The inevitable sale of the Portland Trail Blazers is expected to attract many potential buyers seeking to secure one of the 30 NBA franchises in existence.
Numerous factors will play into the sales process, which the estate of Paul Allen said could last well into next season.
Attorney Irwin A. Kishner, partner and co-chair of the Sports Law Group with Herrick, based in New York, New York, has been involved in negotiating sale and acquisition deals involving several professional sports teams. The list includes representing former Milwaukee Bucks co-owner Marc Lasry during the sale of his 25% stake in the franchise in 2023.
He offered his expertise on various aspects surrounding selling the Blazers.
Price tag
CNBC valued the Blazers at $3.65 billion earlier this year. Forbes magazine listed the Blazers at $3.5 billion last year.
“I think it establishes the proverbial ballpark, or a range,” Kishner said.
However, the team could be sold for much more, especially given that the supply of NBA teams is limited.
“This is ultimately a treasured asset, hence the $3.6, $3.7 billion valuation,” Kishner said. “And it’s going to be simply supply and demand that’s going to dictate where it ultimately trades at.”
It is common for new owners to pay more than the estimated valuation for professional franchises. Perhaps most famously, in 2014, former Microsoft CEO Steve Ballmer purchased the LA Clippers for $2 billion, a perceived overpay.
Forbes last year valued the Clippers at $5.5 billion.
“If you look at it now and where they are today, I would tell you, notwithstanding all the money he’s put into it, it’s a pretty decent return,” Kishner said.
Moda Center
The Blazers play at the Moda Center, which opened in 1995 and desperately needs a makeover. Videoboard upgrades will be completed this summer. Future upgrades will fall on the shoulders of the new owner.
Of the eight oldest arenas in the NBA, the Moda Center is the only one yet to undergo major renovations. Kishner said that reality and ownership of the arena will factor into negotiations.
Rip City Management reached a “bridge agreement” with the city of Portland to extend the lease, set to expire this fall, for five years to allow time for a new lease agreement to be negotiated.
The bridge agreement included RCM transferring ownership of the arena to the City of Portland for $1. However, the franchise, which leases the land where the Moda Center sits, remains largely responsible for future upgrades.
“Arena deals, and they’re all unique, but it has a very profound impact on the valuation of any of these assets,” he said. “If the team owns it 365 days out of the year, the question is, what else can you put in your building to get further value? That’s a whole separate business that could often be quite lucrative.”
But not necessarily in this case, given that the city owns the arena. Based on recent NBA arena projects, Moda Center renovations could cost as much as $200 million.
“Doing any kind of valuation analysis on this team and what’s ultimately going to have to be put into the building is going to have a significant impact on how much the asset is going to get or garner in a trade,” Kishner said.
Estate sale
Kishner said an estate selling a team can prove complicated when numerous heirs are involved. But ownership of the Blazers was never transferred to an Allen heir. The estate has specific instructions that the team will be liquidated, with proceeds going toward specific charitable causes. However, Kishner said, there is pressure on Allen’s sister, Jody Allen, the estate’s trustee and Blazers chair, to ensure that the estate receives fair value.
“If you’re a trustee for this sale, you’re going to want to make sure, and you want to be very comfortable, that you’re getting a fair market value,” Kishner said. “So, the fact that the money is going for philanthropic purposes is a nice thing. I don’t think that makes it harder.”
Could Jody Allen conceivably put together an ownership group and attempt to buy the team herself?
“That brings up a whole litany of other issues, like insider trading and being self-dealing, all surmountable,” Kishner said. “All things that you could do. If she really wanted to be part of the process, you could devise a process where she could ultimately wind up being the purchaser. But it would have to be very, if you will, transparent, and there could be some further risks of litigation.”
Limited market competition
Portland does not have an NFL, NHL or MLB team. Not facing competition from those leagues for the discretionary income of local sports fans, Kishner said, is a plus.
“I think that helps since you’re always competing to put bodies in the seats,” he said. “And the less competition you have, I would argue, the better off, or the more likely you’ll be successful. So, if anything, that helps in this particular sale. I do think Portland is deserving of other professional sports franchises.”
A new WNBA franchise will make its debut in 2026, something Kishner said shouldn’t be of concern for a new Blazers owner. The NBA’s recent regular season ended on April 13, while the 2025 WNBA season began on May 16.
“They almost never compete against each other, and the tickets for the WNBA are typically significantly less than for the NBA, depending on how competitive the team is at a particular time,” he said. “I see that only as a positive because I think it will get more people interested in basketball in general.”
Threat of relocation
A new owner seeking to move the Blazers is not out of the question, but in Kishner’s opinion, is highly unlikely.
Factors that have led to sports franchises relocating typically involve poor venues and/or mediocre fan support.
“That’s not my understanding of this,” Kishner said. “I don’t think that’s what’s happening here. At least the way I size it up.”
Portland’s television market size ranks 23rd, according to SportsMediaWatch.com, making it worthy of keeping the Blazers, according to Kishner.
“It’s not like LA or Houston or New York, but it is a very important market,” Kishner said. “You can’t have a league unless you have teams like the Blazers, right? So, I think that the Blazers are loved by the local populace. I think they have a very strong following. I think the city itself deserves a franchise. It’s just all part of the picture of what you’re entering into.”