Sixteen NBA arena deals since 2014. Fifteen required private capital, rent, revenue sharing, or meaningful public protections. One does not. Portland's SB 1501 is the only deal in modern history where ownership contributes nothing and the public gets nothing back.
Portland says it needs $600M to renovate Moda Center. But how does that compare to what other NBA cities actually paid to renovate their arenas? Here are all eight renovation projects from the last decade, sorted by cost.
Cleveland renovated Rocket Mortgage FieldHouse — a comparable publicly-owned, mid-market arena — for $185M, with ownership paying 62.2%. Even Washington D.C.'s $800M renovation required 35.6% private funding and lease payments through 2050. Portland's $600M price tag is 47% above the renovation average, and the public pays 100% of it.
No independent evaluation of Moda Center's actual renovation needs has been made public. The $600M figure comes from the team's own consultants. Cleveland did a comparable renovation for $185M. Atlanta for $192.5M. Indianapolis for $360M. Before committing $1.06 billion in public funds, Oregonians deserve to know: what should this renovation actually cost?
Tell your representatives →Every NBA arena deal since 2014 with arena ownership, project type, true public cost, revenue return, relocation protection, and lease terms. Renovation rows are the deals most comparable to Portland.
| Deal | Cost | Public $ | Private $ | Private % | True Public Cost | Public Protections |
|---|---|---|---|---|---|---|
|
Portland Trail Blazers
SB 1501
Renovation
Public-Owned
Moda Center · Law Mar 2026 · Construction 2027
|
$600M | $573M | $0 | 0% | $1.06B–$1.11B |
✗ No rent · ✗ No revenue sharing ✗ No relocation penalty · ✗ No surcharge 20-yr lease (shortest of any deal) |
|
Philadelphia 76ers
New Build
Private-Owned
New South Philly Arena · Approved 2025 · Opening ~2031
|
$1.5B | $0 | $1.5B | 100% | $0 | N/A — team owns arena |
|
LA Clippers
New Build
Private-Owned
Intuit Dome · Deal ~2017–2021 · Opened 2024
|
$2B+ | $0 | $2B+ | 100% | $0 | N/A — team owns arena. $500M+ naming rights retained. |
|
Golden State Warriors
New Build
Private-Owned
Chase Center · Deal ~2012–2014 · Opened 2019
|
$1.4B | $0 | $1.4B | 100% | $0 | N/A — team owns arena. Franchise value $11B+. |
|
Cleveland Cavaliers
Renovation
Public-Owned
Rocket Mortgage FieldHouse · Deal 2017 · Completed 2019
|
$185M | $70M | $115M | 62.2% | $70M |
Owner absorbed all overruns. Long-term lease. Hosted 2022 All-Star. Most comparable to Moda. |
|
Detroit Pistons
New Build (Shared NHL)
Public-Owned
Little Caesars Arena · Deal 2013 · Opened 2017
|
$863M | ~$358.5M | ~$539M | 59.6% | ~$358.5M |
Long-term lease. Shared with Red Wings. Plus $34.5M Pistons-specific upgrades. |
|
Sacramento Kings
New Build
Public-Owned
Golden 1 Center · Deal 2014 · Opened 2016
|
$534.6M | $255M | $279.6M | 52.3% | $255M |
✓ City keeps 100% naming rights ($6M/yr · $210M/35 yrs) ✓ Relocation penalty · 35-yr lease CAA Icon negotiated FOR THE PUBLIC. Hard cost cap. |
|
Milwaukee Bucks
New Build
Public-Owned
Fiserv Forum · Deal 2015 · Opened 2018
|
$524M | $250M | $274M | 52.3% | ~$310M |
✓ $2/ticket surcharge (~$60M over 30 yrs) ✓ 30-yr non-relocation clause · 30-yr lease CAA Icon represented BUCKS (team side). |
|
San Antonio Spurs
New Build + District
Public-Owned
New downtown arena · Approved Nov 2025 · Post-2029
|
$1.3B | $800M | $500M | 38.5% | Net ~$605M |
✓ $4M/yr rent + $2.5M/yr community = $195M/30 yrs ✓ 30-yr non-relocation · 30-yr lease $1.4B private surrounding development. Voter-approved. |
|
Washington D.C.
Renovation
Public-Owned
Capital One Arena · Deal 2024 · Completing 2027
|
$800M | $515M | $285M | 35.6% | Net ~$463M |
✓ $1.5–$2.3M/yr lease through 2050 ✓ Lease options to 2070 · Owner absorbs overruns CAA Icon is PROJECT MANAGER — same firm on Blazers' side. |
|
Atlanta Hawks
Renovation
Public-Owned
State Farm Arena · Deal 2016 · Completed 2018
|
$192.5M | $142.5M | $50M+ | 26%+ | $142.5M |
Owner absorbed all overruns above $192.5M. Lease through 2046. City-owned. |
|
Indianapolis Pacers
Renovation
Public-Owned
Gainbridge Fieldhouse · ~2020–2025 · Ongoing
|
~$360M | ~$295M | ~$65M | 18% | ~$295M |
Long-term lease continuation. Capital Improvement Board + city funded 82%. |
|
Charlotte Hornets
Renovation + Practice
Public-Owned
Spectrum Center · Approved 2022 · Completed 2025
|
$245M (+$60M) | $245M | Overruns only | ~0% | ~$277M |
✓ $2M/yr rent + $1.1M/yr capital fund (~$32M thru 2045) Lease through 2045. City-owned. |
|
OKC Thunder
New Build
Public-Owned
New downtown arena · Approved 2023 · Opening ~2029
|
$900M | $850M | $50M | 5.6% | Net ~$795M |
✓ $58K/game rent + 3% escalator + F&B rev share ✓ $1B relocation penalty · 25-yr lease to 2068 CAA Icon negotiated FOR THE PUBLIC. Strongest protections. |
|
Memphis Grizzlies
Renovation
Public-Owned
FedEx Forum · 2024–2025 · Ongoing
|
$550M | $550M | $0 | 0% | $550M |
Lease extensions beyond 2029. 100% public via TN state bonds + local taxes. |
|
Salt Lake City Jazz
Renovation + District
Hybrid
Delta Center · Approved 2024 · 2025+
|
$525M arena | $525M | $4B+ (district) | * | $525M+ |
✓ $1–$3/ticket public benefit fee on all events ✓ $4B+ private surrounding development Dual NBA/NHL. City-owned. |
| Source | Principal | Ongoing | Duration | True Cost (w/ interest & ops) |
|---|---|---|---|---|
| State of Oregon (SB 1501 bonds) | $365M | Rose Quarter income tax diversion ($72M/budget cycle) | 20 years | $530M–$625M |
| City of Portland (upfront) | $120M | — | One-time | $120M |
| City of Portland (operations) | — | $14M/yr | 20 years | $280M |
| Multnomah County | $88M | — | One-time | $88M |
| Trail Blazers / Tom Dundon | $0 | $0 | — | $0 |
| TOTAL PUBLIC COMMITMENT | $573M | $14M/yr + bond service | 20 years | $1.06B–$1.11B |
Sources: Oregon Legislative Fiscal Office · Mayor Wilson testimony to Oregon Legislature · OPB · portland.gov · KGW public records
Headline figure of "$600M renovation cost" refers only to construction — not to total public financial exposure over the life of the deal.
CAA Icon negotiated for the PUBLIC in Sacramento and OKC — securing hard caps, naming rights, and $1B relocation penalties. In Washington D.C., CAA Icon serves as PROJECT MANAGER and secured lease payments through 2050. The same firm is on the BLAZERS' side in Portland, where none of those protections exist.
Three teams — the 76ers, Clippers, and Warriors — funded their arenas entirely with private capital. Every other deal in the last decade included meaningful private contributions from ownership, rent payments, revenue sharing, or strong public protections.
Portland's SB 1501 is the only deal where a billionaire ownership group contributes nothing — and the public gets nothing back. Not a reduced share. Not a smaller percentage. Not even rent. Zero.
Among renovation projects specifically, Cleveland did comparable work for $185M with 62.2% private funding. Atlanta for $192.5M. Indianapolis for $360M. Portland's $600M renovation cost is 47% above the renovation average — and the public pays 100% of it. The TRUE cost over the life of the deal: $1.06 billion to $1.11 billion.
Before committing over a billion dollars in public funds, Oregonians deserve an independent evaluation of what this renovation should actually cost.
Submit testimony on SB 1501 →