Blazer Bombshell: Allen Done Throwing Money At Team
Tim Gordon, KOIN News 6
PORTLAND -- Could the Blazers be bouncing out of Portland?
Owner Paul Allen says he's done throwing money at the team. Mayor Tom Potter is scheduled to meet with the team Friday morning to discuss the situation.
Billionaire Paul Allen's spokesperson says the future of the Portland Trail Blazers is in doubt.
His top money manager says the Blazers are on track to lose $100 million during the next three years. Allen has lost more than $12 billion on various investments in the past decade, including $600 million on the blazers.
Allen had to sell off his interest in the Rose Garden Arena, home of the Blazers, after the company that ran it declared bankruptcy.
Allen has reportedly decided to cut his losses with the trail blazers or find a new way to finance the team. Efforts to get public money to subsidize the Blazers seems unlikely.
"The Trail Blazers are a tradition here in Portland -- they've been here three decades. I'd like them to stay here. But we just don't have the money, and I'm going to tell them that," Potter said.
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oh no what will everyone there do?????????
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