  The estate of Paul Allen, which owns The Portland Trail Blazers, announced its begun a formal sales process for the NBA franchise. A post on Instagram states it was Allen’s wishes that his sports holdings eventually be sold, with all estate proceeds going to philanthropy. The sales process is expected to continue into the 2025-26 basketball season. Investment bank Allen & Company and law firm Hogan Lovells will lead the sales process. The NBA Board of Governors must ratify a final purchase agreement.
  Allen, who co-founded Microsoft with Bill Gates, purchased the Blazers for $70 million in 1988. He died in 2018, and the franchise has been operated by the family’s estate since then.
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U.S. Senator Ron Wyden reacted to the announcement on social media stating, “I’m glad for all of us rooting in Rip City that Trail Blazers ownership is moving forward to make sure our team has a certain future, and by certain, I mean the Blazers staying right where they belong – in Portland.” The City of Portland and the Blazers reached an agreement last summer to extend the team’s lease agreement at the Moda Center through 2030, according to OPB.
  The Blazers landed the 11th spot in the June NBA draft lottery. News about the Blazers does not affect the Seattle Seahawks NFL franchise or the Seattle Sounders MLS, of which the Allen Estate has a 25% interest. Neither of those teams are for sale.Â