December 30, 2002

As part of the WNBA’s restructuring plan that shifts ownership from collective ownership to individual team ownership, the Blazers have announced that with the expiration of the operating agreement, the Blazers will not assume ownership of the Portland Fire, returning the franchise to the WNBA. The Blazers become the fourth NBA team to not assume ownership of a WNBA franchise operated by the team.

The Blazers mounted efforts in the past weeks to find a local owner for the team, hoping the team could stay in Portland. After being unsuccessful in those efforts, the organization is stepping aside, allowing the WNBA to search for ownership of the Fire.

“It was our fondest wish that the Fire be able to stay and be successful in Portland,” said Erin Hubert, Blazers Executive Vice President. “We have greatly enjoyed our experience with the WNBA, its players and fans. This was a very difficult decision for us as an organization, but moving forward we are focused on our core business. Unfortunately after taking a close look at the entire business model, we simply don’t see an end to the financial losses from the Fire.”

In 2000, the Fire began its first season at the Rose Garden after the Blazers agreed to operate the WNBA team for three years. The NBA Board of Governors recently approved the transition of WNBA teams from operating collectively to individual ownership rights.

The single entity ownership model shifts the equity, operating costs and financial risk of each team to the individual owners. Under the collective ownership model, the equity and risk was spread over all 29 teams. The league has decided to restructure the WNBA to take advantage of opportunities in non-NBA markets with non-NBA owners.

“Although the Fire has a great core group of fans and corporate sponsors, unfortunately, we believe it wasn’t enough to sustain the business and reach profitability,” said Hubert.

Note: If you have already paid your ticket deposit for the 2003 Fire basketball season, your deposit will be refunded in full as quickly as possible.