HUGE NEWS! Clay Bennett & Co. buy Supersonics!

[Patrick]

I think you guys aren't reading into the article what I am. Clay is setting the bar so high for Seattle, that he knows they're not going to go for it. If they wouldn't vote for the former owner a new average facility, you really think they're going to vote for a $500 million world class facility? I think Clay knows that if he sets the bar high enough they won't be able to reach it, and if they choose to reach it, Clay is going to make one hell of a return when he sells the team.

[ETL]

Makes sense to me, but alas, no new world-class facily for OKC. Well, maybe we will get the Sonics. We already have Sonic HQ!!! :spin: LOL

[Patrick]

Makes sense to me, but alas, no new world-class facily for OKC. Well, maybe we will get the Sonics. We already have Sonic HQ!!! :spin: LOL

Well, we don't need a world-class facility. Our arena may not be world-class but it works.

[ETL]

Well, we don't need a world-class facility. Our arena may not be world-class but it works.

TOO true!

[dcsooner]

It is time for us all to get real with this situation. Now that we have had time to truly digest this transaction, I for one have lost my initial euphoria reagrding the purchase. My initial reaction was Ok, now we have a team of our own, owned by Oklahomans, but Whoa nelley, not so fast, our homeboys agree to make an effort to keep the team in Seattle, so Oklahoma City is really no better off than with the Hornets, owned by a non Oklahoman with the intent of returning the team to NO. I think we should support the Hornets for this year, but to keep hope alive for a team of our own (out of these two options) given the current information is tiring. Maybe the guy who said we would be disappointed in the end was on to something.

[mranderson]

Could Bennett's proposal backfire keeping the Sonics in Seattle? Yes. However, unlikely. Patrick makes sense.

All I want is a team. I do not care if it is the Hornets, the Sonics or an expansion team. Now, if we got the Lakers to move out of Los Angeles, that would really be neat. I know, however, that is not going to happen.

Give me the Sonics so I can enjoy my season tickets and my Sonic drink I will get free when the company gives them away for some acomplishments during Sonic night at the Sonics.

[dcsooner]

I really am hoping for an expansion team. Despite what Stern has said before, I think he may be considering two additonal teams for 32 and I also think he was sincere when he stated he would do whatever necessary to support a team in Oklahoma City. Let me be clear, I think Oklahoma City WILL get an NBA franchise, just maybe not the Sonics.

[BricktownGuy]

I think you guys aren't reading into the article what I am. Clay is setting the bar so high for Seattle, that he knows they're not going to go for it. If they wouldn't vote for the former owner a new average facility, you really think they're going to vote for a $500 million world class facility? I think Clay knows that if he sets the bar high enough they won't be able to reach it, and if they choose to reach it, Clay is going to make one hell of a return when he sells the team.

makes sense.

[Kerry]

The Soncis franchise is coming to OKC. This isn't hard to see. Bennett formed an LLC with the sole purpose of bring an NBA to OKC. He bought the team, which is step one.

Part of the deal to buy the team was to try and keep them Seattle. In other words - let the people of Seattle reject the team. That is what the arena deal is all about. There is no way the city of Seattle is going to fork out that kind of money. Clay knows it, the city of Seattle knows and the residents of Seattle know it. However, they have to go through the process of rejecting it so the Sonics can get out of the lease before 2010.

Juat look at the Hornets if you want proof. Shinn did everything he could to keep the Hornets in OKC. Then suddenly Clay buys the Soncis and now George can't seem to wait to get back to New Orleans.

This is how it is going to break down over the next 3 years. In 2007 the Hornets return to New Orleans and the Soncis franchise moves to OKC. In 2008 the Trailblazers move from Portland to Seattle and use the Sonics name. The Hornets declare New Orleans a financial disaster and move to Kansas City. The Magic moves to Tampa. If there are 2 more expansion teams they are awarded to St Louis and San Diego in 2010. In 2011 Daniel Stern holds a press conference saying has just over saw the biggest change in NBA history and announces his retirement.

[HOT ROD]

I no longer believe OKC will get the team they have earned. Seattle WILL put up the $$ for a new arena. The Hornets will return to NO, and unless DS is lying expansion is not on the table. In addition, Clay Bennett has stated that the new owners as well as local Seattle monied people would contribute to the areana.Maybe I am just a pessimist or you all are just way to optimistic. I do think it would be a shame for local business people to own a team in another City when OKC is deserving, ready and able to support an NBA team

Dont count on that. We have "put up the dollars" for two stadiums now, and we have way more pressing issues with our lack of infrastructure here in the Seattle/Tacoma Puget Sound region. Unlike in OKC, we have a lack of freeways and our "great" bus system uses the exact same freeways as our plethora of single drivers do - so it makes no difference to commute (other than you can sleep on the way to work).

I can promise you all that the SONICS will call OKC home because consider this

1) there is no way in hell we will vote yes for an arena in Seattle in November. We have too many pressing and expensive issues to take care of (like transportation) to give a hoot about the underperforming SONICs.

2) Clay gave the city 1 year deadline from the date of purchase (which is October or something like that). Well in reality, that really gives the city 6 months, because our state legislature closes in January and I can assure you that they WILL NOT go into special session for the SONICS. The city of Seattle WILL NOT fund a new stadium - and the residents will NOT vote for a MAPS type of tax to save the team. We would vote for infrastructure - not the revenue stream (see profits) for a out-of-towner.

There are other reasons, but consider only these two and you will see that 1) there is no year timeframe, only 5 months left for the city/state to come up with something. and 2) ask the average majority here and most would rather spend $$ billion dollars on transportation infrastructure that we lack here rather than a World Class basketball arena.

Its not gonna happen. Now, that being said - maybe Seattle would get an expansion team later, but the Sonics will be heading for fairer pastures - and not everyone in Seattle thinks OKC is so bad. You have to remember, most of those who posted the bad remarks are die hard Sonics fans and idiots who are just looking to poke at the NEW COMER. We all know OKC is doing well supporting the Hornets and we actually thought that OKC would get the team permanently. Remember those NO posters who also poked at OKC, same thing.

In the end, OKC will get a team. Im betting on the Sonics and I think 99% chance they will call OKC home - if not in 2007 then definitely in 2010. Because there is no way the state, city, or residents will pay for a new stadium to be built. Those are facts.

[BricktownGuy]

http://seattletimes.nwsource.com/cgi...&date=20060919

[metro]

Interesting read. I wonder if the Seattle taxpayers vote down this measure to possibly creat tax incentives for keeping the team there that if it will speed up the process of possibly relocating the team to OKC.

[HOT ROD]

What this is is a group who actually opposes building the arena. If we pass this, then it would only raise the stakes for Bennet and company because such an arena would have to earn a return on investment - in other words, it can't operate in the red which is something that most major arenas (including the current KEY Arena) are known for.

If this measure is approved, then Bennet and co would be REQUIRED to have a plan in place that assures profit to the city of Seattle.

The I-91 leader was on TV saying "if they (OKC) wanna open their rich Oklahoma sized checkbooks and guarantee a return to the taxpayers of Seattle, then we can play ball." Only then would the city be allowed to spend dollars to upgrade KEY (and it still would be the smallest in the NBA). If the owners don't guarantee a return of profit to the city, well then "hasta la vista on to OKC."

Doesn't sound like an attractive business deal after all, now does it? I mean, most NBA franchises have guarantees from the city such that THEY would make profit and the city would "cash in" on the entertainment value and marketing exposure - aka, the New Orleans/Oklahoma City Hornets and their agreement with OKC.

So, in effect if this measure passes (which it probably will), then Seattle would turn the tables on this ownership group or any other and require the team to make a new arena profitable. Too risky, considering that the arena would sit empty much of the time and dont forget that costs are much higher up here.

In short, if we pass this initiative 91, then we could probably say goodbye to the Seattle Supersonics and Storm because it makes absolutely NO BUSINESS SENSE for an ownership group in OKC to buy a team and not be able to make profit.

I think it will pass because 1) frantic NBA fans will vote for it without REALLY reading what the initiative is 2) the majority of the Seattle residents dont want to shell out dollars for the arena anyways - so its sort of a "quick and easy" way out 3) those here who think Oklahoma City owes Seattle something just because Bennet bought the team will want to "stick it to him". If all is true, it will pass and the team will shortly thereafter announce that the economics could not work out. Then immediate relocation to OKC is assured since the profit guarantee is there.

Even if the I-91 does not pass, I still look for the team to leave because the city would not be allowed to build an arena. The state WILL NOT build them one either. So it would be up to a partnership between a suburb and Bennet and honestly, I dont see that happening - unless Bennet and company relocate to Seattle. Building a new arena would be just as expensive in the suburbs as it would be to replace or upgrade Key Arena (plus you'd have to build in contingencies for the mass of people).

Even though we have lots of microsoft money here, I dont see it happening. I mean, if we didnt do this when we owned the team why would it all of sudden happen now? especially for an OKC based ownership who definitely should be in it to make $$.

I just dont see OKC giving Seattle any gifts nor do I see anyone in Washington who will pay to build a new arena. I-91 provides a very quick and easy "goodbye" for the Sonics should it pass. If it doesn't, then it will drag on but still the end result will still be the same: the lease to KEY will be broken or bought and the teams will move to OKC.

[HOT ROD]

Sorry for the long post, but you really have to read between the lines on these things. I-91 does NOT say Seattle will build an arena, it says Seattle can IF the owners back out of the profit. Plain and simple.

I think many will think I-91 is to keep the Sonics so they will vote yes. I think the majority will know that I-91 puts a nonprofit clause to OKC, something which would provide a quick exit for the team since Bennet and CO can't just say it "we're moving to OKC".

Consequently, they will also vote yes - in that they know the owners wont agree to that and we wont have to pay for an arena.

I just dont know why people from OKC always care about what other people think. Had Bennet been from KC or Vegas, the team would have immediately moved to those places. Why is it that OKC has to "not offend anyone" when it comes to these things? I just don't get it.

But I-91 gives the easy and quick way out of the Sonics, plain and simple.

[scotplum]

I just dont know why people from OKC always care about what other people think. Had Bennet been from KC or Vegas, the team would have immediately moved to those places. Why is it that OKC has to "not offend anyone" when it comes to these things? I just don't get it.

It sounds like Bennett's group would not have won the deal had they not promised to give it a year to come up with a solution. Bennett and company were not the high bidder's for the Sonics, yet they were willing to work with Seattle to keep the team there should everything fall in place and the previous owners found that very desirable considering their standing in Seattle. It's a legal matter in moving the Sonics to OKC at this point in time, I don't believe it has anything to do with not wanting to hurt anyone's feelings in Seattle. On top of that, I believe David Stern is very much in charge of this situation. He wants to do everything he possibly can to see if Seattle (which is a huge market) can retain the team because of demographics.

[BDP]

If this measure is approved, then Bennet and co would be REQUIRED to have a plan in place that assures profit to the city of Seattle.

Bennett and the Sonics would be tenants of the arena, not the owners of it, right? If so, it wouldn't be their responsibility to make the arena profitable per se, but the city would only be allowed to build one with public money if it was shown to be profitable.

I think the end result is the same, because it puts so much pressure on the city to make guaranteed profitable leases, that, as the prime tenant, the Sonics would have to agree to terms that would hinder their ability to make a profit. Essentially, they would have to guarantee enough up front to make the arena profitable themselves.

Maybe I'm just being technical here, but I think this measure actually puts pressure on the city, which would hamper their position in any negotiation with any tenant or lessee. Theoretically, the city could find other tenants for the arena that, combined, would make the arena profitable and lessen to pressure to make all the money back from just the Sonics.

It actually sounds like a pretty reasonable measure, but it does make Seattle uncompetitive simply because so many other cities are willing to take a hit on the arena to have access to the attractions and events the arena brings.

[Pete]

With the Hornets definitely leaving, it will be very interesting to watch Bennett & Co. in Seattle.

Looks like their public funding proposal will go to the Washington legislature in the next week or so, and that will probably seal the fate of the team one way or another:



Sonics’ arena plan delayed
By RACHEL LA CORTE - Associated Press Writer
Wednesday, January 31, 2007 10:21 AM PST


OLYMPIA — An already delayed financing plan for a new $500 million arena for the Seattle SuperSonics won’t be ready for lawmakers this week as initially promised.

Last-minute adjustments with cost figures on infrastructure, access and parking were delaying the plan Tuesday, team spokesman Jim Kneeland said.

“Those are the things that have been more challenging,” Kneeland said. “We really feel that it’s important that we get a handle on those before we start walking in with a single number. That’s what we’re trying to do.”

In a letter to Gov. Chris Gregoire earlier this month, Sonics owner Clay Bennett said the teams would ask for at least $300 million in taxpayer money.

Sen. Margarita Prentice, D-Renton and chairwoman of the Ways and Means committee, said Bennett called her Tuesday afternoon to say the plan wouldn’t be ready until next week.

“He says they don’t have enough definitive elements of the deal,” said Prentice, who has spoken highly in favor of helping to finance a new arena for the Sonics. “He wants to get it right.”

Kneeland said Bennett was in New York for a Wednesday meeting with the NBA, but that team officials were planning to have a proposal ready for lawmakers early next week.

Bennett has said he hopes to have the building completed in the fall of 2010, which would coincide with the end of the Sonics’ current lease at Seattle’s KeyArena. The team has been losing money under that lease and Bennett has said it will lose $20 million this season.




Initially a plan was to be presented to lawmakers at the start of the legislative session on Jan. 8. That deadline was later moved to the Jan. 18, and then to Wednesday before Tuesday’s announcement of the new delay.

Some lawmakers expressed frustration with the ever-moving target.

“The longer they delay getting us the plan the harder it is for us to even consider their proposal,” said House Majority Leader Lynn Kessler, D-Hoquiam. “I can understand that they want to make a good proposal. But we’re moving right along here in the session, so it’s a shame that they’re waiting until, what, the fifth week?”

Kneeland said team officials are sensitive to the time crunch lawmakers face, but want to make sure they present lawmakers with the most comprehensive plan.

“We’re working to make sure we have the best answer rather than just the quickest answer,” he said. “We are very sensitive to those deadlines and we’re trying to find ways to make this work.”

Prentice said her patience hasn’t been exhausted, and that she was impressed with Bennett.

“These are really complicated things,” she said. “He’s been looking at everything. He’s been talking to a lot of people. Frankly, I like the way he works.”

Earlier this month, Bennett told The Associated Press that the plan calls for a state-of-the-art arena in the Seattle suburbs that would seat approximately 18,500. It would be built in one of two spots along Interstate 405 — in Renton across the street from a retail and housing development known as “The Landing,” or in Bellevue along a business stretch called “Auto Row.”

The new building would house the Sonics, the WNBA Seattle Storm, and events such as concerts and perhaps national political conventions.

The taxpayer share of its cost would come from the King County restaurant and rental-car taxes that helped build Safeco Field for baseball’s Seattle Mariners. The Legislature would have to authorize the alternative use of the money.

But if the Legislature doesn’t take any action and a new arena is not agreed upon by Oct. 31, a clause in the $350 million purchase contract for the Sonics and Storm that Bennett signed last July allows the team to move to Oklahoma City . Bennett and his seven co-investors in the Sonics and Storm are all prominent residents of Oklahoma City.

[Nixon7]

when will we know for sure, one way or the other?

[metro]

when will we know for sure, one way or the other?

Well based on the above article, I'm guessing Nov. 1st, 2007, just in time for our states Centennial:

But if the Legislature doesn’t take any action and a new arena is not agreed upon by Oct. 31, a clause in the $350 million purchase contract for the Sonics and Storm that Bennett signed last July allows the team to move to Oklahoma City .

[Nixon7]

But if the Legislature doesn’t take any action and a new arena is not agreed upon by Oct. 31, a clause in the $350 million purchase contract for the Sonics and Storm that Bennett signed last July allows the team to move to Oklahoma City .

For the '08-'09 season? I was hoping we might know when the legislature adjourns this spring. It's going to suck not having NBA hoops for awhile.

[Pete]

Washington's legislative session ends on April 22 but there are prior deadlines for filing new measures -- not sure what they are but by the tone of that article it must be fast approaching.


I think the best case scenario for OKC is:

1. WA legislature turns down proposal for at least $300 MM in public funds
2. Bennett's Oct. 31 dealine passes without any sort of deal (almost a given if #1 occurs)
3. Sonics play one more season in Seattle without announcing intentions for the next year
4. End of 07-08 season passes and it's announced team will move to OKC for 08-09.

[metro]

well said Malibu, I think you nailed what will probably happen.

[jbrown84]

Which means only one season without the NBA, during which we can quietly build a practice facility and improve the Ford Center.

[Nixon7]

...and for those that are die hard hornet fans, the year off will build up excitement once again for NBA basketball and transition in to being sonics fans!

[Pete]

Sat February 3, 2007

Bennett plans to submit proposal next week
Sonics arena plan: Owner has set and missed three deadlines so far

By Gregg Bell
AP Sports Writer

SEATTLE — If the Seattle SuperSonics put as much work into winning games as they say they have into developing a new arena, they might be headed to the NBA Finals instead of a last-place finish.

Then again, maybe they wouldn't even get off a shot.

Sonics owner Clay Bennett has set and missed three deadlines for offering a plan to state Legislature for a new $500 million arena in the Seattle suburbs that would be built partly with taxpayer money.

The end of 2006. The Jan. 8 start of the Legislature's 2007 session. The end of January.

Now, the Oklahoma businessman is telling key lawmakers to expect a proposal by next week.

"The longer they delay getting us the plan the harder it is for us to even consider their proposal,” House Majority Leader Lynn Kessler, D-Hoquiam, warned.

Bennett and his Oklahoma City-based ownership group insist they're trying to get the plan right instead of merely on time.

"We have made dramatic progress,” Bennett said. "We are beginning to get some traction.”

But the Sonics may be running out of pavement. The Legislature's session ends April 22.

Then there's the popular notion that Bennett's true hope is not a new arena but a new city and a renamed team: The Oklahoma City SuperSonics.

If Bennett doesn't get an agreement for a new arena in the Seattle area by Oct. 31, his $350 million purchase agreement allows him to move the team and the WNBA's Storm to Oklahoma.

The Sonics are still far from getting state approval to use of King County's restaurant and rental-car taxes. Bennett wants those taxes to underwrite the construction bonds on a new 18,500-seat arena.

The Sonics haven't decided whether to build the arena in Renton or Bellevue. The team hasn't bought land or solved parking and access problems in either spot.

Although Bennett's group bought the team for $350 million last July, he couldn't begin his arena push in earnest until after the NBA approved the sale in October.

Then came a web of issues surrounding prospective arena sites that Bennett now acknowledges was more tangled than he anticipated.

As Starbucks chairman and former Sonics owner Howard Schultz laughs somewhere into his latte, Bennett is trying to determine how much money the Sonics can afford to put toward a new arena.

Trent House, director of government affairs for the Washington Restaurant Association that is behind the tax Bennett wants to tap into, said Bennett has told him he would contribute at least $60 million.

But Bennett doesn't know exactly how much the Sonics, who are currently losing money in KeyArena, will make from a new building. So he's trying to develop a proposal in the abstract, to present to a Legislature that wants a tangible, concrete plan. Yesterday.

"The real detail we are doing right now is determining how much debt the team would take on,” Bennett said.