Portland Trail Blazers Officially Up for Sale: A New Chapter Begins
In a significant development for the NBA, the estate of the late Portland Trail Blazers owner Paul Allen has officially put the team up for sale. This announcement, made on Tuesday, marks a pivotal moment for the franchise, with the proceeds from the sale earmarked for philanthropic endeavors. Paul Allen, who passed away from cancer in 2018, had stipulated in his will that the franchise should be sold “at some point,” a point reiterated by NBA commissioner Adam Silver over the past seven years. During this period, Allen’s sister, Jody Allen, has been at the helm as the team’s governor, acting as the executor of the Paul Allen Trust.
Interestingly, the sale does not include the NFL’s Seattle Seahawks or the 25% stake in the MLS’ Seattle Sounders, both of which are also owned by the estate. The decision to sell the Blazers comes on the heels of several key developments over the past year. Notably, the NBA secured new 11-year media rights deals with ESPN, NBC, and Amazon, collectively valued at a staggering $77 billion. Additionally, in 2024, the Blazers sold their home arena, the Moda Center, to the City of Portland for a symbolic $1, along with the land under the arena for $7 million. This transaction paved the way for a public/private partnership aimed at renovating the arena and its surrounding area, with a new lease extending through 2030.
Earlier this year, the Boston Celtics set a new benchmark by selling for a record $6.1 billion, a move that has elevated the value of all NBA teams. According to Sportico, the Blazers are currently valued at $3.6 billion. Among the potential bidders is billionaire Nike founder and Portland native Phil Knight, who, along with Los Angeles Dodgers minority owner Alan Smolinsky, reportedly made an offer to purchase the franchise back in 2022. At 87, Knight’s interest in acquiring the team remains a topic of considerable intrigue.
The timing of the sale announcement, coming just a day after the NBA lottery, has raised some eyebrows. The Blazers, who had an 18% chance of securing a top 4 pick, ended up moving back from the No. 10 slot to the No. 11 pick. This outcome may have influenced the timing of the sale announcement.
On the basketball front, the franchise has been making strategic moves to position itself for the future. The contracts of coach Chauncey Billups and general manager Joe Cronin were extended after the season. The Blazers finished the season with a 36-46 record, their best in four years, although they have not made the playoffs since 2021. The team embarked on a comprehensive rebuild following the trade of franchise star Damian Lillard in 2023.
The sales process is expected to continue into the 2025-26 NBA season, with Allen & Co. and the law firm Hogan Lovells overseeing the proceedings. As the Blazers prepare for a new chapter, the basketball world will be watching closely to see who steps up to take the reins of this storied franchise.
- The Blazers are valued at $3.6 billion by Sportico.
- Phil Knight, Nike founder, is a potential bidder.
- The sale process will extend into the 2025-26 NBA season.
As the Portland Trail Blazers transition into this new phase, fans and stakeholders alike are eager to see what the future holds for this iconic team. With a rich history and a passionate fan base, the Blazers’ next chapter promises to be an exciting one.
Originally Written by: ESPN.com
