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After authorizing Portal for ArcGIS 10.5 with a license provisioned for a previous version, Portal for ArcGIS becomes inaccessible.
Error: Portal for ArcGIS does not have a valid license. For instructions on how to authorize the software, see the help topic Authorizing Portal for ArcGIS. Once authorization is complete, please open the Portal for ArcGIS website.
This is a known issue. Portal for ArcGIS versions 10.2 through 10.4.1 require a provisioned license (this can be obtained from the My Esri website.) At Portal for ArcGIS 10.5 and later, there is a license key requirement specific to the version of Portal for ArcGIS. However, the ArcGIS Software Authorization Wizard accepts license files provisioned for either version portal. Therefore, Portal for ArcGIS rejects the invalid license information and the above error is returned.
The instructions provided describe how to workaround this known issue.