Portland city officials and the new ownership group of the Trail Blazers have entered formal discussions to secure the team’s long-term future at the Moda Center. The meeting, held Thursday, marked the first official gathering between city leadership and the group known as “Rip City Rising” since they officially assumed control of the franchise.
At the center of the talks are negotiations for a long-term lease and a comprehensive renovation plan estimated at roughly $600 million in public funding. The deal is designed not only to keep the NBA franchise in Oregon but to modernize a facility that city leaders argue has fallen behind national standards for major events.
The stakes extend beyond basketball. As a public asset owned by the city, the Moda Center serves as a primary economic engine for downtown Portland, hosting the city’s new WNBA team, the Portland Fire and more than 100 non-Blazers events annually. For city officials, the goal is to transform the arena from what they describe as a “flyover venue” into a premier destination capable of attracting top-tier global concerts and large-scale events.
The Financial Framework of the Renovation
The funding for the arena’s overhaul is a complex partnership involving the city, the state of Oregon, and Multnomah County. A significant portion of the capital is tied directly to the team’s commitment to the city.
The state has recently approved up to $365 million in funding, though this allocation is strictly contingent upon the Trail Blazers signing a 20-year lease to remain at the Moda Center. To finance this, the state would issue bonds, with repayment sourced from income taxes paid by the NBA players and other professional performers who work at the venue.
City Administrator Raymond Lee emphasized that because the city owns the Moda Center, the need for investment is a baseline requirement regardless of the team’s specific lease terms. Lee noted that the facility’s age has limited its appeal for major touring acts, and enhancing the venue is critical to driving the broader economic change the city seeks.
| Funding Source | Estimated Amount / Term | Primary Condition/Mechanism |
|---|---|---|
| State of Oregon | Up to $365 Million | 20-year lease commitment; repaid via performer income taxes |
| Total Project Est. | ~$600 Million | Combined public funding for renovations |
| Lease Duration | 20 Years | Required to trigger state bond issuance |
Ownership’s Stance on Stability
The transition to new ownership often triggers anxiety among fanbases regarding potential relocation. Tom Dundon, the Texas-based billionaire leading the group, addressed these concerns by drawing a parallel to his previous acquisition of the NHL’s Carolina Hurricanes. Dundon noted that despite similar rumors of a move when he purchased the Hurricanes, the team remained in North Carolina.
Dundon stated that his current focus has been almost exclusively on the mechanics of the lease and the renovation plan. “I haven’t spent any time on anything other than trying to figure out the renovation and the lease, and that’s kind of all I focused on,” Dundon said.
Adding a layer of local connection to the group is Sheel Tyle, the founder and CEO of Collective Global. Tyle’s ties to the region are personal and professional; he moved to Portland after Governor Tina Kotek appointed his wife to lead the Oregon Health Authority in late 2023. Tyle offered a more direct reassurance to the community, suggesting that the exceptionally composition of the ownership group signals an intent to stay.
“Tom would not have asked me to join this group had [moving] been on the table,” Tyle said, describing the group as “optimistic people” and stating that they are moving “full speed ahead” with the city and state.
Community Impact and Next Steps
While the initial meeting was described by Lee as “productive,” the path to a final agreement requires approval from the Portland City Council. This stage of the process is expected to be the most scrutinized, as officials weigh the public cost of the renovations against the projected economic benefits.
Lee indicated that the City Council will be deeply engaged in the specifics of the deal, particularly regarding “community benefits” and the overall impact on Portlanders. The administration intends to keep the public informed and intentional about how these proposals are presented to the council to ensure the final decision supports the city’s long-term growth.
The negotiation involves three primary stakeholders: the “Rip City Rising” ownership group, the City of Portland, and the state of Oregon, with Multnomah County also playing a role in the funding and lease discussions. The primary tension remains balancing a “business decision” for the city with the desire to keep a cultural institution like the Blazers in the city.
The next phase of the process will involve the refinement of the lease terms and the specific breakdown of the $600 million renovation budget. These details must be finalized before they are brought before the City Council for a formal vote. Official updates on the progress of these negotiations are expected to be shared through the City of Portland’s official channels as the deal moves toward a final agreement.
We invite readers to share their thoughts on the proposed public funding for the Moda Center in the comments below.
