Paul Allen, current owner of the Portland Trailblazers, told reporters he has come to terms with the idea of selling the team that's been costing him millions to keep afloat. Among the possible investors looking to purchase the team and its home arena, the Rose Garden, is former player Terry Porter. Porter told reporters his group has $100 million in debt finacing already in place and that he's in the process of approaching other--unnamed--former Trailblazers to join his investment group. Also unspecified is how much more money this group hopes to raise.

~Adam

Well, they sure are in need of a huge shake-up. They've gone from a perennial powerhouse to a perennial halfway house. And with a huge budget to boot. In a way, what's happened in Portland is even worse that what Isiah has wrought in New York, but luckily for the Blazers, there's a lot less press scrutiny in Oregon.

Not even close to NY. Unlike NY, Portland does not have a huge budget. They have a lot of first, second and third year guys on modest contracts (by NBA standards) and a couple of veterans signed to mid-level deals; only 3 player with big contracts. They have a coach that has the respect of the players who are seen as the team's future, unlike NY who does not even seem to have players who are the team's future, let alone good player-coach relations. And they will at least have a high draft pick, unlike NY who has given Chicago their first round pick this year. NY has the biggest payroll in the NBA. They said they would be a playoff team this year. Portland expected to struggle.
However, the Knicks lost a chance to take on two of Portland's malcontents with big contracts. They had a deal all worked out that would send Darius Miles and Theo Ratliff to NY for Penny Hardaway (basically an expiring contract). Nate McMillan had said he considered Miles uncoachable. Ratliff is a decent player but too many injuries. This would have given the team space to re-sign Joel Przybilla and another mid level free agent, and gotten rid of a head case. We all know Isiah Thomas has never seen a bloated contract or overpaid player he doesn't covet. Unfortunately, at the last minute Paul Allen vetoed the deal, he insisted Miles could still be salvaged. It was after that the team really seemed to mail it in.
I do agree the ownership situation needs to be settled ASAP. Reportedly a group is being put together and Terry Porter, ex Blazer, very popular, is the public face although not the main money man.