The Portland Trail Blazers are for sale. The estate of former owner Paul Allen announced Tuesday that it has begun a process to sell the franchise that is expected to bleed into the 2025-26 season. It has hired investment bank Allen & Co.

“Today the Estate of Paul G. Allen is announcing the start of a formal process to sell the Portland Trail Blazers. This is an expected milestone following Paul’s death, who had directed his sports holdings to be sold with all Estate proceeds being directed to philanthropy. Please find below a statement from the Estate.”