PORTLAND, Ore. - Goodbye Rose Garden, hello Moda Center.
Portland Trail Blazers President and CEO Chris McGowan and the owners of Moda Health on Tuesday morning announced the new partnership and arena name.
Moda Health offers health and dental insurance to individuals and companies. The company was formerly known as ODS.
"I hope fans understand this is what it takes to take us to the next level," said Blazers CEO Chris McGowan.
The design for the new Moda Center logo will include a rose to honor the Rose Garden legacy and the fans who watched NBA games and saw concerts in the venue. The logo will be unveiled at a later date.
The naming agreement lasts for ten years. The financial terms of the deal were not announced.
"Moda is not actually spending a lot of money for this deal," said Dr. William Johnson, president of Moda Health. "We have not actually advertised for the last 4 or 5 years.We felt this was a time we would commit some resources."
The Rose Garden opened in 1995. The arena is the home of the Blazers and Winterhawks. It also hosts concerts and other sporting events.
"We know it's always a blend of the right civic organizations and the right business partners," Mayor Charlie Hales said. "In that, I suppose, it's not too different from a coach picking a starting five. The Trail Blazers and Moda Health: that's a great combination."
In 2009, the Rose Garden hosted first and second round games of the NCAA Men's Basketball Tournament.
"I'm always sensitive when fans don't like decisions we make," McGowan said. "Certainly this is a big and bold change for our organization.
"These are the types of things that take us to the next level. These are the types of things that will have a direct impact on the positive experience they have here. These are the types of things that help you win. I guarantee if you they're a Trail Blazer fan, their goals are like ours. They want us to win. When you have large-scale corporate support like this, it enables us invest necessary resources back into the team."