The Portland Trail Blazers were sold to Seattle businessman Paul Allen, majority owner Larry Weinberg announced. Details of the sale were not disclosed.
"The decision to sell was one of the most agonizing decisions of my life," Weinberg, one of the original three owners, said. "However, there comes a time when it's appropriate to move on."
Weinberg, 62, became majority owner and president of the team in 1975. The Los Angeles resident said he was impressed with Allen, 35, who will become sole owner of the team upon National Basketball Assn. approval, which is expected within three weeks.
"He is first of all a fan," Weinberg said. "Unless you're a fan, nothing else counts in this ownership. He also has the financial backing to do what needs to be done. Third, he's from the Northwest and he's committed to keeping the franchise in this area."
Allen is a founder and the second-largest stockholder of a major computer software company based in Redmond, Wash., and since 1985 he has been president and chief executive officer of another, smaller software company he founded in Bellevue, Wash.
The new owner said he planned no management changes.