PORTLAND, Ore. — The Portland Trail Blazers NBA franchise is up for sale, the Paul Allen estate announced on Tuesday.

In a social media post, the estate for Paul G. Allen said it has started a formal sales process, which they say was part of the Microsoft co-founder’s wishes of selling his sports holdings and donating the proceeds to philanthropic efforts.

Allen died in October of 2018 in Seattle from complications of non-Hodgkin’s lymphoma. He was 65 years old.

His sister, Jody Allen, was appointed to oversee the late billionaire’s estate.

Nike founder Phil Knight has said in the past that he wanted to buy the Blazers, however, for years there has not been an established timeline for the sale of the Trail Blazers and Allen’s other sports holdings.

In a previous statement, Jody Allen said complex estates like her brother’s could take a decade or two to “wind down.”

READ MORE: Jody Allen says no sale timeline in place for Blazers, Seahawks

Allen’s estate said the news about the Trail Blazers sale doesn’t affect its other sports holdings, like the Seattle Seahawks or its stake in the Seattle Sounders MLS team.

U.S. Senator Ron Wyden commented on the sale, saying he hopes the Blazers remain in Portland.

KATU News reached out to Mayor Keith Wilson regarding the news, who responded saying the Blazers are a big part of Portland and he will work on ensuring they stay in Portland.

“The Trail Blazers are central to Portland’s identity, inspiring a legacy of passion, spirit, and resilience. For decades, this team has energized our community and fueled a thriving sports culture. The economic and cultural significance of the Trail Blazers cannot be overstated. Each year, the Moda Center welcomes approximately 1.5 million visitors, generates $600 million in economic activity, and supports thousands of jobs,” he said in a statement.

“Since 1993, the City has proudly partnered with the Trail Blazers and their owner, the late Paul Allen. Paul’s investment in the Blazers and the Moda Center helped transform Portland into a premier sports destination. His contributions continue to shape the city and inspire generations of fans.”

Wilson continued, “Last year, the City Council approved a bridge agreement that secures the Moda Center as the team’s home through at least the 2029–30 season, while setting the stage for a major renovation of the nearly 30-year-old arena. My office is eager to build a strong partnership with the new ownership, ensuring that Oregon’s favorite basketball team continues to thrive right here in Portland.”