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Tom Dundon to buy Portland Trail Blazers

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Carolina Hurricanes owner and Dundon Capital Partners Chair Tom Dundon told CNBC that he's reached a tentative agreement to buy the Portland Trail Blazers.

Dundon is reportedly buying the basketball team from the estate of late Microsoft co-founder Paul Allen.

The Trail Blazers have a valuation of nearly $3.7 billion, according to CNBC.

Read more from CNBC.

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