It Could Happen Here Weekly 247

In Portland, Oregon, a Texas billionaire named Tom Dundon bought the NBA's Trail Blazers in April. Soon after, he began demanding that the city, county, and state hand over roughly $600 million in public funds to renovate the Moda Center, the team's stadium. Dundon, whose net worth Forbes estimates at $2.3 billion, has said he will not contribute any of his own money. The threat that the team might leave Portland has set off a cascade of political maneuvering and public debate—and it offers a case study in how sports owners extract public subsidies from cities across the country.

The Owners and Their Playbook

Dundon made his fortune in subprime lending. As one former colleague told Casting magazine, he was "one of the individuals that really grew the industry." His time at Santander ended with $550 million in legal settlements for various malpractices, though he walked away with $700 million. Since taking over the Blazers, his cost-cutting has included massive layoffs, leaving part-time players home during the playoffs, and breaking tradition by not giving fans free T-shirts. At a city council meeting, one supporter of the public subsidy still called Dundon a "Grade A douchebag."