Re: HUGE NEWS! Clay Bennett & Co. buy Supersonics!
Interesting article pointing to OKC being a viable candidate to host a permanent NBA team....Like that Cornett understands a new arena would be necessary within a decade even w/ upgrades to the Ford
Mick Cornett is convinced Oklahoma City can successfully support a permanent NBA franchise.
As far as the Oklahoma City mayor is concerned, it's no longer a question.
"You can always ask those questions,” Cornett said. "But I think the best way to answer them is to look at the experience the Hornets had. If we had never had the Hornets, I think those would be tough questions to answer.
"But I think if you look at the Hornets' experience and the way the community reacted, I think the vast majority of those issues should be put off the table.”
A recent study conducted by Bizjournals.com supports Cornett's stance. Oklahoma City, according to the report, is one of the country's 10 best metropolitan areas for a new sports team. The study pointed to two areas in which Oklahoma City holds an advantage: a lack of competition from any other major league sports franchise and an abundance of personal income.
The report found Greater Oklahoma City to have $51.1 billion in total personal income, or the sum of all money earned by all residents of an area in a year. Oklahoma City, which the study found was best suited for an NBA franchise, ranked sixth behind Los Angeles, Philadelphia, Hartford, Conn., Las Vegas and Portland, Ore.
"A lot of it has to do with your community's commitment to having a team here in a city like ours,” Cornett said. "I think if you look at cities like Portland and Salt Lake City and Sacramento, and you determine that those cities have what it takes to generate enough revenue to keep a team then I don't see a problem with us doing it as well.”
By all accounts, the Hornets, who played inside the Ford Center the past two seasons after Hurricane Katrina ripped through New Orleans, were a financial success during their stay. A recent report of last year's revenue filed by the Hornets with the city showed how well they fared.
The Hornets generated $24.8 million in ticket revenue for their 35-game home schedule in Oklahoma City, according to a report by SportsBusiness Journal. The Hornets ranked 15th out of the 30 league teams in home attendance, with the average attendance falling from 18,717 during the 2005-06 season to 17,954 last year.
The team also reported $9.35 million in sponsorships and media advertising revenue, which, according to the SportsBusiness Journal's report, is about $4.5 million below the league's average.
"There is some questions regarding the sponsorship market in Oklahoma City, whether it's big enough to be able to support (a franchise),” said SportsBusiness Journal NBA writer John Lombardo. "The attendance is proven. They had a lot of strong gates. But from a corporate partnership prospective, that's the real question long term.
"To be fair, companies knew it would only be a short-term investment. When you know they're going to be there for a while, it creates a different business dynamic.”
But Seattle SuperSonics chairman Clay Bennett, who could soon relocate his franchise to Oklahoma City, also questioned the city's long-term viability last month. In an interview with The Oklahoman, Bennett said Oklahoma City's lack of broadcasting revenue is the biggest drawback. Bennett also questioned whether businesses would support the NBA during an economic recession.
"It won't stay like this forever,” Bennett said on May 30. "Will companies spend dollars in down times? We're testing all that.”
Some say the two-year trial the Hornets provided was as good a test as any.
"There's no such thing as a guarantee,” said Ford Center general manager Gary Dejardins. "But you've got to look at what the track record has been. And as the city continues to grow, you'd like to think that we'll have more businesses coming in, which only helps the stability of the city and the market. Success breeds success, and I think we've seen that.”
Mayor Cornett is quick to point out that Oklahoma City's long-term viability would be closely associated with the team's product.
"It's a partnership,” Cornett said. "It's not just what the city can do or what the market can do. The team should have expectations as well. If you're asking how popular the team is going to be five or seven years in, tell me how many games they're going to win. Tell me how many times they've been to the playoffs.
"Long term, in any market, teams that win are supported to a higher level than teams that don't win. Teams with star power are supported a lot more than teams with no star power.”
On his part, Cornett said he would push for a new arena to replace the 5-year-old Ford Center if and when a franchise comes to Oklahoma.
"If we go down this road to become an NBA city, somewhere in that building's lifespan of 12 to 20 years we've got to have a new building,” Cornett said. "We ought to be working to do that and have that in our plans, whether it's short term or four or five years from now.
"As a city, you make a commitment that we're in this for the long haul, and you expect the owners to be in for the long haul as well. I don't think the NBA is something you tip-toe into. You either want to be a part of it, or you shouldn't stick your toe in the water.”
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Originally Posted by OU Adonis
Re: HUGE NEWS! Clay Bennett & Co. buy Supersonics!
I've got it.
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