9:12pm: Olshey's deal is for three years with a team option for a fourth, according to Chris Haynes of CSNNW.com. According to sources, the Clippers were willing to match the offer but Olshey ultimately decided to take the Blazers job.
7:12pm: The Clippers announced that they have mutually agreed to part ways with General Manager Neil Olshey. Olshey will now take over as the GM of the Trail Blazers, a source confirmed to David Aldridge of TNT (via Twitter).
The surprising news comes on the heels of Friday's announcement that the Clippers and Olshey reached agreement on a new deal. This afternoon, Chris Haynes of CSNNW.com reported that the deal was not yet finalized between the two parties.
Steve Kyler of HoopsWorld (via Twitter) hears that the Trail Blazers made Olshey a "serious" offer and the notoriously thrifty Clippers were unwilling to match. Clippers' President Andy Roeser, Vinny Del Negro, and Director of Player Personnel Gary Sacks will handle day-to-day operations until a new GM is hired, Kyler tweets.
Olshey interviewed for the Blazers job two weeks ago in Europe and was the favorite of owner Paul Allen, Aldridge tweets. There will likely be a press conference in Portland tomorrow to announce Olshey as the team's next GM.
"I am very pleased to have Neil as our new general manager. He has the skills and the vision to successfully guide our organization into a new era of Trail Blazers basketball. He's proven that he can quickly turn around a franchise, and we are confident he can do that in Portland," said Allen via press release.
The turn of events now leaves Portland's other three candidates – Tony DiLeo, Jeff Bower, and David Morway – on the open market. It's possible that the Clippers will evaluate those executives as part of their GM search.