It is never a quiet day in the NBA.
Coming off the heels of the Dallas Mavericks winning the draft lottery and Boston Celtics star Jayson Tatum going down with a serious injury, one of the league’s franchises has just been announced for sale.
The Portland Trail Blazers are now on the market.
“Estate of Paul G. Allen is starting a formal sales process for the Portland Trail Blazers,” ESPN’s Shams Charania wrote on X.
“Allen & Co and law firm Hogan Lovells leads sales process, is estimated to continue into 2025-26, with all Estate proceeds going to philanthropy, per Paul’s wishes.
“Trail Blazers sales process is beginning with a formal announcement today – and all money from the sale will go to philanthropic efforts as Paul Allen desired.”
Paul Allen, co-founder of Microsoft, owned the Trail Blazers at the time of his death in October of 2018.
He had a $20.3 billion net worth.
His sister, Jody Allen, inherited the team after his death.
The Portland franchise currently ranks 24th in terms of value, at $3.5 billion, but will likely sell for much more than that, given the most recent sale of an NBA franchise, which was the Celtics.
The storied Boston franchise just sold for a record high, $6.1 billion.
Of course, the Celtics are one of the most popular franchises in the country, and the Blazers are not, but the sale could still rival that of the Celtics, given the demand.
Knight is one of the richest people in the worldGettyThe announcement today left Portland fans worried for their future, as murmurs of possible relocation have begun to swirl.
Most notable, moving the team to Seattle.
A popular name to buy the franchise, and keep it in Portland, is Nike founder, Phil Knight.
The 87-year-old has a net worth of nearly $30 billion and would “easily” be able to add the Blazers to his portfolio if he so desires.
Knight helped bring Michael Jordan to Nike and has long held NBA ties.
More updates to come…
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