A news conference to announce the new franchise was scheduled for Wednesday. The team is owned by Terry W. Emmert, chief executive of Clackamas-based Emmert International, a transport and relocation company.
Emmert says there will be a contest to name the team, which will play starting in March at the former Rose Garden Arena.
Portland was home to the AFL's Forest Dragons for three seasons until 1999. That team eventually became the Oklahoma Wranglers, who folded in 2001.