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Portland Trailblazers Nearing Takeover

Portland Trailblazers takeover bid

Portland Trailblazers Nearing Takeover

ESPN’s National Basketball Association (NBA) insider, Adrian Wojnarowski, has reported a potential takeover of the Portland Trailblazers, with NIKE founder, Phil Knight and LA Dodgers co-owner, Alan Smolinisky, making a US$2 billion-plus written offer bid.

Paul Allen’s trust has been managing the franchise since his passing in 2018, and towards the end of the 2021/22 NBA season, there was speculation about the team going up for sale.

The trust has been run by Allen’s sister, Jody, since her brother passed and the announcement of the takeover bid has sparked rumours of a potential sale of NFL franchise, the Seattle Seahawks.

There was also speculation about the franchise relocating out of Portland, as the league considered adding a 31st team, but the bid from Knight and Smolinisky suggests the team will stay put.

In October 2021, Forbes, valued the franchise at US$2.05 billion, making it the 13th most valuable team, but with the deal not being finalised, the future of the organisation is still up in the air.

The news comes after the UK government issued a licence to permit the sale of Chelsea Football Club to Todd Boehly for £4.25 billion (AU$7.56 billion), after the deal was close to collapse, due to concerns proceeds wouldn’t reach a good cause.

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