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

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.

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.