Founded in 2000, Portland Trail Blazers owner Paul Allen served as the team's chairman.

Led by Vanessa Nygaard and Sylvia Crawley, the team managed a 10–22 win–loss record in their inaugural season.

The 2002 season marked the end of the Portland Fire's time in the WNBA, but it was also their most improved campaign.

Following that season, the league transitioned ownership of its teams to either their NBA counterparts or independent third parties.

While a group led by Clyde Drexler and Terry Emmert expressed interest in acquiring the franchise, they were unable to finalize a deal.