Trail Blazers announce intent to sell team, with all proceeds going toward philanthropic endeavors

The estate of Paul Allen announced its intention to sell the Portland Trail Blazers, hiring Allen & Company and Hogan Lovells to facilitate the process, expected to extend into the 2025-26 NBA season. Proceeds from the sale will be directed toward philanthropic efforts, honoring Allen’s wishes, following his ownership since purchasing the team for $70 million in 1988. The Blazers, valued at $3.5 billion by Forbes, have not reached the NBA Finals since 1992, despite making the playoffs 22 times since then; the estate will retain ownership of the Seattle Seahawks and a stake in the Seattle Sounders.

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