The Portland Trail Blazers are about to go on the market.
On Tuesday, ESPN's Shams Charania reported that the estate of Paul G. Allen is set to begin the formal sales process for the Trail Blazers. Allen & Co. and the law firm Hogan Lovells will oversee the process. All the estate proceeds from the sale will go towards philanthropic efforts.
Allen, who cofounded Microsoft with Bill Gates, died in 2018 due to complications from a long battle with cancer.
Allen purchased the Trail Blazers in 1988 for $70 million. Forbes estimated the franchise's value at $3.5 billion in 2024. His estate also owns the Seattle Seahawks, which he bought for $200 million in 1997, and is part-owner of the Seattle Sounders.
The Paul G. Allen Trust, which also owns the Seahawks, mandates that the team be sold in the future. A spokesman for Allen's company, Vulcan LLC, said that sale is likely to come within 10 to 20 years.
The Blazers will be on the market shortly, and that sale will come shortly after Bill Chisholm paid $6.1 billion for the Boston Celtics.