The estate of Paul G. Allen has officially announced plans to sell the Portland Trail Blazers, a move anticipated following Allen’s passing in 2018. Allen’s instructions specified that the proceeds from the sale of his sports holdings be directed towards philanthropic efforts. The estate has engaged Allen & Company as the investment bank and Hogan Lovells as legal counsel to facilitate the sales process, which is expected to unfold through the 2025-26 NBA season, pending approval from the NBA Board of Governors.
Natalie King, the Blazers’ senior vice president of communications and public affairs, communicated this decision through an email to media, underscoring the estate’s commitment to honoring Allen’s wishes.
Since acquiring the Blazers in 1988 for $70 million, the team has had a tumultuous recent history, entering a rebuilding phase after the injury of superstar Damian Lillard during the 2021-22 season. Lillard’s subsequent trade request marked the end of his 11-year tenure with the team, which has faced significant challenges, concluding the last four seasons with a collective record of 117-211, their poorest performance since the franchise’s early years.
Despite these struggles, there is cautious optimism about the future. The Blazers have recently secured contract extensions for general manager Joe Cronin and coach Chauncey Billups, indicating a desire to build a stronger team going forward. The franchise was valued at $3.65 billion earlier this year, and while they experienced setbacks, they have the potential for renewal under new ownership.
This transition not only opens a new chapter for the franchise but also sets the stage for future growth and greater community engagement as philanthropic interests are prioritized in the aftermath of the sale. The outcome of this process will be closely watched, especially given recent high sales in the league, including the record-breaking sales of the Boston Celtics and Phoenix Suns.
The Trail Blazers thus stand at a significant crossroads, with the potential for a brighter tomorrow as they seek to reshape their identity and performance in the NBA.