Carolina Hurricanes owner Tom Dundon has reached a tentative agreement to buy the NBA’s Portland Trail Blazers from the estate of Microsoft co-founder Paul G. Allen. Multiple outlets, including ESPN and Sports Business Journal, reported the deal on Wednesday, citing sources familiar with the negotiations. Dundon confirmed to SBJ that he is leading the investor group. The transaction values the franchise at more than $4 billion, according to ESPN, far surpassing the $70 million Allen paid when he acquired the team in 1988. Blue Owl Capital co-president Marc Zahr and Collective Global co-CEO Sheel Tyle are also part of the purchasing consortium, Sportico reported. Dundon’s group intends to keep the Trail Blazers in Portland, and proceeds from the sale will flow to philanthropic initiatives outlined in Allen’s will. The agreement is subject to approval by the NBA Board of Governors.