The Portland Trail Blazers are for sale
Add Axios as your preferred source to
see more of our stories on Google.
Blazers general manager Joe Cronin sits next Jody Allen, who is selling the team. Photo: Soobum Im/Getty Images
Start collecting the coins in your couch: The Blazers are for sale, the team announced Tuesday.
Why it matters: The sale could be the start of what fans hope will be a turning point for the team after several middling seasons, with some deep-pocketed potential buyers who have already shown interest.
Catch up quick: Before he died in 2018, former owner Paul Allen, a co-founder of Microsoft who also owned the Seattle Seahawks, directed his estate to sell his sports holdings with the proceeds going to philanthropic causes.
- Since his death, Allen's sister Jody Allen has stood in as the franchise chair.
- Phil Knight, the former CEO of Nike and Oregon's wealthiest person, offered her roughly $2 billion for the team in 2022, but she turned him down.
- Knight, along with Los Angeles Dodgers co-owner Alan Smolinisky, upped their offer the following year, but were rebuffed again, per the Wall Street Journal.
State of play: Allen bought the team for $70 million in 1988, but the team is likely to fetch many times that in today's market.
- In March, the Boston Celtics were sold at a valuation of up to $7.3 billion.
- In 2022, the Phoenix Suns, and the WNBA's Phoenix Mercury, were sold at a $4 billion valuation.
- Portland, which was recently valued at $3.6 billion, would be the fifth team to be sold in the last three years.
Between the lines: Comment sections and message boards Tuesday were mostly filled with optimism after the sale was announced, especially at the prospect of someone with deep pockets like Knight becoming the new owner.
- But there was also fear that with major renovations needed at Moda Center, a new owner might want to move the team.
What they're saying: "I'm glad for all of us rooting in Rip City that Trail Blazers ownership is moving forward to make sure our team has a certain future," Sen. Ron Wyden said in a written statement. "And by certain, I mean the Blazers staying right where they belong – in Portland."
My thought bubble: Change can be scary, but this seems to me a move long overdue.
- I've got nothing against Jody Allen, but knowing the sale was always on the horizon has left the team, and the fanbase, waiting for the other shoe to drop.
- Fresh off an encouraging end to last season — and a draft pick (almost) in the top 10 — the future looks bright in the Rose Quarter.
What's next: The team has selected investment bank Allen & Company and law firm Hogan Lovells to lead the sale, which is expected to last into next season.