Blazers' sale deal signed, governors' approval next

(Photo credit: Ron Chenoy-Imagn Images)

A group led by Carolina Hurricanes owner Tom Dundon has reached a formal agreement to purchase the Portland Trail Blazers from the estate of Paul Allen, a deal that will require approval from the NBA board of governors to become official.

The Trail Blazers announced the agreement on Friday. The Oregonian reported the transaction values the franchise at $4.25 billion.<