The Seahawks announced Wednesday that the estate of late owner Paul G. Allen has begun a formal sale process for the NFL franchise.
“The Estate of Paul G. Allen today announced it has commenced a formal sale process for the Seattle Seahawks NFL franchise, consistent with Allen’s directive to eventually sell his sports holdings and direct all Estate proceeds to philanthropy.
“The Estate has selected investment bank Allen & Company and law firm Latham & Watkins to lead the sale process, which is estimated to continue through the 2026 off-season. NFL owners must then ratify a final purchase agreement,” wrote the team in a statement issued Wednesday.
The sale of the Seahawks has been in the works since Allen died in 2018. In his stead, ownership was transferred to the Paul G. Allen Trust, and his sister Jody Allen took over as chair. The sale is projected to reach record-breaking figures, with the franchise’s value estimated to be in the range of $7 to $8 billion, though some reports indicate the franchise could fetch as much as $11 billion. The Commanders sold for a record $6.05 billion in 2023.
By waiting until 2026 to being the process of the sale of the team in order to avoid a contractual penalty which would’ve required 10% of the sale to go to the state of Washington. That penalty was introduced in 1997 as part of the funding for Lumen Field which opened in 2002, but the clause would only come into effect if the team was sold before May of 2024.
The Seahawks won the franchise’s second Super Bowl less than two weeks ago, defeating the Patriots in Super Bowl LX.
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This article was originally published on www.si.com as Seahawks Announce Franchise Will Begin Formal Sale Process.
