Portland City Council approves $120 million for Trail Blazers' arena renovations
Yahoo Sports • 1 min read • Latest: Aug 13, 2026, 1:45 AM
Last updated Aug 13, 2026
The Portland City Council voted 8-4 on August 12 to approve a term sheet for renovations to the Moda Center, committing $120 million to the project. This agreement initiates high-stakes negotiations for a new long-term lease that could total up to $275 million for maintenance over 20 years. The deal aims to secure the Trail Blazers' presence in Portland, with the council seeking $3.2 million in annual rent and other fees. While the vote marks progress, further negotiations are expected, with a final vote on the lease anticipated in December.
- •Portland commits $120 million for Moda Center renovations.
- •Council's vote initiates lease negotiations for the Trail Blazers.
- •Total proposed lease could reach $275 million over 20 years.
- •Negotiations expected to conclude in December.
- •City requires $3.2 million in annual rent from the franchise.
- 12:00 PMYahoo Sports — Trail Blazers, Portland Waste Little Time After Crucial Moda Center Vote
- 1:45 AMYahoo Sports — Trail Blazers' Moda Center Battle Takes Major Step After Crucial City Vote
"Portland leaders greenlit a $120 million renovation framework, launching high-stakes negotiations to secure the franchise’s long-term future through a complex, multimillion-dollar lease agreement and public funding package.
"Negotiators are racing to finalize a long-term arena deal as the city pushes for millions in annual rent and renovation guarantees to keep the franchise downtown.
Sources
External links- Yahoo SportsAug 15, 2026, 12:00 PMTrail Blazers, Portland Waste Little Time After Crucial Moda Center Vote
Negotiators are racing to finalize a long-term arena deal as the city pushes for millions in annual rent and renovation guarantees to keep the franchise downtown.
- Yahoo SportsAug 13, 2026, 1:45 AMTrail Blazers' Moda Center Battle Takes Major Step After Crucial City Vote
Portland leaders greenlit a $120 million renovation framework, launching high-stakes negotiations to secure the franchise’s long-term future through a complex, multimillion-dollar lease agreement and public funding package.
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