Blazers Fans Get Good News on Arena Deal Negotiations

Portland Trail Blazers fans are on pins and needles, hoping that the franchise will negotiate a new long-term lease with the Moda Center.

A step in that direction took place on Thursday, as Multnomah County's Board of Commissioners agreed to grant up to $101.6 million to approve funding for renovations at the Moda Center. The five-person panel voted 4-1 in favor of the term sheet.

Meghan Moyer was the one who dissented, and she explained her reasoning for it.

“I want to make this clear to the NBA,” Moyer said in a statement. “Although I personally would like our contribution to be less, I want to be very clear that I have heard — although I will say indirectly, because nobody from the Blazers has ever talked to me — that it is incredibly important to show our intent that they have $88 million from us in the capital stack.

“How that got to be, I have feelings about, but is not relevant to this conversation. The thing that I believe we are hearing … is we’ve been asked for that level of contribution as an important symbol of this region’s commitment to the Blazers. This amendment gets us to what has been asked for by Rip City Management, which is the Blazers, and the understanding of the NBA.”

What's Next for Blazers?

The franchise will now negotiate with the county to agree on the term sheet. Considering the fact that the amount approved by the county was $13.6 million more than what was originally proposed, there is a good chance that the Blazers could accept the terms from the county.

A vote in December between all parties involved will determine whether this money will be approved. The Blazers are seeking at least $573 million from the county, city, and state legislature, and this is a good chunk of that money.

Portland City Council is set to vote next on August 12 about whether it will approve its share of $120 million. If both amounts of money are approved by the county and city, the state legislature will pledge the remaining $365 million to finalize the overall money for the long-term lease and renovation.

The Blazers' ownership group could try and drive up the amount of money during their negotiations, but the fact that the county agreed to more than its initial share puts the pressure on the franchise to accept, or they will face the main blame should a deal not come to fruition.

The agreement of the term sheet suggests that the county is very supportive of keeping the Blazers right where they are.

“I want this step today to be seen by the NBA and its board of governors to know just how serious we are about keeping the Blazers here in Portland,” county chair Jessica Vega Pederson said via The Athletic insiders Jason Quick and Mike Vornukov.

This vote is steering everything in the right direction for the Blazers to stay in Portland, but there are still several more hurdles that need to be crossed in order for the desired outcome Portland fans want to happen.

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