The estate of Paul Allen, the former owner of the Portland Trail Blazers, has officially put the team up for sale, with proceeds designated for philanthropic projects. This move follows Allen’s passing in 2018, during which he expressed in his will that the franchise should be sold “at some point.” Jody Allen, Paul Allen’s sister, has been overseeing the team as the executor of the Paul Allen Trust.
The sale will not include the NFL’s Seattle Seahawks, which are also owned by the estate, nor the 25% stake in the MLS franchise, the Seattle Sounders. The decision to sell the Blazers comes after significant developments in the NBA, including lucrative new media rights deals totaling $77 billion over 11 years with ESPN, NBC, and Amazon. Additionally, the Blazers recently sold their home arena, the Moda Center, to the City of Portland for $1, alongside the land for $7 million, and initiated public/private partnerships to renovate the arena and its vicinity.
In recent months, the team has gained considerable attention, especially after the Boston Celtics sold for a record $6.1 billion and the Blazers were valued at $3.6 billion by Sportico, an impressive increase from the $70 million Allen paid for the team in 1988. Among potential buyers is Portland native Phil Knight, the billionaire and Nike founder who previously expressed interest in acquiring the franchise in partnership with Dodgers minority owner Alan Smolinisky.
The announcement of the sale notably followed the NBA lottery, where the Blazers, despite an 18% chance of landing a top four pick, ended up with the 11th pick after moving back in the draft order. On the basketball side, the franchise has recently re-signed head coach Chauncey Billups and general manager Joe Cronin after a season that showed improvement, ending with a 36-46 record, though the team has not reached the playoffs since 2021 after initiating a rebuild that included trading star player Damian Lillard in 2023.
The trust expects the selling process to extend into the 2025-26 NBA season, having engaged the firm Allen & Co. and the law office Hogan Lovells to assist in the process.
This transition period for the Blazers proposes an opportunity for rejuvenation under new ownership, bringing hope for future successes and a renewed commitment to the team’s growth and community involvement.