Is Clay Bennett off the hook for that $30 million?

[Laramie]

Bennett paid $45 million up-front and would have owed the additional $30 million in five years if the Legislature approved the KeyArena funding and then Seattle didn't get a replacement NBA team within five years.

That requirement was put in the settlement by Seattle Mayor Greg Nickels as an incentive for the Legislature to finally come through with some KeyArena money for the NBA to give Seattle another team. Microsoft CEO Steve Ballmer and other investors have promised to pay half the cost of the KeyArena project -- and seek to purchase an NBA team -- if the Legislature approved the arena bill.


Seattle Times Link:

Politics Northwest | Is Clay Bennett off the hook for that $30 million? | Seattle Times Newspaper Blog

[Kerry]

The only way the NBA returns to Seattle is if someone buys a team AND build the arena. At this point the state wouldn't even approve a reduction in permit application fees for a new arena.

[windowphobe]

On/with the other hand, Clay Bennett gets to write a check for $1.6 million to 800 holders of Sonics season tickets who sued.

Sonics owner settles lawsuit with season ticket holders | NorthWest Cable News | Sports

[Kerry]

On/with the other hand, Clay Bennett gets to write a check for $1.6 million to 800 holders of Sonics season tickets who sued.

Sonics owner settles lawsuit with season ticket holders | NorthWest Cable News | Sports

..and therein lays the problem in Seattle - 800 season ticket holders.

[BDP]

I once paid a panhandler $2 to leave me alone. To Bennett, that's probably the same thing.

[kevinpate]

30M ... 1.6M ... 30M ... 1.6M ... 30M ... 1.6M ...

I'm suspecting he sent thank you cards to the Fergit the Key crowd.
I woulda.