Dundon confirmed the sale while declining to comment on the exact transaction value, saying he was “ very excited .” The estate of billionaire Paul Allen announced the Blazers were formally up for sale in May,

According to ESPN’s NBA insider Shams Charania, Dundon has agreed to buy the Trail Blazers from the estate of Paul G. Allen for a valuation of over $4 billion. The Trail Blazers’ valuation is listed at $3.65 billion according to CNBC’s latest Official NBA Team Valuations.

Texas businessman Tom Dundon is leading the group that has struck a deal to purchase the Portland Trail Blazers. Dundon, 53, is chairman and managing partner of Dundon Capital Partners, a Dallas firm that invests in a broad range of areas, from real estate to health care and technology.