The sale of the Portland Trail Blazers just got real. The future of the Seattle Seahawks is still unclear with Paul Allen’s estate actively pursuing a new owner for the team. Allen, who owned the Trail Blazers alongside the NFL’s Seattle Seahawks and a stake in Major League Soccer’s Seattle Sounders, passed away in 2018 at the age of 65 due to complications from non-Hodgkin lymphoma. His advanced will efforts indicated he intended to someday sell his sports properties. Such a decision would guarantee that the Trail Blazers would be in search of a new caretaker.
Paul Allen’s estate has tapped Allen & Company and Hogan Lovells to guide the complex sales process. The estate hopes the sale will carry over to the next NBA season. This timing allows prospective purchasers to have ample opportunity to assess the franchise. Jody Allen, Paul Allen’s sister, noted the tremendous demand for the estate. She cautioned that the unique challenges of running such a small estate would slow things down.
“A time will come when that changes given Paul’s plans to dedicate the vast majority of his wealth to philanthropy, but estates of this size and complexity can take 10 to 20 years to wind down,” – Jody Allen
The market for NBA teams couldn’t be better! The recent $6.1 billion dollar sale of the Boston Celtics in March exemplifies this trend. We can be sure that prospective buyers have been looking deeply into the value of buying the Trail Blazers. This interest is ripe, too, given that the team has the 11th selection in next month’s NBA draft.
Phil Knight, chairman emeritus of Nike Inc., has done just that. He has repeatedly issued statements attempting to distance himself from any active pursuit of ownership of the franchise. Five years ago, Knight made no secret of his eagerness to engage with the Trail Blazers. At 87 years old, he has now personally pulled his bid to buy the team.
“Five years ago, when I was a younger man, I had a great interest in being a part of the Portland Trail Blazers franchise. However, at my current age, I can confirm that I no longer have interest in acquiring the team,” – Phil Knight
Last year, Jody Allen rejected an offer from Knight at least $2 billion for the franchise. This decision illustrates how complicated, diverse, and nuanced the conversations at the center of this debate surrounding ownership really are.
The sale process has now begun. U.S. Senator Ron Wyden is in full on crisis mode, and he’s encouraging the NBA to do whatever it takes to stay in Portland. He highlighted the power that the team holds so close to his community. He noted the cultural significance of “Blazermania,” which has always tied the city’s identity to its players.
“Blazermania” that captured the city and made heroes out of players including Bill Walton and Maurice Lucas – U.S. Sen. Ron Wyden
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