Blazers Begin Process to Sell NBA Franchise, Proceeds Will Be Donated to Charity
The Portland Trail Blazers announced Tuesday the estate of late owner Paul Allen "commenced a formal sales process" for the franchise.
"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 team said. "The NBA Board of Governors must then ratify a final purchase agreement."
Allen's sister, Jody, has served as the Trail Blazers' team governor since his death in 2018. The future of the franchise has been the subject of occasional speculation because Allen instructed his estate to sell his assets, including the Blazers and NFL's Seattle Seahawks, and give the proceeds to charity.
Nike co-founder Phil Knight is among those who have tried unsuccessfully to make a bid in the past.
Tuesday's announcement means an end to the saga might finally be in sight, albeit very far down the road.
Knight and Alan Smolinisky, a minority stakeholder in the Los Angeles Dodgers, were reportedly prepared to pay $2 billion for the Blazers in 2022. The final sale price might be double that.
Mat Ishbia spent $4 billion to acquire the Phoenix Suns in December 2022. Meanwhile, Michael Jordan sold a majority stake in the Charlotte Hornets for $3 billion in June 2023, and Mark Cuban got $3.5 billion when he gave majority control of the Dallas Mavericks to the Adelson family later that year.
