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The Portland Trail Blazers are up for sale, in line with the wishes of the late Paul Allen. The Seattle Seahawks, however—the other pro team the Microsoft cofounder requested be posthumously sold—are not.
The estate of Paul G. Allen issued a statement Tuesday saying it has initiated a process to sell the NBA franchise. It has hired investment bank Allen & Company and law firm Hogan Lovells as financial and legal advisers, respectively. The decision to sell the Blazers is “consistent with Allen’s directive to eventually sell his sports holdings and direct all estate proceeds to philanthropy,” the statement said.
Paul Allen, who bought the Blazers for $70 million in 1988, passed away in 2018. Since then, Jody Allen has served as her late brother’s executor and trustee of his estate. She has been the chair of both the Blazers and Seahawks during that span.
The Blazers carry an estimated franchise value of about $3.5 billion, according to Forbes. Those figures came out before the Boston Celtics were sold for a record $6.1 billion in late March.
The process of selling the Blazers is expected to continue into the 2025-2026 NBA season, according to Tuesday’s statement.
“This news does not affect the Seattle Seahawks NFL franchise or the estate’s 25% interest in the Seattle Sounders MLS, and neither is for sale,” the statement said.
Paul Allen acquired the Seahawks in 1997 for a reported $194 million. Today, the team has an estimated value of $5.45 billion, according to Forbes. His investment in the Sounders dates back to 2009. Forbes puts the soccer team’s value at $800 million.
Jody Allen’s decision to sell the Blazers comes after she had previously resisted selling the team. In 2022, Nike founder Phil Knight and Los Angeles Dodgers part-owner Alan Smolinisky reportedly made an unsolicited offer of more than $2 billion to buy the Blazers.
The NFL declined to comment. The Seahawks, the Paul G. Allen Trust, Allen & Company, Hogan Lovells and Phil Knight did not respond to requests for comment. Alan Smolinisky could not immediately be reached.
