The sale to Dundon, who heads up an ownership group, marks the third time the Blazers' ownership has changed hands since they became a franchise in 1970.

ESPN's Shams Charania reported Wednesday that Tom Dundon, who is the owner of the NHL's Carolina Hurricanes, is part of a group that agreed to purchase the Trail Blazers from Paul Allen's estate at a valuation of more than $4 billion.

The Portland Trail Blazers have reportedly reached a deal to sell the team to the owner of a group led by the owner of the Carolina Hurricanes.