The Portland Penguins existed for one quick season in the WHL (then the PCHL), 1949-50. They actually started play in 1944 as the Portland Eagles playing at Portland Arena (1914-1956), but decided to change their name for the 1949 campaign. As the Eagles, they were successful and made the playoffs most seasons, including a trip to the Finals in 1947 where they lost to the Los Angeles Monarchs. The team decided to change their name to the Penguins for 1949 and missed the playoffs, going 32-30-9. They would switch back to the Eagles moniker in 1950, and have another .500 season, losing in the playoffs in round 1. The team would fold following the 1950-51 season, facing financial difficulties and a deteriorating situation at Portland Ice Arena. The arena, which stood on Northwest 21st and Marshall streets, closed in 1953 after declining to pay $80,000 in wiring upgrades required by the fire marshal.