Speculation recently surfaced that, as of late, the NFL (and NBA) franchise owned by the late Paul Allen would be sold. For now, his vast art collection is for sale.
About 150 items valued at more than $1 billion will be auctioned through Christie’s, via the Associated Press.
“These actions mean so much to so many people, and I know Christie will ensure their respectful dissemination to generate tremendous value for the philanthropic work that Paul wishes,” said his sister, Jody, who Currently serves as the owner of the Seahawks.
The context of “philanthropic activities” is important in this context. The issue of a potential sale of the Seahawks and Portland Trail Blazers arose due to a report that Paul Allen’s trust required that his assets be liquidated with proceeds going to Allen’s “passion projects”. Furthermore, when Jody Allen issued a statement in July explaining that the Seahawks are not currently for sale, she added: “There will come a time when Paul’s plans will be devoted to philanthropy the vast majority of his wealth.” But the size and complexity of its estates could take 10 to 20 years to dissipate. There is no pre-determined timeline by which teams should be sold.”
The most important date is May 1, 2024. Any sale of the Seahawks before May 2024 requires 10 percent of the proceeds to move to Washington State, the duration of the deal to build the team’s current stadium. With the Seahawks likely to generate $5 billion or more, that’s a sizable chunk of the money that will come out of the transaction overhead. At this point, it’s easy enough to wait another 20 months to sell.
Eventually, the Seahawks will be sold. The sale of Paul Allen’s billion-dollar art collection underscores the fact that it’s only a matter of time.
(This story has not been edited by seemayo staff and is published from a rss feed)