Blazers have big $$$ troubles

lakersfreak · Posted: Fri Feb 24, 2006 3:41 am Post subject: Blazers have big $$$ troubles

Billionaire Paul Allen's spokesman said Thursday the future of the Portland Trail Blazers is in doubt after Allen's investment managers estimated the NBA franchise stands to lose more than $100 million over the next three years.

Lance Conn, who heads Vulcan Capital, Allen's privately held investment firm, told The Associated Press in an interview that "all options are on the table" because "the economic model is broken."

Allen, a Microsoft co-founder, 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.

He had to sell off his interest in the Rose Garden Arena, the home of the Blazers, after the company that ran it, Oregon Arena Corp., 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.

complete story
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angrypuppy · Retired Number Joined: 13 Apr 2001 Posts: 32752

Astounding that anyone can lose that kind of money. Allen made some very aggressive venture capital deals in telecom, which surprised me because I thought anyone with a background in tech and a brain would have avoided that sector. I believe his high-tech plays also backfired.

I wonder if he'll try to beat the Maloofs to Vegas?

Socks · Posted: Fri Feb 24, 2006 10:54 am Post subject:

He's sure invested in wacky stuff - did you hear about his investments in trying to develop planes that fly into space? His venture company, Vulcan Ventures, has been swinging and wiffing big time for years.

I used to live in Seattle and worked for Microsoft - lots of legendary stories about Allen there. He does spend a lot of dollars on community projects as well though.

CBaller8 · Posted: Fri Feb 24, 2006 3:02 pm Post subject:

We should try to take Juan Dixon off their hands.

fansincemagic · Franchise Player Joined: 23 Jun 2005 Posts: 11051

Planes that fly into space? I'm all about team chemistry but he shouldn't ride in the car with his players.

The Dagger · Posted: Sat Feb 25, 2006 2:19 pm Post subject:

We've got an opening down here in the OC. We can even call them the Los Angeles Trailblazers of Anaheim, If he wants to make a few extra benji's.
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LVLAKERFAN · Posted: Sun Feb 26, 2006 12:38 am Post subject:

Move them to Vegas. We need an NBA team here. I've gone to the last two preseason games here, but it's not the same.

The Dagger · Posted: Sun Feb 26, 2006 11:02 am Post subject:

Aphex Twin · Starting Rotation Joined: 31 Aug 2004 Posts: 852

The Dagger · Posted: Sun Feb 26, 2006 4:22 pm Post subject:

angrypuppy · Retired Number Joined: 13 Apr 2001 Posts: 32752

I wonder if The Donald is now having second thoughts about having left The Pond uninhabited.

The Dagger · Posted: Mon Feb 27, 2006 10:38 am Post subject:

New rumors today on the Magoofs moving their team to the OC. Came straight from the horse's mouth.

angel · Posted: Mon Feb 27, 2006 2:49 pm Post subject:

In that case, the cowbells definitely have to go.

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