The $12 Billion Education Of Paul Allen

Like much of billionaire Paul Allen's empire, the Portland Trail Blazers have burned through mountains of cash. The NBA team lost an astonishing $100 million last season, more than any other sports team in history. One player bickered with the head coach and made obscene gestures at fans. Four others were cited for drug possession, and another arrested for spousal abuse, earning the team a new moniker -- the Jail Blazers. All the while, Allen seemed to be in denial. This season, he finally faced reality.

He cut a third of the staff, hired a new general manager, and traded away two of his most talented, but troublesome, players. In February, Allen sat courtside to cheer on his new-look Blazers, pumping his fist when the team hit three-point shots and grumbling when refs made iffy calls. "Sometimes, it can be wrenching," he said of the changes. "But it's for the good of the franchise."