Paul G. Allen’s Estate Begins Sale Process for Portland Trail Blazers

PORTLAND, Ore. — The estate of Paul G. Allen announced on Tuesday that it has commenced a formal process to sell the Portland Trail Blazers NBA franchise. This decision aligns with Allen’s directive to eventually sell his sports holdings and allocate all proceeds to philanthropy.

Natalie King, senior vice president of communications and public affairs for the Blazers, sent an email detailing the announcement. The estate has appointed investment bank Allen & Company and law firm Hogan Lovells to oversee the sales process, which is expected to extend into the 2025-26 basketball season.

Following the completion of negotiations, any final purchase agreement must receive ratification from the NBA Board of Governors. The announcement clarified that the sale does not impact the Seattle Seahawks NFL franchise or the estate’s 25% interest in the Seattle Sounders MLS, and those clubs are not for sale.

Paul Allen purchased the Trail Blazers in 1988 for $70 million. He passed away in 2018, and his sister, Jody Allen, currently serves as the franchise chair and trustee. In 2022, Nike co-founder Phil Knight reportedly made an offer exceeding $2 billion to acquire the team, which was ultimately declined by Jody Allen.

The Trail Blazers have been valued at approximately $3.6 billion, ranking 23rd among NBA teams, as the team entered a rebuilding phase following the injury to superstar Damian Lillard during the 2021-22 season. Lillard, who demanded a trade in 2023, ended his eleven-year tenure with the franchise.

The team recently finished its fourth consecutive losing season with a record of 36-46, raising questions about the future direction of the franchise. The next owner may face challenges in revitalizing a team that has struggled in recent years.