Paul Allen Not Selling
Paul Allen will not be selling the Blazers. Period. This is an amazing positive development that only adds momentum to the wave of good moves involving the Blazers this off-season. Here's the press releases from PAM and Vulcan, Inc. (Paul's company)for now, and I'll have more of my personal reactions later tonight.
"In June, Portland Arena Management LLC (“PAM”) and Paul Allen began a process to jointly market the Trail Blazers and the Rose Garden arena. An investment banking firm acting on behalf of Mr. Allen and PAM and in cooperation with the NBA identified potential buyers and solicited offers. As a result of the process, multiple bids were received, a number of which were in a range which PAM found acceptable, and PAM confirmed that it wanted the sale process to continue to pursue negotiations with certain bidders. However, Mr. Allen has advised PAM that he does not wish to pursue a sale of the team at this time, and the sale process has been terminated. PAM intends to continue to operate the Rose Garden for the benefit of the City of Portland and the fans of the Trail Blazers, the WinterHawks and the LumberJax and to bring more family shows, concerts and other entertainment opportunities for the Portland community."
"Vulcan and Portland Arena Management LLC (PAM) agreed to work together on a process to examine ways to maximize value for their respective operations. Unfortunately, we were not able to identify a mutually agreeable solution through this process.
No single entity has invested more over the years than Vulcan has in the Trail Blazers - and in that sense, no single entity has more at stake in an outcome that enhances the future prospects of the Trail Blazers as a franchise than we do.
We will continue to explore ways to address the broken economic model under which the franchise now operates, while working to ensure the viability of the Trail Blazers as a team and a business."