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. He ― along with a group of investors ― will reportedly buy the team at a valuation of around $4 billion.

The Portland Trail Blazers have reached a landmark sale agreement with a group led by Tom Dundon, the billionaire owner of the NHL’s Carolina Hurricanes, Sportico was first to report. The deal is reportedly valued at $4.

The Canes confirmed that Dundon was making the move and posted a story about his success as an owner. The move seemingly came out of nowhere, as the last NBA team to go through a