Paul Allen Estate Officially Puts Portland Trail Blazers Up for Sale; Proceeds to Benefit Philanthropic Initiatives
The Paul G. Allen Estate has formally announced the sale of the NBA’s Portland Trail Blazers, with proceeds directed toward philanthropic causes in accordance with the late Paul Allen’s will. The announcement, made Tuesday, marks a significant milestone in the long-anticipated process initiated after Allen’s passing in 2018.
Allen, the Microsoft co-founder and long-time Trail Blazers owner, purchased the team in 1988 for $70 million. His will stipulated that the franchise would eventually be sold, a directive that has been reiterated over the years by NBA Commissioner Adam Silver. Since Allen’s death, his sister Jody Allen has served as the team’s governor and trustee of the Paul G. Allen Trust.
The estate confirmed that the sale will not include the NFL’s Seattle Seahawks or the 25% stake in Major League Soccer’s Seattle Sounders, which are also held by the trust.
“The Estate of Paul G. Allen announced it has commenced a formal sales process for the Portland Trail Blazers NBA franchise, consistent with Allen’s directive to eventually sell his sports holdings and direct all Estate proceeds to philanthropy,” wrote Trail Blazers Senior Vice President, Communications and Public Affairs Natalie King in a press statement.
“The Estate has selected investment bank Allen & Company and law firm Hogan Lovells to lead the sales process, which is estimated to continue into the 2025-26 basketball season. The NBA Board of Governors must then ratify a final purchase agreement,” the presser continues.
The timing of the sale follows several key developments that have reshaped the NBA’s financial landscape. The league recently finalized an unprecedented 11-year, $77 billion media rights agreement with ESPN, NBC, and Amazon, significantly boosting team valuations across the board. Earlier this year, the Boston Celtics were sold for a record-setting $6.1 billion, a transaction that further elevated the market.
Locally, the Trail Blazers sold the Moda Center to the City of Portland for $1 in 2024, along with the arena’s land for $7 million. That deal launched a public-private redevelopment partnership and extended the Blazers’ lease through 2030.
Sportico now estimates the Trail Blazers’ value at roughly $3.6 billion. Among potential buyers is Nike co-founder and Portland native Phil Knight, who, alongside Los Angeles Dodgers minority owner Alan Smolinisky, reportedly made an earlier bid for the team in 2022.
The announcement comes just one day after the 2025 NBA Draft Lottery, in which the Blazers dropped from the No. 10 to the No. 11 pick, despite having an 18% chance at a top-four selection.
After missing the playoffs for the fourth consecutive season, the Blazers have shown signs of long-term investment in their leadership and rebuild. The team extended the contracts of head coach Chauncey Billups and general manager Joe Cronin following a 36-46 season.
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