The Portland Trail Blazers organization officially announced on Tuesday morning that the estate of the late Paul Allen is beginning the formal process to sell the NBA franchise.
Allen, a co-founder of Microsoft, passed away in 2018. His will directed that the sports teams he owned should eventually be sold, with all proceeds from the estate sale dedicated to philanthropic causes. Although there had been previous internal discussions and reported disagreements regarding the timing of a sale, and past attempts by potential buyers were not successful, the team is now formally on the market.
The sale of the Trail Blazers marks the fifth NBA franchise to be sold within the last three years. Recent transactions provide a benchmark for potential value. The Charlotte Hornets were sold for $3 billion in 2023, the Dallas Mavericks for $3.5 billion, the Phoenix Suns (including the WNBA`s Mercury) for $4 billion, and the Boston Celtics recently set a new record with a sale price of $6.1 billion earlier this year.
While the sale of the Blazers is not expected to reach the record-breaking figure of the Celtics, it is anticipated to fall within a price range similar to the Mavericks and Suns transactions. According to the team`s statement, the finalization of the sale is not projected to occur until after the current season concludes, likely during the next season.
Jasper Hawthorne