Portland Baseball Group Has Tentative Deal For Ballpark Land

The group seeking an MLB team in Portland today is expected to announce that it has "reached a tentative deal to buy land for a stadium," and the "leading candidate appears to be the Port of Portland's Terminal 2, a marine cargo terminal." The Port has been in talks with the Portland Diamond Project for months, but "both parties have declined to speak publicly about the negotiations under terms of a nondisclosure agreement signed in May." It is still unclear "how the ownership group would pay for a site and its redevelopment." The group has "named some investors," and it would "plan to tap" up to $150M in state-issued bonds. But the project "will likely need millions more not yet publicly accounted for to complete" (Portland OREGONIAN, 11/28).