Carolina Hurricanes owner Tom Dundon reached an agreement to purchase the Portland Trail Blazers, according to Sportico. In the potential transaction, Dundon buys the NBA franchise from previous owner Paul Allen's estate.

Tom Dundon, owner of the NHL’s Carolina Hurricanes, confirmed Wednesday that he has agreed to buy the NBA’s Portland Trail Blazers.

Tom Dundon is buying the NBA’s Portland Trail Blazers, he told CNBC in an interview. The Dallas businessman is chairman and founder of Dundon Capital Partners. He ― along with a group of investors ― will reportedly buy the team at a valuation of around $4 billion.