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MLB-To-Portland Effort Reportedly Already Has $1.3 Billion In Financial Commitments

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Portland Diamond Project

For some time, the question about the MLB-to-Portland effort wasn’t whether the group was full of big dreamers, or ones who could deliver fancy renderings of a ballpark on a river, but whether it had the financial backing to make a massive, multibillion-dollar deal work. After all, it’s one thing to say that you want to build a ballpark; it’s another to come up with around $1 billion to build it and, oh, yeah, pay for expansion or relocation fees.

Since going public, the Portland Diamond Project has said, “The money is there,” with a wink and a nod. More than one have said that money is not a problem, so it’s not surprising that many observers have said: “Sure. But in the words of Jerry Maguire, show me the money.” It’s great PR to have Seattle Seahawks quarterback Russell Wilson and his entertainer wife Ciara Wilson as part of the group. And it was a nice local angle for a third investor to be leaked. But those simply aren’t enough.

Late Wednesday night, the group revealed a list of 12 charter investors who have paid for the early going (see the list at the bottom of this article).

“These individuals’ early involvement and belief in PDP stem from personal passion for both the game of baseball and their community,” Portland Diamond Project founder and CEO Craig Cheek said. “Very early on, they recognized the unique opportunity we have to leave a legacy for the City of Portland that extends far beyond the foul lines.”

RELATED: How MLB Relocation And Expansion Would Play Out

Those individuals are key to getting the effort moving. But it isn’t all of the investors.

For some time, the word has been that a group that is local, regional and international is involved and that financial commitments have been shown to not only the mayor of Portland but those with MLB at the Commissioner’s Office, including Rob Manfred. While the source is not indicated, John Canzano of the Oregonian is reporting that, all told, the investor group has $1.3 billion in commitments.

While that isn’t the total sum that will be needed to reach the final goal, it is nonetheless impressive. The current commitments, alone, would cover the ballpark.

Who the international investors are will be of interest. Who the additional local and regional investors are whose names have not yet been revealed will add to it all. But what this news now provides is an easy calling card. Others will likely wish to be involved to get the project over the hump.

None of this is to say that with the funding and land purchased that Portland is a lock to get a team. There is a process. There are procedures. There are a host of matters outside the MLB-to-Portland group’s control. It seems that funding from the State of Oregon would now be in even more peril given the gaudy investor figure. But there’s little doubting that they are in a far better position than anyone else at this point. Time will tell if all the pieces land in Bridgetown to make MLB there a reality.

LIST OF CHARTER INVESTORS IN PORTLAND DIAMOND PROJECT

  • Seattle Seahawks quarterback Russell Wilson
  • Recording artist and entrepreneur Ciara
  • Former MLB player Darwin Barney, father David P. Barney and brother David M. Barney
  • Retired business owner and philanthropist Samantha Richardson
  • Former CEO of Platt Electric Harvey Platt and wife Sandy
  • Opus Agency co-founder and restauranteur Grant Hammersley
  • Portland Gear founder and CEO Marcus Harvey
  • Kamp Grizzly founder Dan Portrait and wife Sheena
  • Avamere Group founder and CEO Rick Dillon
  • DWFritz Automation CEO Mike Fritz
  • Nike Inc. Vice President of Global Footwear Product Creation Mark Allen and wife Peg
  • Jevo founder and entrepreneur Tyler Williams
  • Real estate broker Kelsey Williams

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