Portland, ore. – The Paul Allen farm announced on Tuesday that the sales process of the Portland Trail Blazers has begun.
The sale of the team is “consistent with Allen’s directive to eventually sell its sports properties and direct all real estate revenues to philanthropy,” the Trail Blazers said in a statement.
Allen, a multimillionaire co -founder of Microsoft, died in 2018 at age 65 for complications of no Hodgkin lymphoma. Since his death, his sister, Jody Allen, has served as president of the Trail Blazers and the Seattle Seahawks of the NFL and the administrator of Paul G. Allen Trust.
The farm said it has hired New York Allen’s investment firm AND The company and the law firm Hogan Lovells lead the sales process, “which is estimated to continue in the Basketball Season 2025-26”.
The team pointed out in its announcement that the Board of Governors of the NBA must ratify any final purchase agreement.
In addition to the Trail Blazers and Seahawks, Allen was co -owner of the Major League Soccer Seattle Sounders. The statement says that the announcement does not affect Seahawks or 25% interest of heritage in the Sounders. None of those equipment is on sale.
Allen bought the Trail Blazers in 1988, telling The Associated Press at that time that “for a true game fan, this is a dream come true.”
Since his death, there have been generalized speculations around the future property of Seahawks and Trail Blazers. Allen stipulated in his will the eventual sale of both teams, with the income granted to philanthropic efforts.
___
AP NBA: https://apnews.com/hub/nba
