Update: (via Ben Golliver/Blazersedge Twitter)

Relationship between owner Paul Allen and Rich Cho seen as reason for decision.

Blazers source says there's no timetable on replacing Cho. It's possible the team enters next season without a full time replacement.

Blazers source says both assistant GMs will be retained as will current scouting staff.

Blazers source paints timing of Cho firing as a desire to cut losses. "If we know this is not going to work, let's not drag it out."

Blazers source on Allen/Cho chemistry issue: "We weren't going to be able to fix it."

Take it FWIW: Blazers source denies rift over Roy's comments or Oden's future played into firing. Chemistry issue, not philosophical.

"Rich was shocked." -- Larry Miller

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Update: (via Dave)

Anonymous Blazers source: Bottom line, he never dazzled [Paul Allen]. Communication is part of the job. That wasn't his strong suit [with Allen]. It never clicked. Also the moves that fans celebrate were considered pre-existing opportunities, available whether or not Cho was GM.

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Update : A press conference has been scheduled for 4 PM. Check back throughout the afternoon for updates.

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In a shocking development, the Portland Trail Blazers have announced that general manager Rich Cho is no longer with the team less than a year after he was hired. Here's the text from the team announcing the news...

The Portland Trail Blazers have parted ways with General Manager Rich Cho. Director of College Scouting Chad Buchanan has been named acting General Manager.

Here's a press release issued by the Blazers on Blazers.com.

The Portland Trail Blazers announced today that they have parted ways with Rich Cho, the team's general manager of basketball operations.



"The fit between Rich and our team simply wasn't right," said Trail Blazers President Larry Miller. "This was a tough move because I respect Rich and he's a good person with many strong skills. But it simply wasn't a good match."



Trail Blazers Director of College Scouting Chad Buchanan will serve as acting general manager. Buchanan has been with the team for four years. Buchanan and Head Coach Nate McMillan will report to Miller until a permanent replacement is hired. Trail Blazers Owner Paul G. Allen said the move is part of the franchise's commitment to building a championship contending team. "This decision, as difficult as it was to make, reflects our willingness to admit and recognize that things haven't worked out," Allen said. "We're going to be tough on ourselves in assessing what we could have done better, and then go out and find the executive who is the best fit with the needs of our franchise. That chemistry and connection is critically important."

Cho was hired on July 19, 2010, to replace previous GM Kevin Pritchard, who was let go on the night of the 2010 NBA Draft.

The decision comes roughly one month after the release of owner Paul Allen's memoir, Idea Man , in which he writes: "After replacing Kevin Pritchard (who struggled in the managerial parts of his job) with Rich Cho, we believe that we've found a leadership team that can get us back to the Finals."

More as this develops.

-- Ben Golliver | benjamin.golliver@gmail.com | Twitter