HUGE NEWS! Clay Bennett & Co. buy Supersonics!

[BDP]

It's also still absent of any actual quote or reference to support the claim that he said they will file for relocation to Oklahoma City if nothing happens by 10/31. I'm not saying he didn't come out and say that. I'd just feel more comfortable if that sentence was back up by a verifiable public statement.

[betts]

Here's the quote:

Sonics Owner Calls For Restart Of Seattle Arena Talks - News Story - KPTV Portland


"Bennett spokesman Dan Mahoney confirmed Thursday that if Bennett decides to file relocation papers with the NBA, Oklahoma City will be the destination. Bennett had also visited Kansas City to speak with officials there about their new arena that is without an anchor tenant.

'Kansas City was being looked at, but the preference is that if relocation is attempted, Oklahoma City would be the market,' Mahoney said."

[okclee]

Yeah, but I want to see the words come directly out of Bennett's mouth, preferably in person.

[HOT ROD]

here you go then, from USA TODAY, the nations Largest paper!!

Owner: Okla. City chosen destination if no arena deal reached - USATODAY.com

[MadMonk]

Heard about this on the radio this morning. If they don't have a deal in the works by 10/31 they are coming to OKC. I think it's pretty-much a sure thing now.

[Pete]

Sonics’ owner Bennett calls for restart of arena talks

by Tim Booth
Associated Press July 20, 2007


SEATTLE – SuperSonics owner Clay Bennett re-emerged on Thursday, calling for a resumption of talks with political, business and civic leaders in the Seattle area to try to re-ignite discussions on a new arena.

Bennett has been mostly silent on the issue since the Washington Legislature adjourned in April without taking action on a proposal that would have contributed about $300 million in public money for a new arena for the Sonics and WNBA Storm in the Seattle suburbs.

He has visited Kansas City to talk to officials about possibly moving there, and his hometown of Oklahoma City, which just sent the Hornets back to New Orleans after hosting them for two seasons, remains the primary option.Wednesday was the one-year anniversary of Bennett’s purchase of the Sonics from Starbucks Chairman Howard Schultz and the Basketball Club of Seattle.

“The clock is ticking and we wanted to again bring a call to action and raise the issue and bring people to the table and get serious about what needs to get done,” said Bennett, who was in Seattle on Thursday morning before he flew back to Oklahoma City in the afternoon.

Bennett spoke with Seattle Mayor Greg Nickels before he left, to arrange an in-person meeting. In a statement released earlier in the day, Bennett said Nickels is “the appropriate person to provide leadership and guidance on this issue.”

Seattle voters passed an initiative last fall that requires that teams pay “fair-market value” for new facilities in the city – instead of leaving the overwhelming majority of the costs for taxpayers. Yet Bennett is apparently hoping Nickels may be able to bring other civic and private leaders together to work on a new arena deal.

“(He) was extremely receptive and considerate in the phone conversation,” Bennett said. “It’s not so much to provide public money, but he is someone who can provide leadership and bring people to the table in his capacity as mayor ... and help address the issue.”

The city wants to hear what Bennett has to say in person.

“We’ll take the discussion from that point and see where the initial meeting goes,” said Nickels’ spokesman Marty McOmber.

Bennett has set an Oct. 31 deadline – one year from the date his purchase of the franchise closed – for finding an arena solution. If no progress is made, Bennett has promised to begin relocating the team, to Oklahoma City or to Kansas City, which is looking for an anchor tenant for its new arena.

Before it adjourned, the Legislature rejected a plan to use King County tax revenues to cover $278 million of a proposed $500 million arena in the suburb of Renton.

Short of Bennett asking Gov. Chris Gregoire to call back lawmakers for a special session to reconsider the issue – which the governor’s office confirms Bennett has not been done – there is no way the Sonics can get public money approved for a building before Bennett’s deadline.

The Sonics have a lease with the city to play at KeyArena – the smallest venue in the NBA – through the 2010 season. Last year, NBA commissioner David Stern called that lease the league’s worst for a team.

Three months ago, Bennett appeared ready to write the city a check to break the lease after next season, saying the Sonics would likely honor the agreement only through “a legal exercise.”

McOmber said the city’s stance has not changed.

“The lease is through 2010 and we expect them to honor that lease. And that’s where it remains,” he said, adding all previous proposals for renovations to KeyArena are still on the table.

[HOT ROD]

^ Malibu, I think your story was published in the Houston paper. It is a more neutral spin rather than the Seattle centric spin the Seattle Times published (saying Bennett wanted to stay/discuss Key Arena) and the Daily Oklahoman (who spun it that OKC was the destination if things dont work out).

Yet, take a look at USA Today - they pretty much backup/confirm the Daily's publish and even provide MORE of an OKC centric message!!! Obviuosly, the Seattle Times is chosing to fabricate its message somewhat, no doubt to sell papers.

USA TODAY
Owner: Okla. City chosen destination if no arena deal reached

SEATTLE (AP) — On the day Clay Bennett called for a resumption of talks regarding a new arena in the Seattle area, the SuperSonics owner finally declared where he'll move the franchise if a deal can't be reached.
To no one's surprise, it'll be Bennett's hometown of Oklahoma City.

Bennett spokesman Dan Mahoney confirmed Thursday that if Bennett files relocation papers with the NBA, Oklahoma City will be the destination. It's the first time Bennett has made a solid declaration about the Sonics' future location if a new arena deal doesn't develop in Seattle.

"Kansas City was being looked at, but the preference is that if relocation is attempted, Oklahoma City would be the market," Mahoney said.

Previously, Bennett visited Kansas City to speak with officials there about their new arena that is without an anchor tenant. Oklahoma City just finished a successful two-year run hosting the New Orleans Hornets, who are returning to Louisiana for the 2007-08 season.

Bennett has set an Oct. 31 deadline — one year from the date his purchase of the franchise closed — for finding an arena solution. If no progress is made, Bennett has promised to begin relocating the team.

Oklahoma City Mayor Mick Cornett stressed that Oklahoma City is "not proactively seeking any franchise" and is aware that NBA teams have leases with their current cities that they are expected to honor. But Cornett said at some point an NBA team will announce that it is actively looking to relocate, and he will pursue that team.

Bennett, who owns the Sonics and WNBA Storm, maintains his optimal situation is in Seattle. His pronouncement on where the team might move came as he re-emerged to push the arena issue — one-year after his purchase of the franchise.

Bennett has been mostly silent on the issue since the Washington Legislature adjourned in April without taking action on a proposal that would have contributed about $300 million in public money for a new arena in the Seattle suburbs.

"The clock is ticking and we wanted to again bring a call to action and raise the issue and bring people to the table and get serious about what needs to get done," said Bennett, who was in Seattle on Thursday morning before he flew back to Oklahoma City in the afternoon.

Bennett spoke with Seattle Mayor Greg Nickels before he left, to arrange an in-person meeting. In a statement released earlier in the day, Bennett said Nickels is "the appropriate person to provide leadership and guidance on this issue."

Getting a new arena in Seattle will be difficult after voters passed an initiative last fall requiring that teams pay "fair-market value" for new facilities in the city — instead of leaving the overwhelming majority of the costs for taxpayers. Bennett is hoping Nickels can bring together other civic and private leaders.

"(He) was extremely receptive and considerate in the phone conversation," Bennett said. "It's not so much to provide public money, but he is someone who can provide leadership and bring people to the table in his capacity as mayor ... and help address the issue."

The city wants to hear what Bennett has to say in person.

"We'll take the discussion from that point and see where the initial meeting goes," said Nickels' spokesman Marty McOmber.

The Legislature took no action on a proposal to use King County tax revenues to cover $278 million of a proposed $500 million arena in the suburb of Renton. The Sonics have a lease with the city of Seattle to play at KeyArena — the smallest venue in the NBA — through the 2010 season. Last year, NBA commissioner David Stern called that lease the league's worst.

Three months ago, Bennett appeared ready to write the city a check to break the lease after next season, saying the Sonics would likely honor the agreement only through "a legal exercise."

McOmber said the city's stance has not changed.

"The lease is thru 2010 and we expect them to honor that lease. And that's where it remains," he said, adding all previous proposals for renovations to KeyArena are still on the table.

With a public partnership appearing less likely, Bennett appears to be leaning toward the private sector if a deal is to get done in Seattle.

One option could be the Muckleshoot Indian tribe, which owns land near Emerald Downs race track in Auburn, 24 miles south of downtown Seattle. The tribe has examined possibilities for the land and a consultant's report is due back soon, spokesman Rollin Fatland said Thursday.

Bennett also had an introductory meeting with David Sabey, a Seattle-area real estate developer, to discuss land Sabey bought a few months ago in Tukwila, south of Seattle.

There have been no subsequent discussions with either the tribe or Sabey's group.

"We're open to any idea that helps us get into a new building," Bennett said.

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

[betts]

I don't think the move to OKC is a done deal by any means, but if there's not a public arena option, the profit margin for the team owners starts shrinking rapidly. I don't know if David Stern would force Clay et al to stay if they were any arena deal or if it has to be economically lucrative for the owners.

We haven't heard anything from Margarita Prentice in a while, either. Does anyone expect her to rear her head? What happened to the land in Renton?

[HOT ROD]

Margarita is yesterday's news. She was reprimanded as was Renton, so dont expect to hear ANYTHING from her nor anyone else in the state government!!!

Im positive that IF a private arena is worked out, Bennett will sell the franchise at some point - probably after next year. There is NO POINT for Bennett to keep a franchise in a "foreign city" where he can not make a positive return on his investment.

And since there is ONLY one possible private plan at this point which Bennett arguably would reject anyways due to its location. ....

It really all does rest with the city of Seattle at this point. And that means, break the lease, since there is NOTHING the city of Seattle can do since I-91 tied their hands (ie an arena can not be built in city of Seattle)!

Bennett is a schrewed businessman who set this up in motion from the beginning.

Like I said, Bennett is not from Seattle - so why the heck would he fund an arena for US (in Washington) just because he bought the Sonics?? In fact, he overpaid for the franchises - so that should definitely tell anyone with two cents worth of a brain that either Washington builds him a public facility so he can gain a return on his investment OR he will take his investment to his hometown where he doesn't even care what they make!!!

Get it. If they remain in Seattle - they are an investment; whereas taking them to OKC - who cares what they make, it adds to OKC's quality of life and attractions.

Like I said, Bennett is from Oklahoma City!!!!!!!

It may not be a "done deal" yet, but it is 14.5 weeks away from it!

[CCOKC]

Not only did Clay Bennett set this whole thing in motion but I believe it was probably with the full knowledge and blessing of the commish himself. I would not want to be on David Stern's bad side for sure.

[Easy180]

New PI article where the Mayor and Dep. Mayor pretty much admit the lease can be broken...Also shoots down the Muckleshoots proposal...Effectively killing Seattle's last option

Fat lady is about to come up on stage

Sonics definitely moving -- but not very far
Nickels says Bennett can opt out of KeyArena lease early
By GREG JOHNS
P-I REPORTER

Ready or not, the Sonics are indeed picking up and moving next week -- to a new office location in downtown Seattle.

The Sonics and Storm business headquarters are being shifted Monday to the 10th floor of the Washington Mutual Tower on Third Avenue, about a mile and a half south of their current office at 351 Elliott Ave. W.

The team will have 22,000 square feet of space in the WaMu building, about the same as its current set-up, according to team spokesman Tom Savage. The reason for the move is a lower lease price, with the new ownership group expecting to save $400,000 a year.

Of course, the slightly larger question is what city the Sonics will be calling home after the coming season. Majority owner Clay Bennett has issued an Oct. 31 ultimatum for Seattle to come up with an arena solution and further stirred that situation this week by calling upon Mayor Greg Nickels to garner support among local business and political leaders to find an answer.

While Nickels has said he's open to reworking the KeyArena lease or partnering with the Sonics on improvements in that facility, Bennett clearly is interested only in a new multi-purpose facility in the area.

Nickels was unavailable for comment Friday afternoon, according to his spokesman, but went on KJR-AM/950 earlier and acknowledged that Bennett's group could get out of its KeyArena lease before 2010.

Asked what he'd do if Bennett asks out of the lease, Nickels repeated his assertion that he intends to make the Sonics play out their term, but noted, "In my business, you never want to say never."

Deputy mayor Tim Ceis told the Seattle P-I last month that every lease is open to negotiations between its two parties and the city's primary intent will be to be made whole financially if the Sonics do choose to flee the Key early. Nickels noted Friday there are no iron-clad lease agreements.

"What we've seen with other teams is that even if you have a lease, there are ways for them to finagle their way out of it," Nickels told KJR. "I don't have control if they go to court and say we've offered them full value for that lease, I'm not sure I have that hammer. The hammer I have we'll use. We don't intend to make it easy for them to leave early or even in 2010. Let's face it. This is a civic asset. But we don't have complete control over that."

Meanwhile, Bennett continues to say he has no interest in KeyArena as a future site for his Sonics. He also went on KJR on Friday and again ruled out the Sonics' current home as a viable NBA home while also noting he feels the Muckleshoot property in Auburn is too far south of Seattle, though he remains open to their proposals.

And while Nickels might want to talk about KeyArena prospects when the two parties get together in the next week or so, Bennett sounds more interested in discussing the lease and what it will take to legally get out of that arrangement

"We need to tee that up," he said. "We need to understand where we sit on that and have candid conversations. ... We will not break the lease, whatever that term means. We won't move in the middle of the night or do anything outside of legal parameters."

Meanwhile, Bennett told his hometown newspaper, the Oklahoman, that if he files for relocation, he will move the team to Oklahoma City and not previously mentioned possibilities such as Kansas City or Las Vegas.

As for his attempt Thursday to raise the profile of his negotiations by contacting Nickels and meeting with Seattle newspapers in his one-day stop in Seattle?

"Basically, I'm pounding the table, reiterating everything we've said to date," Bennett said.

[Easy180]

From another PI article

He and his fellow investors paid $350 million for a franchise that was valued at $268 million by Forbes in January. That franchise, mired in a faltering NBA economic system, is losing money -- $20 million last season, according to Bennett, forcing a cash call among the investors. Relocation fees and buying out the lease could cost ownership $50 million or more.

I see many folks on the Seattle forums talking about how much money these guys have already spent and that they can't afford to break the lease and move to OKC blah blah blah

Let's see...There are 8 owners with what a combined net worth of at least 5 billion?

Since they supposedly overpaid by $80 mil then

Worst case.....$80 + $20 + $60 = $160 million

$160 Million isn't anything to sneeze at, but come on..Wouldn't exactly cripple these guys

The posters and some journalists over there keep trying to peg all these costs on Bennett and it just ain't so

[Theo Walcott]

The idea that the franchise is "worth more in Seattle" is something that these owners care NOTHING about. They WILL get a return on their investment. The team WILL be here for decades.

Their interest in buying the franchise was to "get a team for Oklahoma City", it never had much to do with its relative worth in one market or another. FYI, the expansion fee in the NBA is in excess of $300 million, so it's not like they overpaid by that much, particularly considering that they wish to move the team anyway. Not to mention that price tag came with a WNBA team, which will do quite well here in the summer time.

It just blows my mind that people in Seattle and commentators elsewhere continually insist that the "team is worth more in a bigger market like Seattle." The owners just don't care.

[betts]

Unless you're selling a team, it's worth doesn't matter. When you're ready to sell, the only thing that affects worth is the team's mobility. For instance, if the Hornets were for sale and David Stern said they had to remain in New Orleans, then the amount a purchaser would be willing to pay would be far less than if said owner could move them to another market presumed to be better. The San Jose businessman who wanted to buy the Sonics was willing to pay $425 million, but wanted the right to move them to San Jose included. He wasn't willing to pay anything to keep them in Seattle. So, if the Sonics moved to Oklahoma City, their worth would be immaterial unless the ownership group wanted to sell the team and wasn't allowed to move them. The last expansion team (Charlotte) cost $300 million so the $350 million Bennett et al paid is probably not far off the price they would have had to pay for an expansion team, were one available.

When you look at values of teams on the Forbes' site, size of the city is not a determinant for team revenue as much as you would think. Making the playoffs seems to be one of the biggest factors, probably because those game tickets sell at a higher price, the games are usually sold out, and I'm sure there's extra media money given to those teams for game broadcasting. The Spurs have consistently been in the higher part of the valuation list, and usually much higher than bigger cities, presumably because of how good they've been for a while and the loyalty of their fan base right now. The Sonics have been losers recently, despite Seattle being twice as big as San Antonio. I presume this is due to their lousy lease and lack of recent playoff status.

[Pete]

$350 million plus whatever it takes to relocate the team (which certainly would be offset by incentives and immediate profits) is the proverbial drop in the bucket compared to what all the owners have invested in Oklahoma City and businesses located there.

Just last week, Tom Ward mentioned how the NBA would be a huge value-added proposition for OKC and specifically for the millions he just spent on downtown real estate.

As I said it the time, that transaction told me that Ward feels very confident about moving the Sonics here soon.

[HOT ROD]

And I honestly think...

That when Bennett meets with the city of Seattle in a week or so, that he will definitely be negotiating a way out of the lease with Key Arena.

BUT, I also think he may be negotiating a way out THIS YEAR!!!!!! There is NO guarantee that the Sonics MUST play in Seattle for 2007, he ONLY agreed to try to work a solution for Seattle thru Oct 31.

Here is what I think COULD happen, Bennett negotiates under a closed agreement, that IF nothing comes to the table by Oct 31 - he will seek to move the team immediately and that 2007 would be part of the buyout package, which no doubt will be lucrative for the city.

I think, leaving the name Supersonics, with Seattle will be huge. But of course, if this is the case then a move to OKC probalby would have to wait until after this year.

With a major league team (two of them in fact), OKC definitely moves into Tier II status - forever!!!!

Of course, there is also the idea of a split year - where Seattle gets the games prior to the All Star game then OKC would get the rest! Now come to think of it, I think this is even more possible than not because it would not mean a typical 'lame duck' year in the losing city.

I dunno, I just think ANYTHING is possible. And like was said, there is no guarantee that the market value of a team in Seattle would be higher than in OKC. The Hornets were worth far more when they were based in OKC than the Sonics in Seattle are. ...

And like was said above, Bennett probably doesn't care either way because HE AINT selling!! This will be Oklahoma City's major league franchise for the next 'forever'!!!

And if the Sonics/Storm effect on OKC is what is anticipated, OKC may not be done with its major league sports franchises. Right now, Metro OKC is 1.3M people and will have one team. I bet, once Metro OKC gets to 2M then OKC goes after another league, perhaps NFL or MLB.

Whatever the case, OKC is DEFINITELY on the upside here - 95% is the likelihood I give to the Sonics relocating to OKC in 2008. Now when in 2008, that's the question. ...

[metro]

Perhaps the legislators don't have time to discuss a new arena because they're dealing with more important issues.

Gay partners make it official

By Andrew Garber
Seattle Times Olympia bureau

OLYMPIA — Richard Sturgill and James Malatak showed up at the Secretary of State's Office at 4 a.m. Monday — four hours before the doors opened.

They didn't intend to be first in line to register as domestic partners under a new state law. They wanted to avoid the rush later on.

"We just wanted to get in today," said Sturgill, 53, a nurse from Seattle.

More than 100 gay and lesbian couples took advantage of the new law Monday that gives them some of the rights granted to married couples, including the right to visit a partner in the hospital, inherit a partner's property without a will and make funeral arrangements.

Couples also can register by mail.

To qualify, couples must file an affidavit of domestic partnership with the Secretary of State's Office. The state then gives them a certificate with a state seal, and plastic cards that say, "State registered domestic partnership" and lists their names. On the back it cites the chapter where the law can be viewed.

No protesters were on hand Monday, but the Rev. Joe Fuiten, pastor of Cedar Park Assembly of God church in Bothell and a prominent opponent of same-sex marriage, sent out a statement opposing the law.

"God's law is established in the male-female relationship," he said. "When the state acts to replace the wisdom of God with the wisdom of the Legislature, we are headed for an uncertain future, and that is putting the best face on it."

Unmarried heterosexual couples in which at least one partner is 62 or older also can register as domestic partners. Lawmakers say older heterosexuals were included because they face the possibility of losing pension rights and Social Security benefits if they remarry after a spouse dies.

Outside the Secretary of State's Office on Monday, people were in a festive mood. By the time the door opened at 8 a.m., a line of couples stretched around the corner.

There were men in suits, women in wedding veils and cars festooned with signs that read: "Just registered!" One woman in a wedding dress stood through the sunroof of a car waving as it sped through downtown with its horns blaring.

"We love hanging out with other people. It's a celebration for us," said Barbara Gibson, 77, who was there with her partner, Carol McKinley, 67, of Olympia.

McKinley, echoing the sentiments expressed by many couples Monday, said that in addition to extending important rights to gays and lesbians, the new law is a symbolic victory for them as well.

"It represents to the people that the state itself is recognizing the importance of these couples," she said. "I think it's important just for social acceptance and validation of our acceptance."

Sturgill and Malatak agreed.

"This is our state," said Malatak, 65, who is retired. "I don't want anything other people don't have; I just want to be one of the guys."

Andrew Garber: 360-943-9882

or agarber@seattletimes.com

[BDP]

including the right to visit a partner in the hospital, inherit a partner's property without a will and make funeral arrangements.

OH MY GOD! The horror! What is this country coming to?! What will happen to all of our kids!

When the state acts to replace the wisdom of God with the wisdom of the Legislature, we are headed for an uncertain future, and that is putting the best face on it.

Bam. There it is. The legislature is supposed to enforce God's law. Radical theocrats trying to make our country look more like the middle east as we try to make the middle east more like we say we are here.

Oh well, I guess the guy couldn't get it done within his own religion, so now he needs to go to the state instead of God.

[JWil]

Oh boy.

Time to get this thread back on track quick. The last two posts definitely are misplaced.

Here's something interesting and semi-NBA related, from Orlando. They have an arena vote on the ballots for this upcoming Thursday:
_______________

AMWAY ARENA
Say goodbye to the Orlando Magic basketball team. Magic owner Rich DeVos is not threatening to leave town if commissioners vote no on Thursday, but you have to be naive to believe the team won't flee if a new arena isn't built.

It's simple economics. Team officials say they are losing millions of dollars each year in Orlando because the arena is too small and does not provide the premium luxury boxes that make teams the most money. It's the same reason Orlando loses big concerts, such as the reunion tour of '80s icon The Police, to Tampa and Miami. Bands and their promoters can make more money in bigger arenas with luxury seats.

Imagine the Oklahoma City Magic going deep into the 2011 NBA playoffs while Orlando's arena sits as empty as a doughnut hole in the middle of downtown. After that embarrassment, you can forget Orlando landing another major sports team.


Orlando deserves better (with video) -- OrlandoSentinel.com

[fsusurfer]

Any sport other than football typically dosen't do well in Florida. There are so many other things to do, going to a NBA(Magic) game or MLB(Marlins) game just dosen't rank up there with other entertainmet possibilities. When I lived in Oklahoma I went to a lot of NBA games because there wasn't a whole lot else to do on a winter night in OKC. Now that I'm back in Florida, NBA ranks behind a lot of other things I'd rather do.

[HOT ROD]

I agree Jwil, people please keep the religiouos 'right wing' rhetoric away from this thread.

Aside. ..

Legislators are NOT supposed to enforce "God's Law", they are supposed to decide on the law of the people who elect them. Get that straight.

But yes, we (in Washington) do have other things to focus on as in our society (inculding Gays) and we aren't afraid or ashamed of it.

"What is this world coming to..." - its becoming a fair and equal place where people who love each other share the same rights and responsibilities and are held accordingly regardless of their race, creed, sex, or orientation.

In all fairness, Oklahoma is always a little behind the times but Im sure you all will get there.

end aside, now back to Sonics.

[OU Adonis]

Left wing rhetoric is ok though, right Hot Rod?

[HOT ROD]

naah, something in the middle. That way, everyone is included.

[JWil]

Dangit Hot Rod, I was going to leave you alone until this part...

In all fairness, Oklahoma is always a little behind the times but Im sure you all will get there.

You make it sound like the rest of the country is okay with gay marriage and Oklahoma is some backwater holdout.

It's crazy this is such a big topic. We need to worry about other more pressing issues.

(I realize I just kinda helped to re-open the threadjack, but oh well. This thread is like 30000000000 pages long. Why do we have to keep posting OKC/NBA stuff in here anyway?)

[betts]

Are there any lawyers around here to discuss the lease? A;so. the Save Our Sonics group has started another group: A Deal is a Deal. They're trying to get enough signatures to put the issue of a lease buyout on the ballot.