The estate of the late Paul Allen announced Tuesday its intent to sell the Portland Trail Blazers. The franchise hired a law firm to assist with the sale process, which it expects to draw out into the 2025-26 NBA season.
All proceeds from the sale will go toward philanthropic endeavors, per Allen’s wishes, the team announced.
pic.twitter.com/V7T2dViTYI
— Portland Trail Blazers (@trailblazers) May 13, 2025
The Trail Blazers hired Allen & Company, an investment bank, and Hogan Lovells law firm to “lead the sales process.”
Allen, a co-founder of Microsoft, purchased the Trail Blazers for $70 million in 1988. He was diagnosed with non-Hodgkin lymphoma in 2009 and died in 2018. Following Allen’s death, the team has been run by his estate, which is headed by his sister Jody Allen.
Paul Allen also purchased the Seattle Seahawks in 1997. The Seahawks are currently run by Allen’s estate, but will not be sold as part of Tuesday’s announcement. Allen’s estate will also keep its 25 percent stake in the Seattle Sounders.
Early in Allen’s tenure as owner, the Trail Blazers showed promise. The team reached the NBA Finals twice in Allen’s first four years, but came up short both times. The team lost to the Detroit Pistons in five games in 1990 and lost to the Chicago Bulls in six games in 1992.
While the Blazers made the playoffs 22 more times since then, the franchise hasn’t made it back to the Finals since 1992.
The Trail Blazers were valued at $3.5 billion by Forbes in October. That figure ranked 24th among the 30 NBA teams. It’s unclear how much Allen’s estate is seeking for the Trail Blazers.
