What happened: Owner Tom Dundon plans no team contribution toward the arena overhaul. Portland wants a 20-year lease, union labor commitments and a $3 million annual payment; the club rejects the latter two terms.

Why it matters: City and county participation is required to activate Oregon's bond funding. The existing bridge agreement keeps the Trail Blazers at Moda Center through at least 2030, but the impasse has raised concern about their longer-term future.

What to watch: Watch whether the club answers Portland's draft term sheet before the coming city and county votes.