Portland Trail Blazers owner Paul Allen said he won't sell the team, but called the 2011-12 season the most disappointing he's had in 24 years as owner.

In an open letter to fans on the Blazers' website, the billionaire co-founder of Microsoft reiterated that the team isn't for sale. He said he hasn't received or solicited any offers.

"There could come a time when I decide to sell the Trail Blazers," Allen said in the letter. "Many factors would go into that decision, including my health, the team's economics, and the progress I can see on the court."

The Blazers missed the playoffs with a 28-38 in the lockout-shortened season. The team is has an interim general manager in Chad Buchanan and is seeking a head coach.

"We are now talking with viable candidates and I have already done my first interview," Allen said of the GM search. "We're moving forward thoughtfully because we must ensure we have the right fit. Ideally, we'd like to have someone in place before the draft and before we decide on a permanent coach, but finding the right executive may take time."