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Portland Trail Blazers Officially Up for Sale as Phil Knight Withdraws Interest

Paul Allen’s estate begins the sale process of the NBA franchise, valued at $3.65 billion, with proceeds directed to philanthropy.

Phil Knight, former chairman and founder of Nike, attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, U.S., July 11, 2019. REUTERS/Brendan McDermid/File Photo
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Overview

  • The Portland Trail Blazers are being sold by the estate of late Microsoft co-founder Paul Allen, fulfilling his directive to use proceeds for philanthropic purposes.
  • The franchise, valued at approximately $3.65 billion, is being marketed by Allen & Company and Hogan Lovells, with the process expected to extend into the next NBA season.
  • Nike co-founder Phil Knight, once a prominent potential buyer, has officially announced he is no longer pursuing the team due to his age.
  • Speculation surrounds potential bidders, including MacKenzie Scott, Jeff Bezos, and Larry Ellison, though no formal bids have been confirmed.
  • Community leaders and political figures, including Senator Ron Wyden, are advocating for the team to remain in Portland, emphasizing its cultural and economic significance.