Larry Weinberg, a founder and the original owner of the Portland Trail Blazers, has died at 92, according to the American Israel Public Affairs Committee.

The committee released a statement about the passing of one of their former presidents.

Weinberg owned the Trail Blazers during the franchise’s only NBA Championship in the 1976-77 season.

Weinberg sold the franchise to Paul Allen for $70 Million in 1988.  Weinberg was the majority owner of the franchise since 1975.

More on this story as it develops.