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.

“Today the Estate of Paul G. Allen is announcing the start of a formal process to sell the Portland Trail Blazers. This is an expected milestone following Paul’s death, who had directed his sports holdings to be sold with all Estate proceeds being directed to philanthropy. Please find below a statement from the 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.