Less than a month afterwinning Super Bowl 60, the Seattle Seahawks are going up for sale. The franchise announced it had begun a "formal sale process" Wednesday in the hopes of selling the franchise in the coming months.
The team announced the move on social media, saying it was "consistent with [former owner Paul] Allen's directive" after his death.
Allen's foray into sports ownership began in 1988, when he purchased the Portland Trail Blazers. He entered the NFL world in 1997, buying the Seahawks.
In 2009, Allen was diagnosed with non-Hodgkin lymphoma.He died in 2018due to complications from the cancer. Since Allen's death, the Seahawks have been owned by his estate, which is headed by his sister, Jody Allen.
As part of Allen's will, he dictated that his sports holdings should be sold following his death, with the proceeds going toward philanthropic efforts. In addition to that, the NFL does not allow a trust to serve as a team owner. NFL teams must be owned by individuals.
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The Trail Blazers followed through on Allen's directive, goingup for sale in May.The team was sold a few months later,going for over $4 billion.
Because of that, it was only a matter of time before the Seahawks also went up for sale. But not before a little infighting between the franchise and the NFL. In January, reports emerged suggesting the Seahawks would be put up for sale after the Super Bowl. Allen's estate refuted those reports, saying theteam was not for sale.
The NFL took issue with that, reportedlyfining the team $5 millionfor refusing to adhere to league rules.
A sale could come together relatively soon. The Seahawks hired Allen & Company, an investment bank, to help lead the sale process. Allen & Company was also hired by Allen's estate when it was looking to sell the Trail Blazers, and that deal came together after just a few months.
The Seahawks stand to be sold for a higher price than the Trail Blazers. In August, Sportico estimatedSeahawks' value at $6.59 billion. It's unclear how much the team's price has risen following its impressive run to a Super Bowl title this season.
