PORTLAND, Ore. – The only NBA basketball team in the Northwest is changing hands. The Estate of Paul Allen announced Tuesday the Portland Trail Blazers franchise is for sale.
Allen purchased the Trail Blazers for $70 million in 1988.
He died in 2018.
Allen’s sister Jody Allen is the chairman of the trust that now operates the team.
The announcement, also posted to social media, says the move is “consistent with Allen’s directive to eventually sell his sports holdings and direct all estate proceeds to philanthropy.”
The announcement says the news does not affect the Seattle Seahawks or the estate’s 25% interest in the Seattle Sounders and that neither of those franchises are for sale.
CNBC values the Trail Blazers franchise at $3.65 billion, which would make it the 22nd most valuable NBA franchise.
The list says the Golden State Warriors are the most valuable at $9.4 billion.
Last on the list: the Memphis Grizzlies, valued at $3.2 billion.
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