Tom Dundon, owner of the NHL’s Carolina Hurricanes, has agreed to buy the NBA’s Portland Trail Blazers at a valuation $4.25 billion from the estate of Paul Allen, Sportico and other US media reported on Wednesday.

Sportico and ESPN reported that Dundon and his co-investors, who include Portland-based Sheel Tyle, plan to keep the Trail Blazers in the Oregon city.

READ: NBA: Portland Trail Blazers are going up for sale

The Trail Blazers announced they were up for sale in May, with proceeds to go to philanthropic causes.

Microsoft co-founder Allen died from cancer in 2018 and his will called for the Trail Blazers to be sold eventually. Allen’s sister, Jody Allen, has been acting as the team’s governor and executor of the Paul Allen Trust.

Dundon, a billionaire financier, became majority owner of the NHL’s Hurricanes in 2018 and completed the purchase of all minority shares in 2021 to become sole owner of the franchise.

He leads a group purchasing the Trail Blazers that also includes Blue Own Capital president Marc Zahr and Tyle, who is founder and co-chief executive of investment firm Collective Global.

The Blazers were 36-46 last season under coach Chauncey Billups. Billups has been signed to an extension, and All-Star Damian Lillard, who played his first 11 seasons in Portland before joining the Milwaukee Bucks for two campaigns, is returning after signing an off-season deal.

The Allen family did not immediately comment on the reports. A spokesperson for the Hurricanes told The Athletic that Dundon “is in the process of buying the Portland Trail Blazers and is excited about the opportunity”.

Any sale must be approved by the NBA Board of Governors.