HUGE NEWS! Clay Bennett & Co. buy Supersonics!

[Pete]

I think we'll see an announcement soon (within the next two months) or the Sonics will stay in WA for one more year.

[Nixon7]

Uh-oh. I hope this is just business..

Sonics | Owner floats idea of Las Vegas Sonics | Seattle Times Newspaper

Forget Oklahoma. How about the Las Vegas Sonics?

Sonics owner Clay Bennett told a group of Seattle business and civic leaders this week that Las Vegas, rather than his hometown of Oklahoma City, would be a likely destination if the team winds up leaving Washington state.

Bennett made the comments at a Wednesday board meeting of Seattle's Convention and Visitors Bureau.

Sonics spokesman Jim Kneeland confirmed Bennett's comments Thursday, and said that while no firm plans are in place, the team is "looking really hard right now" at Las Vegas in the wake of the Legislature's rejection of public funding for a proposed $500 million Renton arena.

"He [Bennett] said, 'I'd still like to get a deal done here, but we're at a point where we have to start looking at other options,' " Kneeland said.

It's not clear whether the NBA will allow a team in the nation's gambling capital.

Bennett's latest statements appear to contradict the widespread public perception that his plan all along has been to move the Sonics and Storm to Oklahoma City.

As a business proposition, Bennett has repeatedly said he'd rather keep the teams in the Seattle area, which is a much larger and wealthier market.

If money, rather than hometown pride, is the deciding factor, Las Vegas' glitzy casinos and millions of tourists could trump Oklahoma City as Plan B.

"What I heard him say was that if he ended up having to move the team, Vegas would likely be a more attractive market than Oklahoma City," said Steve Leahy, chief executive of the Greater Seattle Chamber of Commerce, who attended the convention bureau meeting.

Seattle City Councilwoman Jan Drago, who was also there, said "it was about money — they can't make a return on their investment in Oklahoma ... he really expected to end up in Vegas."

Regardless of Bennett's wishes, plenty of obstacles could block a Las Vegas move.

Las Vegas Mayor Oscar Goodman and other city leaders have been pushing for an NBA franchise, but the NBA has been cautious about associating the sport closely with gambling. Last week, NBA Commissioner David Stern announced he'd appoint a committee of team owners to study the issue.

The NBA's All-Star Game was held in Las Vegas for the first time this year. But for an NBA franchise to relocate full-time to the city, a new arena might be needed to replace the Thomas and Mack Center, which was built in 1983.

Other cities might also compete for the Sonics. Kansas City, for example, recently built a new arena in an effort to lure an NBA team.

The Sonics and Storm have a lease at Seattle's KeyArena until 2010, but Bennett recently has suggested he may try to negotiate a way out of that deal after next season. He has set an Oct. 31 deadline for getting an arena deal in Washington state.

Bennett told the convention board he'll remain open to new ideas, but indicated he's been frustrated by the lack of local political support. He also ruled out plans by previous owners to simply expand KeyArena.

"I think he feels they made their best-faith effort," Kneeland said. "If anything is going to be done now, the community is going to have to come up with something, not him."

Don Welsh, president of the convention bureau, called Wednesday's meeting with Bennett a "healthy exchange" and said business leaders hold out hope for a deal that could keep the Sonics and Storm here.

"I hope we as a community exhaust every political and private opportunity to keep them in the region as long as it makes viable economic sense," Welsh said.

But there has been no sign that political leaders will step in to save the Sonics and Storm with a taxpayer-funded arena. Gov. Christine Gregoire has said she will not call the Legislature into special session on the issue.

House Speaker Frank Chopp, speaking this week to The Seattle Times editorial board, remained unsympathetic.

"They already have a place to play. It's nice. There are no potholes in the court there. Every player has health care. They all had the opportunity to go to college. Let's get real here. If they want to do it, we're not stopping them. They can pay for it themselves," said Chopp, D-Seattle.

[jbrown84]

I guess he's a Gaylord afterall--making his money off Oklahoma and investing it elsewhere.

[okclee]

^^^ This news is not good for Oklahoma City!

[Easy180]

Let's switch our focus back to the Hornets possible return once their lease runs out then

Hey I would hope it's just a ploy of some kind, but you never know what motivates people...And he may be a big fan of the desert heat

[metro]

Well Yes and NO jbrown and okclee. At first I was devastated when I read it, but we've heard the Las Vegas story before. Perhaps its a reverse psychology PR strategy. Well the NBA knows it would like the Las Vegas market but oh wait we've tried it before and we won't go there because they refuse to take the NBA off the books, etc. Kind of takes the heat off OKC should the Sonics end up relocating. "Well we were going to move to Vegas (better in Seattlites minds than OKC) but the NBA won't locate here because Vegas isn't cooperating with gambling and don't have a sufficient arena, so we're going to OKC". Well at least I hope this is the case. Bennett and the Gaylords will completely ruin their image in OKC if they move elsewhere. They can take OPUBCO with them and hopefully a new newspaper will come in place if that is the case, just leave the other investors companies and Bennett's investment firm here. This would be a devastating blow to OKC's progress if they move. I still have hope though.

[jbrown84]

I can understand that he would want to soften the blow to Seattle by appearing to attempt to stay, but why start pandering to another city you have no real intention of going to? I hope you're right metro.

[metro]

I hope I'm right to. I suppose it helps I mainly do PR and marketing so I see these things perhaps in a different perspective than your average person. But like I said, I hope I'm right. Not that I have any control over it. We still have this for hope as of now:

The commissioner of the NBA, David Stern, was asked point blank on ESPN news in a one on one interview.

"if you had one choice of anywhere in the world to place a franchise, which city would you choose?"

He answered without hesitation, "Oklahoma City."


That interview took place last tuesday on ESPN news the Hot Spot. The interviewer threw out the cities of Kansas City, London, Las Vegas, and Oklahoma City.

The next team to move be it the Sonics or whoever will land in Okc. David Stern is not a man that speaks double talk. Anyone who follows the NBA knows that if David Stern says something that he sticks to it.

[BDP]

Well, I don't think this looks good for Oklahoma City, but, in a way, I can see that Bennett may still be working for Stern on this one. He started with trying to get Seattle to improve its facilities. As that looks dead in the water and with some time to kill, maybe they're trying to put some pressure on Vegas. No doubt, Vegas can and probably will do anything to get a team, short of restricting gambling. And, no doubt, a franchise in Vegas would be worth a lot of money. It seems to me that it's up to the NBA. If they decide to get over the gambling issue, then I would say "done deal". Whether Bennett really wants to operate in Vegas long term, I have no idea, but at the very least he seems to be working in concert with the NBA to feel out potential markets or improve current ones, as is the case with Seattle.

As much as we want a team in Oklahoma City, the reality is that he owes it to the investors to do some due diligence. If the team would be worth 500 million in Vegas and 300 in Oklahoma City, he has to show that with real research before he can go back to them as say, "look, we want a team in Oklahoma City, but here's the real opportunity cost of doing that with this team. Is that opportunity cost worth it to us to have a team in Oklahoma City". I think Bennett is the Decider, but surely he'll consult his other investors. As to what their mind set is, that is, whether or not they see their investment as a potential civic service with the benefit of positive cash flow or as an opportunity to cash in by flipping a team, I have no idea.

The other reality is, and this is why we have to temper our hopes a bit, that Vegas would provide both positive cash flow and increase in equity. The flip side to all of this is that the Hornets would most likely have a relative increase in equity and increase to positive cash flow by moving to Oklahoma City and, in that context, long term, they may actually end up being the best fit one day.

[y_h]

Sounds to me like a whole lot of spin from a Seattle reporter looking to inflict injured pride on OKC and to make Bennett look like a "traitor."
"What I heard him say was that if he ended up having to move the team, Vegas would likely be a more attractive market than Oklahoma City," said Steve Leahy, chief executive of the Greater Seattle Chamber of Commerce, who attended the convention bureau meeting.

That may be what you heard him say, but is that what was actually said?


Seattle City Councilwoman Jan Drago, who was also there, said "it was about money — they can't make a return on their investment in Oklahoma ... he really expected to end up in Vegas."

Again, sounds like inference and speculation to me. Without transcripts of the actual meeting, this story is meaningless.

[jbrown84]

Good point, y_h.

[BDP]

Sounds to me like a whole lot of spin from a Seattle reporter looking to inflict injured pride on OKC and to make Bennett look like a "traitor." Without transcripts of the actual meeting, this story is meaningless.

Or, possibly, Bennett is sending the message to OKC that he is not out to simply hand the city a team and that Oklahoma City will have to play the courting game just like everybody else. He's sending us a reality check that says "look, my team will lose value if it moves to Oklahoma City. Start thinking of ways to help me sustain the market value of my team." As he is now versed and invested in the poltical wrangling of seeking public assistance, I wouldn't put it past him to be creating some leverage against OKC, now. And, let's be realistic, that just comes with the territory of courting the majors, for better or worse.

[Easy180]

Or, possibly, Bennett is sending the message to OKC that he is not out to simply hand the city a team and that Oklahoma City will have to play the courting game just like everybody else. He's sending us a reality check that says "look, my team will lose value if it moves to Oklahoma City. Start thinking of ways to help me sustain the market value of my team." As he is now versed and invested in the poltical wrangling of seeking public assistance, I wouldn't put it past him to be creating some leverage against OKC, now. And, let's be realistic, that just comes with the territory of courting the majors, for better or worse.

Exactly what I was thinking when I read it BDP...We can't afford to just sit back and just assume he will bring them to OKC no matter what...I'm sure on paper Vegas is much better potentially for a team's value so what he said is just plain common sense, but that's not what he will do.....Unless OKC doesn't come to the table prepared

I am certain Cornett and others won't drop the ball on this one so this story really doesn't alarm me

[y_h]

Or, possibly, Bennett is sending the message to OKC that he is not out to simply hand the city a team and that Oklahoma City will have to play the courting game just like everybody else.

And, let's be realistic, that just comes with the territory of courting the majors, for better or worse.

No puns intended, I'm sure.

[okcpulse]

I'll probably get kicked off the board for saying this, but it's my real feelings.

So Clay Bennett is considering Las Vegas? That son of a b***ch. As if we didn't catch enough flack from Seattle, he has to make us look like an ass on national television. Just like the Gaylords, he could care less about Oklahoma. His interests are obviously elsewhere, which makes him a true Gaylord. Nevermind we are getting laughed at by the naysayers, who are now joking about how not even an Oklahoman would put a team in his own state. Doesn't surprise us any, and if we had our way, we'd raid the Gaylords' homes and throw them out on their ass. They should really consider picking up some change of address forms on the way home from their cushy offices where they keep their minds in Tennessee, Colorado and elsewhere.

I find it funny that people around town whine and moan about not having a team, and when we get the chance to actually have a team, suddenly everyone is 'concerned' about the team losing value. How the hell do we know that? Would it even be a permanent decrease in value? Guess we'll never know now.

It looks like the only hope we have left is a slight glimmer that the Hornets will return. But it looks like I'm dreaming. Gaylords, get out of Oklahoma. And take Bennett with you.

Let the mudslinging begin.

[John]

Another angle to the Vegas side, is that say Clay takes the Sonics there. He beats the Maloofs into what they want/consider to be their market. I think the Kings are one of the next teams to move. Oklahoma City Kings?

[Pete]

More posturing by Bennett to 1) at least give the impression to the NBA that he hadn't planned to move the team to Oklahoma all along and 2) to get the best possible deal from OKC.

All owners of sports franchises play cities against each other as a negotiating point. And why Vegas rather than KC? Because he knows the NBA probably won't allow a team there... It doesn't even make sense as they don't have any type of real arena -- much worse than Key in Seattle.

[Patrick]

Could be wishful thinking on this reporter's part too.

[PUGalicious]

Or counting the chickens before the eggs hatch on OKC's part.

[Patrick]

From the way this article sounds, he's just playing the game so it doesn't look like he just bought the team for Oklahoma City.

----------
Sonics owner: ‘We'll consider a number of cities'


From Staff Reports


Seattle SuperSonics owner Clay Bennett said when considering relocation of his team, there deserves to be several cities considered — including Las Vegas — and not just Oklahoma City.

In a statement to The Oklahoman on Friday, Seattle Sonics owner Clay Bennett said "we owe it to the business to consider a number of cities where the leadership has expressed a strong desire to attract an NBA and WNBA franchise and demonstrated a willingness to explore ways to make that happen.”
The statement was in response to a report out of Seattle that Bennett told a group of business and civic leaders this week that Las Vegas, rather than his hometown of Oklahoma City, would be a likely destination if the team winds up leaving Washington state.
Bennett made the comments at a Wednesday board meeting of Seattle's Convention and Visitors Bureau.
Sonics spokesman Jim Kneeland confirmed Bennett's comments Thursday, but the organization released a statement on Friday morning, which didn't mention Las Vegas.
"We have made it clear that we want to succeed in Seattle and we are still exploring all of our options there. We have a responsibility to the business to weigh every possibility to ensure we make prudent business decisions based on the long-term economic upside,” Bennett said in the statement. "Of course, we know Oklahoma City and we know what this remarkable marketplace can do based on the way it exceeded all expectations over the past two years. We have said all along, as has the Commissioner, Oklahoma City deserves an NBA team, and, we would add, a WNBA team.
"At this time no one knows the confluence of events that could occur to land the teams in Oklahoma City. At this moment, everything is way too premature. While it looks bleak in Seattle, we are not ready to throw in the towel.”
As a business proposition, Bennett has repeatedly said he'd rather keep the teams in the Seattle area, which is a much larger and wealthier market.
If money, rather than hometown pride, is the deciding factor, Las Vegas' glitzy casinos and millions of tourists could trump Oklahoma City as Plan B.
"What I heard him say was that if he ended up having to move the team, Vegas would likely be a more attractive market than Oklahoma City," said Steve Leahy, chief executive of the Greater Seattle Chamber of Commerce, who attended the convention bureau meeting.
Seattle City Councilwoman Jan Drago, who was also there, said "it was about money — they can't make a return on their investment in Oklahoma ... he really expected to end up in Vegas."
Bennett and his Oklahoma City partners paid $350 million for the Sonics. An NBA franchise in Oklahoma City is expected to be worth somewhere below $300 million.
It's not clear whether the NBA will allow a team in the nation's gambling capital. At its owners meetings last week, the NBA appointed a committee to consider Las Vegas' viability as a potential franchise location. All major leagues have expressed concerns about placing teams in Las Vegas, where gambling on sports is legal.
Other obstacles exist in Las Vegas. The NBA's All-Star Game was held in Las Vegas for the first time this year. But for an NBA franchise to relocate full-time to the city, a new arena almost surely would be needed to replace the Thomas and Mack Center, which was built in 1983.
Other cities might also compete for the Sonics. Kansas City, for example, recently built a new arena in an effort to lure an NBA team.
The Sonics and Storm have a lease at Seattle's KeyArena until 2010, but Bennett recently has suggested he may try to negotiate a way out of that deal after next season. He has set an Oct. 31 deadline for getting an arena deal in Washington state.
Bennett told the convention board he'll remain open to new ideas, but indicated he's been frustrated by the lack of local political support. He also ruled out plans by previous owners to simply expand KeyArena.
"I think he feels they made their best-faith effort," Kneeland said. "If anything is going to be done now, the community is going to have to come up with something, not him."
Don Welsh, president of the convention bureau, called Wednesday's meeting with Bennett a "healthy exchange" and said business leaders hold out hope for a deal that could keep the Sonics and Storm here.
"I hope we as a community exhaust every political and private opportunity to keep them in the region as long as it makes viable economic sense," Welsh said.
But there has been no sign that political leaders will step in to save the Sonics and Storm with a taxpayer-funded arena. Gov. Christine Gregoire has said she will not call the Legislature into special session on the issue.
House Speaker Frank Chopp, speaking this week to The Seattle Times editorial board, remained unsympathetic. "They already have a place to play. It's nice. There are no potholes in the court there. Every player has health care. They all had the opportunity to go to college. Let's get real here. If they want to do it, we're not stopping them. They can pay for it themselves," said Chopp, D-Seattle.

[kevinpate]

appears to be just another shot fired across the bow. Now, exactly whose bow that shot sailed over, I suppose that depends on which town you wanna see as the Sonics homebase. All in all, these folks do strike me as some fairly adept marksmen.

[Patrick]

Like I said, if Bennett moves the team anywhere other than OKC, he better watch his back, and he better never re-enter Oklahoma.

[SpectralMourning]

How and why exactly does the NBA define a city's status? Personally, I think it would be great to have one, but I really don't care if we don't. We should have professional teams by now, but I personally am not that concerned with what egotistical "journalists" from Seattle think about our city. Sure we need better PR, but we shouldn't seek sports as our only opportunity to obtain it. Maybe we should look at what attracts people to larger cities (who don't put everything on the line for a basketball team) and see what individual idea we could exploit to make us not require a team to feel good about ourselves. I know that sounds obvious, but really. If people are freaking about about this, how can we ever be taken seriously?

And for the record, I hope Bennett and the Gaylords take their money elsewhere as well. Either way, we should be worried about the newspaper over an NBA team...

[BDP]

It should also be considered that he has to convince the NBA owners that a relocation to Oklahoma City would be prudent. It seems that if he does bring them to Oklahoma City, it'll be only after he has made every attempt to consider every other option. Really, I don't think we can fault him for that. If you had a few million in this deal, you'd expect that.

And who knows, maybe he just likes the gift baskets.

[BDP]

How and why exactly does the NBA define a city's status?

I 100% agree with the sentiment of your post, Spectral, but there is a level of legitimacy that comes with having a major league sports franchise in your market. It's stupid and superficial, but, let's be honest, so are a lot of people and people, not numbers, are the ones who make the ultimate decisions.

To try and put something concrete on it, continued support for major attractions is a selling point when trying to attract new services and businesses, which increases quality of life, which again attracts more business. Specifically, it can help show some prospective businesses that Oklahoma City is a viable market, even when population and income figures don't gel with their expansion or relocation models. It may make some businesses take a closer look or even take a look, by showing that, while our median incomes look low and the income is spread out over a large area, we can support a premium product long term.

I may be reaching and/or overstating the impact of the NBA specifically, but everyone wants to live and work in a place where they can make money and have a nice life. Major attractions, like major league sports, often fall into that equation for many people. In fact, if anything, it may just keep us in consideration when such things serve as a first level of elimination, i.e.: “Oklahoma City doesn’t even have professional sports and there are several comparable cities that do, so I won’t focus on OKC.”

So, while we should be considering “How and why exactly does the NBA define a city's status”, it may be even more important to consider how much not having major league sports negatively affects the city’s market value, even if in just superficial terms.