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Allen Decides To Not Sell Trail
Blazers After Receiving Several Bids
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Portland Arena Management (PAM), which owns the Rose Garden, said that Trail Blazers Owner Paul Allen’s investment firm, Vulcan Inc., “pulled out of efforts to sell the franchise after receiving several bids to buy the team” and the arena, according to Helen Jung of the Portland OREGONIAN. PAM said that some bids “fell within an ‘acceptable’ price range and that Allen canceled the sales process against its wishes.” Vulcan in a statement said the two sides “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.” PAM BOD member Richard Josephson “declined to speculate about Allen’s reasons for backing away from a sale.” But he said, “There was significant interest and at prices that were consistent with other NBA transactions.” In its statement, Vulcan said it “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.” Josephson said that Allen has “not offered to buy back the arena” (
Portland OREGONIAN, 8/4). In Portland, John Canzano writes, “For Allen, this entire act has been about securing a better deal from [PAM]. ... Allen never really wanted to sell the Blazers. He just wanted a better arena deal. And he was willing to do whatever he needed to do” (
Portland OREGONIAN, 8/4).
