Baseball - Blazers Getting Rose Garden Back

Portland Arena Management and Vulcan, Inc. reached an agreement to get back Rose Garden. Both of them signed a letter of intent according to which an affiliate company belonging to Vulcan, Inc. will undertake the acquisition of the arena. Rose Garden is vital for determining the financial fortunes and situation of Portland Blazers. Two years ago Paul Allen, who was once the owner of the Garden had to give up his ownership on account of bankruptcy proceedings. PAM is the current owner of Rose Garden.

Paul Allen was very optimistic about the deal panning out. He said that this mutual agreement is a major milestone, which would prove to be critical in restoring the fortunes of Portland Blazers, who have been suffering financially. On behalf of the Blazers, he lost no opportunity in thanking every member of the team, the fans, supporters, and sponsors, City of Portland, NBA and also David Stern for their unrelenting support.

NBA Commissioner David Stern seemed satisfied with the agreement. He said that the fans of the Blazers were the eventual winners through this agreement and thanked both the Blazers and Portland Arena Management during the occasion.

According to the financial valuation that was done by Forbes Magazine for professional sports team this year, the Portland Blazers were last on the list with revenue of just $230 million. New York Knicks topped the valuation list with $592 million, which was done based on revenues and operating income. The main reason behind the low financial evaluation of the Blazers was not having a stadium to their credit.