By 750 THE GAME STAFF
Jody Allen says it could take 10-20 years to liquidate the assets of her late brother Paul Allen’s estate, including the sale of the Portland Trail Blazers.
A recent piece by the Wall Street Journal quoted estate experts who said waiting that long to sell off any estate, even one the size of Paul Allen’s, would be “highly unusual.”
As much 20 years? To sell the Trail Blazers?
That got John Canzano wondering.
“Why doesn’t Jody want to move faster?” Canzano said on 750 The Game. “Think about that. It’s an important question. Why wouldn’t Jody want to move faster? Is she stubborn? Is she aloof? Is she power-hungry? Does she want to be viewed as the queen bee as she buzzes around the empire that her brother built?
“Pick your theory. None of those are wrong. None of them.”
Canzano added one reason for Allen’s lack of urgency could be that she may be getting paid a hefty “management fee” for holding on to the franchise. The team’s vice chair, Bert Kolde, will reportedly earn a commission on the sale of the team. But Jody Allen won’t — but per state law, is allowed to collect a management fee that typically ranges from 3-5 percent of the value of the estate.
How much could Jody be pocketing by sitting on the Trail Blazers — valued at $3 billion?
“Jody Allen could reasonably be collecting 100 to 150 Million dollars per year on the Blazers value alone, as the manager of the estate,” Canzano said. “We’re talking about $60 Million if she takes 2 percent. We’re talking about $90 Million if she takes 3 percent. $150 Million if she takes 5 percent.
“Does this explain why she’s not in a hurry? It sure makes me wonder.”
Listen to Canzano’s full comments on Jody Allen keeping a stranglehold on the Trail Blazers, her persistent avoidance of Phil Knight and Alan Smolinisky, and the role of NBA Commissioner Adam Silver, at the 1:03:30 mark of the podcast below.
John Canzano delivers the Bald Faced Truth afternoons 3-6 p.m. exclusively in Portland on 750 The Game.