Tom Dundon believes buying the Portland Trail Blazers was already a major investment in Portland. But as city officials weigh one of the biggest public financing decisions in franchise history, the billionaire owner is making it clear he sees that investment differently than many local leaders do.

Speaking before roughly 800 business and political leaders at the Portland Metro Chamber’s annual meeting on Wednesday, Dundon defended his position amid growing criticism over who should pay for extensive renovations at the city-owned Moda Center. Dundon argued public funding is justified because Portland’s tax environment already represents a significant financial commitment from ownership.

“There’s lots of places that don’t have taxes at the same rate. So if you charge people taxes and invest it back into the thing that helps generate the money relative to the market, other places, it’s a huge investment,” Tom Dundon said.

“I think everybody can characterize things however they want; I don’t see it the same way, but I’m not trying to get people to agree or disagree with me,” the Trail Blazers owner added. “I just know it feels like we’re making a pretty big investment by staying here and paying these tax rates and agreeing to these fees for dollars that go back into the building.”

Dundon’s comments come as Portland leaders debate how to finance long-term improvements to the 31-year-old Moda Center. A 2024 city-commissioned assessment estimated the arena requires roughly $482 million in baseline maintenance over the next two decades, while Dundon’s ownership group is seeking a broader renovation package worth about $600 million that includes upgraded premium spaces, fan amenities and modern arena technology.

Mayor Keith Wilson has proposed up to $120 million in city funding toward the renovation, but Dundon has maintained that the broader project should rely on public financing rather than direct private investment from ownership. The arena itself is publicly owned after Portland acquired the building for $1 under a 2024 bridge agreement, although the Trail Blazers continue to operate the facility under the existing lease.

City officials estimate roughly $482 million is needed simply to maintain the arena’s core infrastructure, while the proposed renovation would add broader upgrades such as premium seating, fan amenities and modern arena technology.

The proposed financing package is already taking shape. Oregon lawmakers have approved up to $365 million in bonds tied to tax revenue generated around the team, while Multnomah County has proposed another $88 million. Mayor Keith Wilson is seeking up to $120 million from the city, although the overall package still requires approval from local leaders before construction can move forward.

Dundon also stopped short of guaranteeing the Trail Blazers’ long-term future in Portland. While Dundon did not explicitly threaten relocation, the proposed state funding is contingent upon the franchise signing a new 20-year lease by December 2026. Without that agreement, the state’s bonding authority expires, putting the broader renovation package at risk.

He maintained that he is already helping fund the project indirectly, pointing to ticket tax revenue that forms a key piece of the proposed financing plan.

“When you charge an incremental fee on the ticket, we’re really just paying it. So we are investing [in the renovation] because if you didn’t charge that money on the ticket, we would charge more for the ticket,” Tom Dundon said. “Supply and demand works pretty well. And, obviously, there’s lots of places that don’t have taxes at the same rate.”

City leaders push back against Dundon’s funding stance

Not everyone at City Hall agrees with Dundon’s position. Several members of Portland’s 12-person City Council questioned why taxpayers should shoulder the project without a direct private investment from ownership.

“I am going to have a hard time agreeing to give public money if I’m not seeing a private investment,” Portland city council member Candace Avalos said. Meanwhile, Angelita Morillo also joined the opposing end. “The options on the table here,” she said. “At least from the limited information that I have been given, are shaky at best and fiscally irresponsible at worst. And it seems absurd to tout this as a good deal.”

Albina Vision Trust Executive Director Winta Yohannes argued that the renovation should deliver broader community benefits beyond a modern arena. She urged city leaders to use the investment to expand affordable housing, support locally owned businesses and ensure longtime residents share in the neighborhood’s redevelopment instead of treating the project as an arena upgrade alone.

The debate now extends beyond renovating an aging arena. City leaders must decide whether a largely publicly funded project is the right price to secure the Trail Blazers’ long-term future in Portland, while Dundon continues to argue that keeping the franchise in the city is already a significant investment in itself.