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lakersfreak Franchise Player
Joined: 11 Apr 2001 Posts: 12389 Location: Riverside Rescue
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Posted: Fri Feb 24, 2006 3:41 am Post subject: Blazers have big $$$ troubles |
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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 _________________ Forget carbon, reduce your government footprint |
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angrypuppy Retired Number
Joined: 13 Apr 2001 Posts: 32752
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Posted: Fri Feb 24, 2006 8:07 am Post subject: |
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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? |
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Socks Franchise Player
Joined: 01 Feb 2006 Posts: 10761 Location: Bay Area, CA
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Posted: Fri Feb 24, 2006 10:54 am Post subject: |
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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. |
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CBaller8 Franchise Player
Joined: 17 Feb 2002 Posts: 14876 Location: Reseda, CA
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Posted: Fri Feb 24, 2006 3:02 pm Post subject: |
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We should try to take Juan Dixon off their hands. |
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fansincemagic Franchise Player
Joined: 23 Jun 2005 Posts: 11051
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Posted: Fri Feb 24, 2006 7:02 pm Post subject: |
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Planes that fly into space? I'm all about team chemistry but he shouldn't ride in the car with his players. |
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The Dagger Star Player
Joined: 15 Mar 2002 Posts: 7276 Location: Sovngarde
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Posted: Sat Feb 25, 2006 2:19 pm Post subject: |
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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. _________________ The great Laker Center Tradition continues.....Mikan, Wilt, Kareem, Shaq, Gasol, AD....Gasol. |
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LVLAKERFAN Star Player
Joined: 24 Jun 2005 Posts: 5347 Location: United States
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Posted: Sun Feb 26, 2006 12:38 am Post subject: |
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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. |
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The Dagger Star Player
Joined: 15 Mar 2002 Posts: 7276 Location: Sovngarde
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Posted: Sun Feb 26, 2006 11:02 am Post subject: |
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LVLAKERFAN wrote: | 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. |
I'm not sure if Stern the dictator will allow that, especially after what happened with Jordone. _________________ The great Laker Center Tradition continues.....Mikan, Wilt, Kareem, Shaq, Gasol, AD....Gasol. |
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Aphex Twin Starting Rotation
Joined: 31 Aug 2004 Posts: 852
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Posted: Sun Feb 26, 2006 12:30 pm Post subject: |
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The Dagger wrote: | 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. |
The Kings (NBA) are moving to OC. And, the owner of the Pond and Ducks wants an NBA team also.
2 LA and 2 OC NBA teams would be great. |
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The Dagger Star Player
Joined: 15 Mar 2002 Posts: 7276 Location: Sovngarde
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Posted: Sun Feb 26, 2006 4:22 pm Post subject: |
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Aphex Twin wrote: | The Dagger wrote: | 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. |
The Kings (NBA) are moving to OC. And, the owner of the Pond and Ducks wants an NBA team also.
2 LA and 2 OC NBA teams would be great. |
That is very possible. The OC is one of the richest counties in the world. I believe they have the third biggest population of any county in the U.S. Any basketball team would thrive here. OC residents have so much money they literally don't know what to do with it. I could easily see both teams coming down south. _________________ The great Laker Center Tradition continues.....Mikan, Wilt, Kareem, Shaq, Gasol, AD....Gasol. |
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angrypuppy Retired Number
Joined: 13 Apr 2001 Posts: 32752
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Posted: Sun Feb 26, 2006 5:13 pm Post subject: |
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I wonder if The Donald is now having second thoughts about having left The Pond uninhabited. |
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The Dagger Star Player
Joined: 15 Mar 2002 Posts: 7276 Location: Sovngarde
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Posted: Mon Feb 27, 2006 10:38 am Post subject: |
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New rumors today on the Magoofs moving their team to the OC. Came straight from the horse's mouth. |
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angel Franchise Player
Joined: 31 Jul 2004 Posts: 14226 Location: city of angels
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Posted: Mon Feb 27, 2006 2:49 pm Post subject: |
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In that case, the cowbells definitely have to go. _________________ "Darkness cannot drive out darkness. Only light can do that. Hate cannot drive out hate. Only love can do that." ~~Martin Luther King Jr.~~ |
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