The Portland Trail Blazers, valued at \$3.6 billion, are being put up for sale.
The estate of late owner Paul Allen has confirmed the decision to sell, noting that the move aligns with Allen’s wish to eventually sell his sports assets and dedicate all proceeds from the sale to charitable causes, according to a statement from the team shared on social media.
Allen, the billionaire co-founder of Microsoft, bought the Trail Blazers for \$70 million in 1988. He passed away in 2018.
Allen’s estate also owns the NFL’s Seattle Seahawks and a 25% stake in the Seattle Sounders of MLS, but clarified that neither of those teams is being sold.
The Portland Trail Blazers, valued at \$3.65 billion, are among the lower-ranked teams in the league. The franchise has faced struggles in recent years, failing to qualify for the postseason in the last four seasons.
Nike founder Phil Knight was quickly mentioned as a potential buyer, but the Oregon native believes it’s now too late for him to purchase an NBA team.
The 87-year-old Phil Knight released a statement, citing his age as a key factor in his decision not to pursue purchasing the Trail Blazers.
“Five years ago, when I was younger, I had a strong interest in becoming involved with the Portland Trail Blazers. However, at my current age, I can confirm that I no longer have interest in acquiring the team,” Knight said in a statement from Nike.
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