New Delhi, Sept. 15 -- Paul Allen's estate has formally reached an agreement to sell the Portland Trail Blazers to a group of investors led by Carolina Hurricanes owner Tom Dundon.

Dundon announced a tentative deal last month to buy the team and keep it in Portland. The Allen estate announced Friday that it had "entered a formal sales agreement" with the group. Terms were not disclosed.

Dundon's group includes Portland-based Sheel Tyle, the co-founder of investment firm Collective Global; Marc Zahr, co-president of Blue Owl Capital; and the Cherng Family Trust, the family office and investment firm of the co-founders of Panda Express.

The NBA Board of Governors has to ratify any final purchase agreement. ESPN previously reported the de...