The Seattle Seahawks are entering a new chapter as the estate of Paul G. Allen has officially begun the process of selling the franchise. This move aligns with Allen's wishes to eventually sell his sports holdings and direct the proceeds toward philanthropic efforts.
The buzz around a potential sale has been growing, especially since The Athletic hinted at this development last month. Now, with the Super Bowl behind us, the sale process is in full swing, led by investment bank Allen & Company and law firm Latham & Watkins. The offseason will be a busy time as they navigate the complexities of transferring ownership.
Looking back, the last NFL team sale was the Washington Commanders, which fetched a record-breaking $6.05 billion in 2023. That process stretched over eight months, a journey that began with former owner Daniel Snyder contemplating the sale. In contrast, the Denver Broncos' sale in 2022 to the Walton-Penner family wrapped up in just four months, thanks to the efficiency of the trust managing the sale.
Similar to the Broncos, the Seahawks are held in a trust. Jody Allen, as the executor, is tasked with ensuring the franchise's value is maximized, meaning the team will go to the highest bidder.
In addition to the Seahawks, the estate is also finalizing the sale of the NBA’s Portland Trail Blazers to a group led by billionaire Tom Dundon, who also owns the NHL’s Carolina Hurricanes. However, the estate continues to hold a minority stake in Major League Soccer’s Seattle Sounders.
Paul Allen's legacy with the Seahawks is profound. Acquiring the team in 1997 for about $200 million from Ken Behring, Allen played a pivotal role in keeping the Seahawks in Seattle. Under his leadership, the team reached four Super Bowls and claimed victory in two, leaving an indelible mark on the franchise and its fans.