Allen puts together bid to get arena back

More than two years after Paul Allen surrendered ownership of the Rose Garden during contentious bankruptcy proceedings, the billionaire owner of the Portland Trail Blazers is poised to buy it back.

Allen said Friday that his investment firm has signed a letter of intent to buy Portland Arena Management — an entity created by his former creditors to own and operate the 20,000-seat Rose Garden. No further details, including the purchase price, were disclosed.

The agreement, if finalized, would reunite Portland’s NBA franchise with its arena under common ownership, which was the plan when the Rose Garden was built 12 years ago. But more importantly, it would reunite Allen — and his financially ailing Trail Blazers team — with millions of dollars a year in income from selling luxury boxes, courtside seats, club seats, concessions and signage.

 – Excerpt from The Oregonian, February 3, 2007