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The Portland Trail Blazers announced tonight that the contract of General Manager John Nash will not be extended for next season. President Steve Patterson will immediately serve as interim general manager and the organization will initiate a search for a new general manager.

President Steve Patterson said tonight, on behalf of the entire organization, "All of us at the Trail Blazers appreciate John's effort and hard work under difficult circumstances and thank him for the enormous class he displayed throughout his time here."

The following is a statement from John Nash:

"I want to extend my deepest gratitude to the Trail Blazers organization for the opportunity afforded to me to be a part of this Team and this Community over the last three seasons. Although we shared some successes as an organization, I wish we could have made more rapid progress on the court. I am very proud of the young men that have joined the team in recent years and under the guidance of the outstanding coaching staff that is in place, progress will be made in subsequent seasons. The upcoming draft will render another talent to the roster.

I would also like to thank the fans who were so supportive and patient during this difficult time of transition. Portland is a wonderful place filled with terrific fans who want nothing more than for the Team to succeed. I share their sentiments and I will be rooting for the day when the Team makes Portland proud again. The past three years gave me a marvelous opportunity to meet new friends and gain an appreciation for Portland, the Northwest as well as the Trail Blazers.

InsideHoops.com sends a shoutout to KGW 8 in Oregon.