Valued at $3.6 billion! The Trail Blazers are officially listed for sale: the owner's will all go to charity

On May 14, Beijing time, the Portland Trail Blazers officially announced that the estate administrator of the late team owner Paul Allen has officially listed for sale of the team, and the proceeds from the sale will be used for charity.

NBA commissioner Adam Shower has said several times over the past seven years that Allen died of cancer in 2018 and that his will explicitly calls for the team to be sold "in due course." During this time, Allen's sister, Jody Allen, served as the executor of the Paul Allen Trust and has been serving as the team manager. The statement also pointed out that the 25% stake in the Seattle Seahawks of the National Football League (NFL) and the Seattle Sounders of Major League Soccer (MLS) is not within the scope of the sale, the statement also said.

The trust's decision to sell the Trail Blazers is based on the impact of a number of key events over the past year. The NBA has 11-year, $77 billion media rights deals with ESPN, NBC and Amazon. In 2024, the Trail Blazers sold their home arena, Moda Center, to the City of Portland for $1 and the land beneath the arena for $7 million. Subsequently, the team launched a public-private partnership to renovate the stadium and its surroundings and signed a new lease agreement until 2030.

Earlier this year, the Celtics sold for a record $6.1 billion, driving up the valuations of all teams. Sports media outlet Sportico recently estimated the Trail Blazers at $3.6 billion, while Allen spent just $70 million when he bought the team in 1988.

Billionaire Nike, founder and native Portlander Phil Knight could be one of the potential buyers. In 2022, Knight reportedly made a takeover offer to the Trail Blazers, and the then 87-year-old joined forces with Los Angeles Dodgers minority shareholder Alan Smallinski.

The Trail Blazers' announcement of the sale plan the day after the NBA lottery draw may have been significant. In this lottery draw, the Trail Blazers had an 18% chance of getting the top four picks, but eventually slipped from the 10th to the 11th pick.

In terms of basketball operations, the Trail Blazers signed a contract extension with head coach Billups and general manager Joe Cronin at the end of the season. This season, the Trail Blazers have a record of 36-46, their best in four years, but have not made the playoffs since 2021. In 2023, the team traded for star Lillard to officially start a comprehensive rebuild.

The Trust said the sale process will continue into the 2025-2026 season and has engaged Allen & Co. and Hogan Lovells to handle the matter.