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Vulcan Completes Arena Acquisition

PORTLAND-The real estate arm of billionaire Paul Allen, owner of the NBA's Portland Trailblazers, completes its repurchase of the team's basketball arena, which Allen gave up in bankruptcy proceedings in 2004.

By Brian K. Miller | Updated on April 02, 2007

PORTLAND-Vulcan Inc. today acquired the Rose Garden Arena, which is home to the NBA’s Portland Trailblazers. Vulcan Inc. is the real estate arm of billionaire Paul Allen, which owns the Trailblazers. Allen gave up ownership of the arena during bankruptcy proceedings in 2004. The acquisition price was not disclosed and was not otherwise immediately available.

Technically, Vulcan acquired Portland Arena Management, which in turn owns the 20,000-seat Rose Garden arena, the adjacent 12,000- seat Memorial Coliseum, the 6,500-seat Theater of the Clouds, the 40,000-sf Rose Quarter Exhibit Hall and the Rose Quarter Commons.

Allen, co-founder of Microsoft Corp., built the Rose Garden in the mid-1990s without public money at a cost of $262 million and owned it through Oregon Arena Corp. Oregon Arena Corp. declared bankruptcy in 2004. Allen chose to give ownership of the arena back to its lenders rather than continue to pay above-market interest on the construction debt, which originally amounted to $150 million.

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