The Portland Trail Blazers are officially on the market.

The team announced Tuesday that a formal process to sell the franchise is now underway. The move is in accordance with the wishes of late owner Paul Allen, whose estate is overseeing the proceedings.

The process is expected to continue into the 2025-26 season, the team said, with the eventual proceeds going towards philanthropic causes.

Allen, a co-founder of Microsoft, paid $70 million to purchase the Trail Blazers in 1988 at the age of 35, becoming the youngest owner of any professional North American sports franchise at the time. He owned the team until his death in October 2018, after which his estate, helmed by his sister Jody Allen, took over.

Portland is estimated to be worth $3.6 billion, according to Sportico. The most recently sold NBA franchise was the Boston Celtics, who were purchased by an investor group led by billionaire William Chisholm in March for a minimum of $6.1 billion - the record for any team in North American sports.

Allen's estate also maintained his ownership of the NFL's Seattle Seahawks and his 25% stake in the MLS' Seattle Sounders. Those teams will be unaffected by the sale of the Blazers.