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League: NBASport: BasketballCategory: Trades

Portland City Council approves funding for Moda Center renovations pending lease deal

Yahoo Sports • 1 min read • Latest: Aug 15, 2026, 10:12 PM

Last updated Aug 15, 2026

Portland City Council approves funding for Moda Center renovations pending lease deal
Summary

The Portland City Council has approved $120 million for renovations to the Moda Center, contingent on the Trail Blazers signing a new lease to remain in Portland through 2050. Owner Tom Dundon and the city are currently in negotiations, with disagreements over key terms. A December deadline is set for finalizing the lease, or else significant state funding may be lost. Dundon has raised concerns regarding the lease costs and has faced criticism for financial decisions since acquiring the team.

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Key Details
  • •Council approves $120 million, raising total funding to $586 million.
  • •Dundon and the city have until December 17 to finalize the lease.
  • •Negotiations include annual rent increases and tax reductions.
  • •Concerns over hiring union workers and increased security are contentious.
Latest Updates
  • 10:12 PMYahoo Sports — After Portland City Council approves Moda Center renovation money, will Tom Dundon sign new lease?
What they're saying
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Negotiations over the lease terms are expected to continue into December.

Related Teams & Leagues
Portland Trail BlazersNBABasketball

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