Portland Trail Blazers Hit with Huge Major Update

Portland Trail Blazers Announce Plan to Sell Team

The Portland Trail Blazers are officially up for sale.

Aaron Fentress of The Oregonian reports that the team made the announcement through a press release. According to Natalie King, Senior Vice President of Communications and Public Affairs for the Blazers, “The Estate of Paul G. Allen has begun a formal sales process for the Portland Trail Blazers NBA franchise, in line with Allen’s directive to eventually sell his sports holdings and direct the proceeds to philanthropy.”

Allen’s estate also owns the Seattle Seahawks and holds a 25% stake in the Seattle Sounders of Major League Soccer. However, it appears that neither the Seahawks nor the Sounders will be sold. The press release further clarifies that “the Estate has chosen Allen & Company investment bank and Hogan Lovells law firm to oversee the sale process, which is expected to continue through the 2025-26 basketball season. Any final agreement will need to be approved by the NBA’s Board of Governors.”

Statement from Jody Allen pic.twitter.com/oAezfb398o

— Portland Trail Blazers (@trailblazers) July 5, 2022

Paul Allen, who purchased the Blazers for $70 million in 1988, passed away on October 15, 2018. After his death, ownership of the team was transferred to his sister, Jody Allen, who has managed the team under the direction of Paul’s estate. There had been speculation about the potential sale of the team, and in 2022, Jody Allen noted there was no set timeline for the sale of the franchise, though it was understood the eventual goal was to liquidate the estate’s sports holdings.

The timeline for selling the team appears to have been moved up.

As for the price the Blazers could fetch, it remains unclear.

For context, the most recent NBA sale was that of the Boston Celtics in March, which was purchased by Symphony Technology Group’s William Chisholm for a record $6.1 billion. Despite Portland’s smaller market size, it remains the only major professional sports team in the city, which could increase its value. According to Sportico’s team valuations from last year, the Blazers were valued at $3.6 billion, ranking 23rd among NBA teams, making it a solid return for Allen’s estate.