Paul Allen’s estate announced Wednesday it is starting the formal sale process of the Seattle Seahawks.
The news comes just under three weeks after ESPN reported that the team would be put up for sale following its appearance in Super Bowl LX.
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ESPN’s Adam Schefter reported the sale of the Seahawks is expected to set a new record for the price for a sports franchise. The current record was set by the $10 billion sale of the NBA’s Los Angeles Lakers last year.
Estate of Paul G. Allen Begins Sale Process for Seattle Seahawks pic.twitter.com/Toj3CjClzP
— Seattle Seahawks (@Seahawks) February 18, 2026
Allen purchased the Seahawks in 1997 from Ken Behring for $194 million.
A sale of the Seahawks has been expected since Allen’s death in 2018. He made it a directive for his trust to sell both the Seahawks and the NBA’s Portland Trail Blazers, with proceeds to be donated to philanthropic efforts. Allen’s estate entered a formal agreement to sell the Trail Blazers last September to a group led by Tom Dundon, who owns the NHL’s Carolina Hurricanes. The Trail Blazers reportedly sold for $4.25 billion.
According to ESPN, the Seahawks are now past a date where a sale of the team would have resulted in sharing 10% of the proceeds with the state of Washington. The team’s home stadium, now known as Lumen Field, opened in 2002 at a cost of $430 million and was built with $300 million of public funding.
Investment bank Allen & Company and law firm Latham & Watkins will lead the sales process of the Seahawks. The process is estimated to continue through the offseason. A final purchase agreement must then be ratified by NFL owners.
The franchise has been operating under chair Jody Allen, who took control as the trustee of the Paul G. Allen Trust following her brother’s death.
Sports business reporter John Canzano reported in 2022 that an insider at Vulcan Inc., a private company founded by the Allen siblings, said Jody Allen may have interest in retaining a stake in the Seahawks’ ownership and may be saving the sale of the team for last in hopes of that.
The Seahawks have become one of the NFL’s most successful franchises since Paul Allen bought the team.
After years of mostly toiling in mediocrity, the Seahawks have won two Super Bowls, four NFC championships and 11 division titles since Paul Allen purchased the team. Seventeen of the franchise’s 21 playoff appearances have come during that span. Five of the playoff appearances, two division titles and a Super Bowl have come under Jody Allen.
The Washington Commanders are the most recent NFL franchise to be sold. The team was purchased by for $6.05 billion by a group led by Josh Harris, the co-owner of the NBA’s Philadelphia 76ers and NHL’s New Jersey Devils.
ESPN reported groups led by Canadian billionaire Steve Apostolopoulos and Tilman Fertitta, the owner of the NBA’s Houston Rockets, were among others who bid on the Commanders. Amazon founder Jeff Bezos also reportedly had interest in buying the team but did not make a bid.
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