Billionaire Paul Allen's spokesman said Thursday the future of the Portland Trail Blazers is in doubt after Allen's investment managers estimated the team stands to lose more than $100 million over the next three years.
Lance Conn, who heads Vulcan Capital, Allen's investment firm, told The Associated Press in an interview that "all options are on the table" because "the economic model is broken."
Allen has lost more than $12 billion on various investments in the past decade, and his NBA team has been hemorrhaging money for much of that time.
The Microsoft co-founder had to sell off his interest in the Rose Garden Arena, the home of the Blazers, after the company that ran it, Oregon Arena Corporation, declared bankruptcy.
Conn told AP that Allen has decided it is time to cut his losses with the Trail Blazers, or find a new way to finance the team.
"No business person could justify these kinds of losses continuing," Conn said.
Back in 1977 they were RED HOT AND ROLLING by the looks of things, it's RED INK AND FOLDING
Pretty sad indeed.
These guys were once on top of the world, and nearly solidified that had it not been for the Dynasty.
