"The estate of Paul G. Allen today announced it has commenced a formal sales process for the Portland Trail Blazers NBA franchise, consistent with Allen's directive to eventually sell his sports holdings and direct all estate proceeds to philanthropy.

The estate of the late Paul Allen announced Tuesday its intent to sell the Portland Trail Blazers. The franchise hired a law firm to assist with the sale process, which it expects to draw out into the 2025-26 NBA season. All proceeds from the sale will go toward philanthropic endeavors, per Allen's wishes, the team announced.

The Portland Trail Blazers announced Tuesday the estate of late owner Paul Allen "commenced a formal sales process" for the franchise.