Vulcan Inc. (Vulcan) and Portland Arena Management LLC (PAM) today announced that they have entered into an agreement under which they will work together to examine ways to maximize value for their respective operations.

Lance Conn of Vulcan said, "We are pleased to have reached this agreement with Portland Arena Management. We look forward to working with PAM to explore ways to enhance the future prospects of the Trail Blazers franchise and the Rose Garden arena."

Thomas Luther, Chairman of PAM said, "We are pleased to be working with Vulcan to explore ways to maximize the value of the Rose Garden and the Trail Blazers. As the owners of the Rose Garden, we see this process as potentially helping to accelerate the advancement of the Rose Garden for the benefit of our respective groups."

Vulcan and PAM said that they will not make any additional public comments until the process has concluded.