(Portland) The succession of Paul Allen concluded an agreement to sell the Trail Blazers of Portland to a group of investors led by Tom Dundon, the owner of the Hurricanes of Caroline.
Dundon announced last month an agreement in principle aimed at buying the team and keeping it in Portland.
The succession of Allen announced on Friday to have concluded a formal sales agreement with the group.
The terms of the agreement have not been disclosed.
The Dundon group includes Sheel Tyle, co-founder of the Global Collective Investment Company, based in Portland; Marc Zahr, co-president of Blue Owl Capital, and the Cherng Family Trust, the investment company of the co-founders of Panda Express.
NBA governors must ratify any final purchase agreement.
ESPN has already reported that the amount of the agreement is four billion.
In March, the Boston Celtics were sold for 6.1 billion.
The sale of Blazers should be finalized by the end of the year.
Aged 53, Dundon acquired a part of the Hurricanes in 2017, then he became the majority shareholder in 2018.
He is president and partner director of the Dundon Capital Partners, based in Dallas.
The succession of Allen announced in May that it had started the process of selling the Trail Blazers.
Microsoft billionaire co-founder, Allen died in 2018 at 65 years of age, of complications related to non-Hodgkin’s lymphoma.
He bought the club in 1988, for $ 70 million.
Allen was also the owner of the Seattle Seahawks and co-owners of the Sounders in the same city.
Since his death, his sister, Jody Allen, chairs the Blazers and the Seahawks. She is also an administrator of the Paul G. Allen Trust.
Paul Allen stipulated in his will the possible sale of his teams, with the sums to go to philanthropy.
The succession has not announced seahawks sales projects or from 25 % in the Sounders.
