Paul Allen’s estate has agreed to a tentative agreement to sell the Portland Trail Blazers to a group led by Carolina Hurricanes owner Tom Dundon.

The sale price remains unclear, but Dundon's group includes Portland CEO Sheel Tyle and the collective intends to keep the team in Portland.

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.