Can the Trail Blazers organization get any worse?

[WayOutWest]

http://sports.espn.go.com/nba/news/story?id=1745844

Friday, February 27, 2004
Updated: March 1, 7:23 AM ET
 
Associated Press
PORTLAND, Ore. -- The company that owns the Rose Garden arena, home of the Portland Trail Blazers NBA franchise, filed for Chapter 11 bankruptcy protection on Friday.
 
Oregon Arena Corp., whose sole shareholder is Paul Allen, the world's fifth-richest man, has lost $20 million over the past nine years and was headed toward a default on interest payments due Monday.

Allen also owns the Trail Blazers team as a separate company that will not be part of the bankruptcy, said Oregon Arena Corp. President Steve Patterson.

"I want to make it clear that today's Chapter 11 filing does not include the Trail Blazers," he said.

The decision to file for bankruptcy followed a year of unsuccessful negotiations with bondholders who paid for most of the $155 million arena, Patterson said.

The team, owned by Allen through the company Trail Blazers Inc., has also been losing money in recent years because of high player salaries, declining attendance and taxes the team must pay to the NBA for exceeding designated player payroll limits.

The bankruptcy talk comes at a difficult time for the team. Attendance has plunged 20 percent this year as the team threatens to miss the playoffs for the first time in more than 20 years. A number of off-court incidents have also strained the team's relationship with fans.

Bondholders were willing to allow Oregon Arena to refinance the debt if Allen agreed to guarantee repayment, the Oregonian newspaper quoted Patterson as saying in Friday editions.

But Patterson said Allen didn't make that move because it would leave him personally liable if Oregon Arena defaulted.

Allen has a net worth of $21 billion, according to Forbes Magazine.
 

[Laker Fan]

That is absolutely unbelievable!

I've never seen a once proud franchise be torpedoed by such inept and irresponsible management in my life, OK, the Bulls excepted.

Allen allowed Bob Witless to ruin this team with overpriced thugs and punks and totally alienate the fan base, which to me has remained remarkably loyal despite the idiocy of its players and front office and now this?!?!?!

Allen sucker punched bondholders here and he IMHO should pony up the cash and make SOME kind of attempt to restore some goodwill. 155 million isn't even a years interest on all of this morons cash.

Pathetic!

[Randy]

Okay, Allen, you don't have to pay all of it but at least pay SOME of it.  I realize you don't have to but when you stop and realize that you and Trader Bob are the reason (at least to some degree) that the group is in this shape, it's quite irresponsible, IMO.  Sure, you aren't the only guy and you've been paying a lot of money for Blazer contracts for seemingly no reason -- but that was YOUR fault for continuing to pay Bob when he keep adding players who made things worse for your team.  Allen, you OUGHT to do the right thing and throw a couple of mill their way -- say 20 or 30 -- sure, it might make a dent in your wallet but certainly not your pocketbook or portfolio.  You can afford 20 or 30 mill like I can afford 20 or 30 bucks.

[Laker Fan]

You're wrong Randy, he can afford 155 million dollars like you can afford 5 dollars. Bill Gates spends more than that a year just on charities.