Aug 13, 2013, 4:21 PM EST
The Blazers will have a new home next season, if only in terms of what we’re now supposed to call the Rose Garden thanks to a 10-year naming rights deal that the club announced on Tuesday.
Portland’s arena is now known as the Moda Center, a right purchased for around $4 million per year by insurance provider Moda Health.
From the Associated Press:
“The Rose Garden is not going away. It’s going to be a part of our history and heritage,” [Blazers President Chris McGowan] said. “The Moda Center is going to take us into the future.”
In April, Allen told reporters he was “attached’ to the Rose Garden, which was opened in 1995. The building is owned by Allen’s company, Vulcan Inc.
“I understand people’s investments in a particular name. I tried to pick a name, the Rose Garden, that was something like the Boston Garden or Madison Square Garden, there was something in those names that appealed to me as having some permanence,” he said at the time. “We’ll see what happens.”
It’s the way things are done now, but it’s worth noting that team owner Paul Allen hardly needs the money for the franchise.
As of March 2013, Allen had a reported net worth of $15 billion — with a ‘b’ — according to Forbes.
- Report: Knicks, Raptors talking Kyle Lowry trade 4
- Tom Thibodeau to the Knicks? Well… 1
- Deserving or not Kobe Bryant, Dwyane Wade among All-Star starters in early voting returns 12
- The Extra Pass: Bucks are bad, and that’s good; plus Wednesday’s recaps 6
- Wednesday night NBA grades: Amar’e Stoudemire played well? Yes. Yes he did. 12
- Why question “When did basketball get so bad?” misses mark (62)
- Dwight Howard frustrated with Rockets’ effort in recent losses (55)
- Pacers win first Conference Finals rematch vs. Heat (49)
- Raptors trade Rudy Gay to Sacramento for multiple players (47)
- Adam Silver: NBA to consider doing away with divisions (39)