After being owned by Paul Allen in some capacity since 1988, the Portland Trail Blazers are set to be put up for sale.
Allen, the late co-founder of Microsoft, bought the team over three-and-a-half decades ago and his estate has owned the Blazers since his passing in 2018.
But now, Allen’s family will be looking to sell off the team – prompting many to wonder if Oregon’s richest person, Phil Knight, would be buying the franchise.
However, the 87-year-old Knight released a statement saying he has no intention of purchasing the team.
The Nike founder previously expressed interest in purchasing the team in the aftermath of Allen’s death, but says that his current age has dulled his desire to own the Blazers.
‘Five years ago, when I was a younger man, I had a great interest in being a part of the Portland Trail Blazers franchise,’ Knight said in a statement.
Nike founder Phil Knight says he will not be making an offer to buy the Portland Trail Blazers
The estate of the late Paul Allen announced plans to sell the franchise this coming season
Knight, who previously put forth an offer to buy the team in 2022, cited age as a reason
‘However, at my current age, I can confirm that I no longer have interest.’
After initially expressing interest in a purchase back in 2020, Knight and Dodgers co-owner Alan Smolinisky put forth an offer of more than $2billion to buy the team.
However, the Allen estate was not interested and never had conversations to sell.
According to Allen’s will, control over his stakes in three professional sports teams are under the purview of his sister.
As such, his sister has hired investment bank Allen & Company and law firm Hogan Lovells as advisors for a sale.
Forbes values the team at $3.5billion. Allen purchased the team in 1988 for only $70million.
Only the Trail Blazers are up for sale. A statement from the NBA team confirmed that the Allen estate’s controlling stake in the NFL’s Seattle Seahawks is not for sale, nor is the 25 percent stake in MLS’ Seattle Sounders.
The Blazers’ statement says that the process of selling the team is expected to continue into the 2025-26 NBA season.
Once an agreement on a deal has been reached, the NBA Board of Governors has to ratify a final purchase agreement.
All proceeds from the sale are set to be donated to philanthropic causes, as per the wishes of Allen’s will.
