Arena Football League Commissioner Jerry B. Kurz announced at a press conference on Wednesday that an ownership group led by Portland businessman Terry W. Emmert, CEO of Emmert International, has been approved by the AFL’s Board of Directors to purchase a majority of the Milwaukee Mustangs and relocate the team to Portland, Ore.

The Mustangs, formerly the Iron, were granted dormancy by the league on Oct. 11, 2012 as the ownership group led by Chris Rebholz sought out a partner.

The team will begin regular season play in 2014 at the Moda Center, home of the NBA’s Portland Trail Blazers.

This will be the second franchise in league history to call Portland home. The Portland Forest Dragons played in the AFL for three seasons from 1997 to '99.