OK, so Paul Allen has decided to reacquire the Rose Garden Arena. What does it mean?

Rose Garden

It's really anyone's guess, given the past twists and turns of the saga. But all indications are that the Trail Blazers will stay in Portland if the deal goes down.

"PAM is pleased to have reached an agreement with Vulcan (Allen's holding company) to ensure that the Trail Blazers will remain in Portland," said Portland Arena Management Board Chairman Thomas Luther. "The team has long been an integral part of the community, and we believe this resolution benefits all interested parties -- PAM's members, the City of Portland, and the team and its fans."

PAM took over the Rose Garden after the company that ran the arena, owned by Allen, declared bankruptcy in 2004.

Said NBA Commissioner David Stern: "The ultimate winners here are the fans of the Portland Trail Blazers and the City of Portland, and I want to thank both the Trail Blazers and Portland Arena Management for going the extra mile to reach this important agreement."

But there is continued speculation that Allen, the billionaire co-founder of Microsoft, might still try to sell or move the team. Allen also owns the team, Trail Blazers Inc.

One thing is certain, if the deal is finalized, it will help strengthen the team's "broken financial model," a term often used after Allen declared last year that the Blazers were hemorrhaging money.

The team was essentially put up for sale, and Allen and PAM agreed to work together to find a buyer. Then Allen abruptly pulled the team off the market.

The reacquisition of the Rose Garden Allen would regain control of luxury suites and club and courtside seats, signage in the building and concessions.

It has been said that Allen became re-enchanted with the team last year on draft day, when the Blazers made a flurry of moves and acquired promising rookies Brandon Roy, LaMarcus Aldridge and Sergio Rodriguez.

In a statement, Allen did not reveal any plans.

"Assuming this deal gets finalized, it will be a major milestone which will strengthen the long-term financial health of the Trail Blazers," Allen said.

The letter of intent to buy the Rose Garden was announced last week. The parties said there would be no further comment until the deal is finalized, and no price tag was attached to the building.

Trail Blazers President and GM Steve Patterson weighed in on the questions in a letter to fans, posted on the team's web site.

"Now that we are a critical step closer to working within financial terms that can allow the team to succeed, we are eager to focus our energy on fulfilling our mission to make this franchise "The Pride of Portland" once again. This is a victory for the City of Portland, the Trail Blazers, and the NBA," Patterson wrote.

An encouraging sign for fans in Portland.

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SERGIO UPDATE: Sergio Rodriguez has been participating in some light running drills during practice, which bodes well for a fairly quick return from a sprained left ankle.

Coach Nate McMillan said Rodriguez could travel with the team on its upcoming four-game road trip for practice. But the rookie guard probably won't be back until after the All-Star break.

Rodriguez rolled his ankle during Portland's 100-91 home victory over the Denver Nuggets on Jan 31.

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UNUSUAL PRACTICE: The Trail Blazers held practice on Wednesday at St. Mary's Home for Boys in Beaverton. The home serves at-risk youth from 10 to 17 who are emotionally disturbed and behaviorally delinquent.

"There are so many more important things in life," said McMillan. "Basketball is important, but to have the opportunity to talk and touch some of these young men and give back," coach Nate McMillan said.

McMillan visited the home after Christmas and promised to return with the team. On Wednesday, the Blazers took on a St. Mary's team as part of the practice.

"The kids have been looking forward to this forever," said Lynda Walker, Director of Development at St. Mary's Home for Boys. "Nate has already been wonderful in so many ways with these kids giving them Trail Blazers tickets and gear. These kids don't get to leave. They come here, they go to school here, and they live here. So, an opportunity like this is going to stay with them for the rest of their lives."