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

New Zealand Breakers v Portland Trail Blazers PORTLAND, OREGON - OCTOBER 10: A view of the Portland Trail Blazers logo on Matisse Thybulle #4 shorts during the exhibition game against the New Zealand Breakers at Moda Center on October 10, 2023 in Portland, Oregon. The Portland Trail Blazers won 106-66. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this Photograph, user is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Alika Jenner/Getty Images) (Alika Jenner/Getty Images)

By Chris Cwik, Yahoo Sports

May 13, 2025 at 1:10 pm EDT

The estate of Portland Trail Blazers owner Paul Allen announced Tuesday its intent to sell the team. 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.

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— Portland Trail Blazers (@trailblazers) May 13, 2025

Allen, a co-founder of Microsoft, purchased the Trail Blazers in 1988. He was diagnosed with non-Hodgkin's lymphoma in 2009 and died in 2018. Following Allen's death, the team has been run by his estate, which is headed by his sister Jody Allen.

This story will be updated.