“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.”

The long-anticipated sale of the Portland Trail Blazers is underway. The estate of late tech billionaire Paul Allen announced Tuesday morning that the franchise was for sale. The announcement by Allen’s estate, controlled by his sister, Jody Allen, comes more than six years after his death.