Late owner Paul Allen’s estate confirmed plans to sell the Portland Trail Blazers on Tuesday.

The sale is “consistent with Allen’s directive to eventually sell his sports holdings and direct all estate proceeds to philanthropy,” the Trail Blazers said in a statement posted on social media.

The estate hired investment bank Allen & Company and the law firm Hogan Lovells to lead the sales process, which is expected to continue into the 2025-26 NBA season.

The NBA’s Board of Governors would have to ratify any purchase agreement.

Allen, the billionaire co-founder of Microsoft, purchased the Trail Blazers for $70 million in 1988. He died in 2018.

Allen’s estate also owns the NFL’s Seattle Seahawks and a 25 percent stake in the Seattle Sounders of MLS but said neither of those clubs is for sale.

The Trail Blazers are one of the lowest-valued teams in the league at $3.65 billion, according to CNBC’s 2025 team valuations.