Roughly 50 to 100 protesters rallied outside the Moda Center on June 24, chanting and waving signs reading "No Bailouts for Billionaires"

Trail Blazers owner Tom Dundon spoke inside at the Portland Metro Chamber's annual meeting, making it his first public appearance in Portland since buying the team for $4.25 billion in March.

Three city councilors joined the crowd before heading to a work session where they pressed the same demand: show us private investment before public dollars move.

"At this point the private investors, the private owners, there's zero on the private side," Councilor Tiffany Koyama Lane (District 3) told the rally. "So that's one of the main things that I'm asking for, is to see that there's actually skin in the game from the owners."

The proposed renovation carries a $600 million price tag. Under the current framework backed by Mayor Keith Wilson, taxpayers would cover nearly all of it: $365 million in state bonds, $120 million from the city, and $88 million from Multnomah County. Wilson has also committed $280 million in city operating expenses over 20 years, pushing the total public outlay close to $900 million. Dundon's committed contribution: zero.

Inside the arena, Dundon — dressed in sweatpants, a Blazers cap pulled low, and white Nikes — told the 800-person crowd he sees staying in Portland as his investment. "It feels like we're making a pretty big investment by staying here and paying these tax rates," he said, according to KGW. He left the floor after his roughly 10-minute interview with Metro Chamber CEO Andrew Hoan and skipped the post-event reception.

Councilor Mitch Green (District 4) acknowledged the risk of the Blazers leaving but said residents deserve a say. "Maybe the Blazers will leave. That's Tom Dundon's choice, but I want Portlanders to know that they have a choice too," Green told protesters, according to Willamette Week. Green and Councilor Steve Novick have floated putting the public funding question on the November ballot. The deadline to refer a measure: Wednesday, July 22.

Councilor Angelita Morillo (District 3) called the timeline "mind-boggling" and the options "shaky at best and fiscally irresponsible at worst," according to OregonLive. Community listening sessions were announced with just four days' notice, she said at the work session.

Councilor Candace Avalos added: "I am going to have a hard time agreeing to give public money if I'm not seeing a private investment."

The standoff has pitted the mayor against skeptical councilors within Portland's own political left. Wilson's Tuesday, June 23 newsletter accused skeptical councilors of trying to "boost re-election campaigns," drawing a public rebuke from Green, who called the framing an attempt to dismiss "very real concerns."

Governor Tina Kotek appeared as a surprise guest at the chamber event and urged all parties to "seal the deal," signaling the state wants movement even as councilors dig in. The state's bonding authority expires in January 2027, and the city must finalize a lease by mid-December to access the $365 million in state funds.

The city owns the Moda Center, which opened in 1995 and has never undergone a major renovation. The Blazers' current lease runs through 2030. A public hearing on the term sheet is scheduled for late July, with a council vote on Wednesday, August 12 and a final lease vote no later than Wednesday, December 17.