Blazers guard Shadeon Sharpe (17) comes of the screen and looks to get past Sacramento defender Keegan Murray (13) on March 31 at the Moda Center. Sharpe was the Blazers' first-round draft pick last season and could be joined by another youngster on Thursday, June 22 following the NBA Draft.

The Portland Trail Blazers are going up for sale, the organization announced on X, formerly Twitter, on Tuesday morning.

The team was purchased by Microsoft co-founder Paul Allen since 1988. Since Allen’s death in 2018 the team has been run by his estate.

“The estate of Paul G. Allen today announced it has commenced a formal sales process for the Portland Trail Blazers NBA franchise, consistent with Allen’s directive to eventually sell his sports holdings and direct all estate proceeds to philanthropy,” the post read.

According to the estate, neither of Allen’s other professional sports teams are for sale. Allen’s estate also controls the Seattle Seahawks NFL team, which Allen purchased in 1997, and owns a 25% stake in the Seattle Sounders soccer team.

The sale is expected to last into the 2025-26 NBA season, the estate predicted. Before a sale can be finalized, it will have to be ratified by the NBA Board of Governors, which is composed of team owners from across the NBA.

This is a developing story and will be updated with more information as it becomes available.