Beavers, Timbers agree to new operating agreement for PGE Park

PORTLAND, Ore. — Beavers PCL Baseball, LLC—parent company of the Triple-A Baseball Portland Beavers and the Portland Timbers of United Soccer Leagues—and the City of Portland today announced approval of a multi-year lease agreement for PGE Park.

The new agreement—presented to the City Council by Portland Mayor Tom Potter on Nov. 30 and approved today—runs through 2010 with a two-year extension option through 2012. The agreement ensures that the Beavers and Timbers will continue playing their home games at PGE Park, with Beavers PCL Baseball continuing to manage the multipurpose facility and securing additional sporting, community and entertainment events.

Beavers PCL Baseball is owned and operated by professional baseball’s Pacific Coast League (PCL). Under the PCL’s guidance, the Beavers and Timbers have substantially upgraded overall performance and management of PGE Park over the past two years, adding key sales and marketing staff members, securing several new corporate partners, making lease payments on time and successfully securing additional events for the stadium.

The lease agreement will transfer to Portland Baseball Investment Group, LLC, at the time that final ownership transfer of the franchises is approved by all appropriate parties, a process expected to be complete prior to the 2006 season of events at PGE Park.