The estate of late Portland Trail Blazers owner Paul Allen has formally put the team up for sale with the proceeds going to philanthropic endeavors, the team announced Tuesday.

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.

Allen’s directive has been to sell his sports and major holdings in the wake of his death in 2018. One sports holding is for sale.