Rose Garden statement on no sale of Blazers (original) (raw)
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Paul Allen Advises PAM the Trail Blazers Are No Longer For Sale
In June, Portland Arena Management LLC (PAM) and Paul Allen began a process to jointly market the Trail Blazers and the Rose Garden arena. An investment banking firm acting on behalf of Mr. Allen and PAM and in cooperation with the NBA identified potential buyers and solicited offers. As a result of the process, multiple bids were received, a number of which were in a range which PAM found acceptable, and PAM confirmed that it wanted the sale process to continue to pursue negotiations with certain of the bidders. However, Mr. Allen has advised PAM that he does not wish to pursue a sale of the team at this time, and the sale process has been terminated. PAM intends to continue to operate the Rose Garden for the benefit of the City of Portland and the fans of the Trail Blazers, the WinterHawks and the LumberJax and to bring more family shows, concerts and other entertainment opportunities for the Portland community.
Portland Arena Management
Portland Arena Management LLC owns the Rose Garden Arena and operates the Rose Quarter in Portland, OR. Home to the NBA Portland Trail Blazers, the NLL Portland LumberJax, and the WHL Winter Hawks, the Rose Garden is a 20,000 seat, $262 million multi-purpose arena that opened in the fall of 1995. The Rose Quarter also includes the 12,000-seat Memorial Coliseum, 6,500-seat Theater of the Clouds, 40,000-square foot Exhibit Hall and Rose Quarter Commons. Memorial Coliseum is attached to the 40,000-square foot Exhibit Hall and seven meeting rooms. The Commons, Portlands largest outdoor public plaza, connects the Rose Garden and the Memorial Coliseum and can accommodate up to 5,000 people for outdoor events.
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