that his sports teams eventually be sold, with the proceeds dedicated to philanthropic initiatives.

Paul Allen, who passed away in 2018 at age 65 from complications of non-Hodgkin lymphoma, originally purchased the Blazers in 1988 for $70 million. In addition to the NBA team, he also owned the NFL's Seattle Seahawks and was a co-owner of Major League Soccer's Seattle Sounders. Since his passing, his sister, Jody Allen, has served as chair of both the Blazers and Seahawks, and is a trustee of the Paul G. Allen Trust. The estate has not yet announced plans for the sale of the Seahawks or the 25% stake in the Sounders.