A prospective ownership group led by former Trail Blazers player Terry Porter said Wednesday it needs $50 million to $75 million from Portland-area investors before it can make a serious bid to buy the NBA franchise and arena in which it plays, according to the Oregon Live.

Porter said that level of local investment -- plus about $115 million in debt financing -- should prove the group's viability as a buyer. The group then hopes to review the finances of both the team and the arena before making an offer to buy the two entities, said Joe Vaughn, a former Blazers executive working with Porter.

"Until we do the due diligence, we won't know what makes sense," Vaughn said in an interview with The Oregonian. "Our goal here working together on this is to rebuild Rip City," he said, referring to the nickname Portland earned during the heyday of the Trail Blazers.