The Portland City Council voted unanimously Wednesday to approve a plan that would expand the Providence Park Stadium, home to the Portland Timbers, the Portland Thorns and Portland State University football.
The city of Portland owns the stadium, but the two soccer clubs are owned by a private company, Peregrine Sports.
Peregrine said there are more soccer fans in Portland than there are seats in the stadium; currently, there are about 13,000 people on a waiting list for season tickets to Timbers games.
The expansion will add up to 4,000 more seats and a new cantilevered roof to help keep fans dry during the rainy season.
Peregrine has agreed to pay the $50 million cost of building the expansion. In exchange, the city has agreed to forfeit its share of ticket revenues, losing out on about $5.1 million between 2018 and 2025.
City managers project the city will make money on the deal in the long run.
At present, the majority of the city’s revenue from spectator venues comes from the Rose Quarter, which is home to the Portland Trail Blazers.