A Bid to Keep Sonics in Key Arena

[mheaton76]

Uh Oh...Do any of you think this story from the Seattle PI has any legs??

A bid to keep NBA team in KeyArena emerges

A bid to keep NBA team in KeyArena emerges
Investors reportedly led by Griffin would help refurbish venue

By CHRIS McGANN, ANGELA GALLOWAY AND GREG JOHNS
P-I REPORTERS

OLYMPIA -- A group of investors led by one of Seattle's leading developers is seeking to buy the Sonics or another NBA team to play basketball at a refurbished KeyArena.

State lawmakers, who will be asked to extend existing stadium taxes to be used for a major remodel of KeyArena, had only general details about the investment group and the plan. They added that a tax package is unlikely to pass this legislative session.

But sources with knowledge of the situation said one of the group's leaders is Matthew Griffin, managing partner of the Pine Street Group and a developer whose projects include the Pacific Place shopping center, the 48-story Wells Fargo Center and the 55-story Washington Mutual Tower. Griffin did not return calls Friday.

The local investment group would contribute $150 million toward a $300 million overhaul of KeyArena, sources said. Existing stadium taxes would be extended to raise another $75 million and the city of Seattle would contribute the remaining $75 million, possibly partially funded by bonding off arena revenues, such as leases and naming rights, according to sources.

Seattle Deputy Mayor Tim Ceis said he couldn't comment on who was in the local ownership group and what efforts the city was making.

Senate Majority Leader Lisa Brown, D-Spokane, said she had not been in direct discussions with anyone about the idea.

"I have heard that there is an ownership group and they are pursuing taxes; they want the state to pass on the current (hotel/motel, rental car and restaurant stadium) taxes," she said.

But with the Legislature scheduled to adjourn in two weeks, Brown said it would be nearly impossible to pass a bill for the Sonics this year.

"I don't see it," she said.

Senate Ways and Means Chairwoman Margarita Prentice, D-Renton, said she was aware of a new ownership group that is trying to buy the Sonics.

"Desperation and reality brought clear thinking," she said. "This has been an ongoing process. If people would have been as willing to work with (former Sonics owner) Howard Schultz, we would never be in this predicament."

Clay Bennett, the Oklahoma City-based Sonics owner, had unsuccessfully sought an arrangement that would require taxpayers to subsidize $300 million of a new $500 million arena in Renton.

Bennett is fighting the city of Seattle in court to try to get out of the team's KeyArena lease so he can relocate the NBA team. Bennett says KeyArena is unacceptable as a venue for the Sonics.

A spokesman for Bennett said the Oklahoma ownership group was unaware of any Seattle effort under way and thus had no comment.

As recently as 10 days ago, Bennett said the team was not for sale, a stance he's maintained since buying the franchise in July of 2006.

It is widely believed that no tax money would be approved for a new arena or a KeyArena upgrade without a vote of the people. Investing in a public facility such as Seattle Center could help voters warm to the idea, according to people close to the situation.

Prentice, who has been an unwavering proponent for keeping the Sonics in the region, said as she understands things the new local ownership group wants to fix up Memorial Stadium at Seattle Center as part of the deal.

By making a broader investment in Seattle Center, the investors could change the tide of public opinion.

City Councilman Nick Licata has supported efforts to limit tax spending on a new arena. If a plan emerges similar to what Licata has heard is in the works, he might be on board.

"I'm giving it serious consideration," Licata said. "I think that the bottom line for me is that it's a fair deal for both the city and the investors. I've never said flatly, 'No public funds.' "

In November 2006, Seattle voters overwhelmingly approved a measure restricting public subsidies for pro sports teams. Initiative 91 prohibits Seattle from contributing city tax dollars unless such investments yield a profit on par with a 30-year U.S. Treasury bond.

The suggested plan could comply with the measure, said Chris Van Dyk, who led the I-91 campaign.

"The key thing is that if it addresses the use of public funds in a positive way and allocates those public funds toward the public places and the public infrastructure," Van Dyk said. "If (new team owners) do that in a genuine and on the table (way, providing) a significant infusion of money, I don't see that I-91 is a problem."

Brian Robinson, chairman of the Save Our Sonics fan group, said: "There certainly is some positive momentum brewing. The emergence of a potential local ownership group willing to make a significant commitment to KeyArena and our city is a game-changing factor."

Robinson believes if a viable public-private arena solution is presented, the NBA will have a hard time abandoning Seattle's market after 41 years. The NBA Board of Governors is expected to vote on the Sonics' relocation request to Oklahoma City at its April 17-18 meeting in New York.

"The end-game has always been to get an arena solution in Seattle," Robinson said.
P-I reporter Greg Johns contributed to this report. P-I reporter Chris McGann can be reached at 360-943-3990 or chrismcgann@seattlepi.com.


www.unitedstatesofmichael.com

[Easy180]

**A group of investors led by one of Seattle's leading developers is seeking to buy the Sonics or another NBA team to play basketball at a refurbished KeyArena**

Think this line says it all...It is too late to save the Sonics unless the March 4th vote doesn't go well...Waited too long and Bennett won't sell the team anyway

I say the Sonics move...Seattle keeps the name and one of the struggling teams heads NW in 5 years or so with local ownership

[Patrick]

Bennett and co. have already said they're not selling, and they're not settling for a renovated Key Arena. They've passed the deadine now. It's too late. Seattle had their chance.

[mheaton76]

Even thought the article did seem to suggest the sonics might stay in Seattle, I think both of you have zeroed in on some important points.

I think you're right - from everything I've read, especially if the vote goes well on March 4, it looks like everything will move forward.


www.unitedstatesofmichael.com

[Patrick]

If the vote fails, than everything is up in the air. I'd bet on Bennett going ahead and selling the team for a profit to Seattle investors, and OKC never getting a major league team, EVER. We'll forever be a minor league city, and we'll blow our once in a lifetime chance of becoming a major league city.

[bornhere]

A dark cloud will hang in eternity, forever blocking the sun.

Earthquakes will open huge fissures in the earth, into which pets and small children will be swallowed.

A shattered populace will shuffle listlessly down the empty, dusty streets.

Life will be meaningless.

[Laramie]

If this vote fails, you will see Seattle officials try to keep the Sonics there another two years to play out the "performance" part of their lease.

We've got to pass this thing March 4, and it will not be a slam dunk by no means...



The vote passes, look for a BUYOUT offered by Seattle officials--it's that simple!.



Visit the Seattle Times--Talk about the team in the Sonics forum:

The Seattle Times: View Forum - Sonics

[betts]

Life will be meaningless.

It will certainly be a lot less fun. I'm suffering major Hornets withdrawal, as is my husband, who didn't even like basketball until he went to a couple of Hornets' games. As he has said repeatedly this winter, I didn't realize how much the Hornets filled up winter evenings until they were done. How many times can you watch Modern Marvels or UFO Hunters on the history channel?

[Easy180]

A dark cloud will hang in eternity, forever blocking the sun.

Earthquakes will open huge fissures in the earth, into which pets and small children will be swallowed.

A shattered populace will shuffle listlessly down the empty, dusty streets.

Life will be meaningless.

Pretty much

[Patrick]

Life will be meaningless.

Quality of life will suffer in this city....one less option of something to do.

[solitude]

Quality of life will suffer in this city....one less option of something to do.

Man, Patrick, "Quality of life will suffer in this city." Are you serious? Get out and about in this world and travel a bit - see the quality of life in many parts of this globe and then talk to me about how the NBA would cause the "quality of life" to suffer in Oklahoma. If the quality of one's life depends on watching millionaires play a game....

This this has caused so many to completely lose perspective.

[Intrepid]

How many times can you watch Modern Marvels or UFO Hunters on the history channel?

There are other channels, ya know?

[bornhere]

I go out about three-four nights a week, and I don't seem to lack things to do.

[HOT ROD]

honestly, nobody here cares about the Sonics. We want them gone. The ONLY people who do care are the fans (obviously) and the lame a$$ politicians who want to pretend like they care to capture votes.

These "investors" could have come up when Schultz was looking for LOCAL investors but NO, they didn't. Now, all of sudden - with 2 weeks to go till the end of the leg and the OKC vote on Mar 4, there's willing investors???

I say, the ONLY way the Sonics will stay in Seattle is if 1) it is CLEAR by the time the BOG votes that the Hornets can excape their lease in N.O. and 2) with that being the case, a franchise swap is brokered with Shinn getting the Sonics (along with these investors).

That is the ONLY way the Sonics will stay here. Otherwise, they're going to OKC - unless you guys dont pass the Mar 4.

Notice how ALL OF SUDDEN there's movement here in Seattle - ins't it fishy, with the loooooming OKC vote, some people here are trying to "do something".

Yet, nobody is still even talking about a new arena and even the SeaPI said they were interested in possibly a new team. I can tell you that that idea will NOT float here, it's either the Sonics or bust. and most people - I work at Microsoft - most people could care less.

In reality, we're not a 3 team city. We support two teams, and currently those two are the ones with brand new stadiums. We care about Seahawks and Mariners, Sonics are afterthoughts for MOST of the populous in this area.

Remember this, even papers here need to sell - so don't be surprised by the optimistic attitude in it. In reality, it is the same ole same ole. If there WERE something really solid, believe me - the governor, king co exec, and mayor would all be over it!! and with a unified voice. That is how we know something is true and solid; all of them would be saying the same thing.

Here is my prediction.

OKC passes the Mar 4, 75% chance then,

85% chance the BOG approves the move of the Sonics, either next year or 2010 depending upon the litigation.

15% chance the BOG and Stern broker a swap, giving Bennett the Hornets which he moves to OKC in 2009; and sticking Shinn with the Sonics - assuming the minority ownership take a majority stake, they'd then stay here; if the minority ownership dont take a majority stake, Shinn will try to move them when he can.

In the event OKC does not pass the Mar 4, then the Sonics most likely will go to KC with Bennett seeking a new buyer after the move. Bennett might still try to buy the Hornets and move them to OKC or Shinn probably would still do it.

That is what I don't necessarily understand why Cornett is saying it is Mar 4 or bust, because OKC has two teams that are essentially fighting to get there. And even if Mar 4 does not pass, Im sure OKC people would approve the upgrade ONCE it is CERTAIN that the beloved Hornets are returning for good!

Nevertheless, dont be the lauging stock of the nation anymore - upgrade your arena and get your team; Sonics or Hornets - what do you care? You will get a team, for sure if you pass Mar 4, and it will be one of those.

[BDP]

Are you serious? Get out and about in this world and travel a bit - see the quality of life in many parts of this globe and then talk to me about how the NBA would cause the "quality of life" to suffer in Oklahoma. If the quality of one's life depends on watching millionaires play a game....

It's not just about the NBA and, having lived in some of the largest markets in the US, you begin to realize that the quality of life is not broken down to one element, but that they all feed off each other. Cities with high quality of living have several major attractions, many funded by the municipalities. Now, do these things define the quality of life, of course not, but they bring in the traffic and dollars that allow the community to improve itself and helps support many kinds of unique services and businesses that would not exist without the major draws.

And Oklahoma City needs major attractions more than most cities, because it's core has been losing to the suburbs for decades and because it has very limited natural appeal. You have to give them a reason to come in the first place and, let's face it, Oklahoma City doesn't offer much in the way of major attractions for most people. We actually have an opportunity here to elevate our assests and attractions way before anyone thought possible.

The fact is there are many markets that are already stronger than us in many aspects that would spend 3 times as much money as proposed in this measure to secure their chance at landing a team and there are many ready made markets just waiting for a team. This opportunity will not happen again for 10 years as we once again just sit around while every other city passes us. The last five years will be looked at as a small bubble where Oklahoma City elevated its stature, increased the magnitude of its conevention of events business, and attracted many businesses to its core, only to give up its briefly elevated competitive position to every other market in the immediate region. It's a zero sum game and when Dallas, Tulsa, Witchita, Kansas City, not to mention 20 other cities in the US have better facilities than ours, don't expect us to come even close to even landing the events we got in the last few years.

It's absolutely amazing the incredible luck this city has had with Ford Center. The Ford Ceneter was built on the cheap, but that made it possible for it to be ready for the Hornets when they needed help due to a major hurricane wrecking their host city. Not only was Oklahoma City a band-aid for the Hornets but it was also a windfall that proved to the league that had said no several time before that Oklahoma City would be a good market for their team. Now, it comes down to making the arena simply as good as the other in the area and as good as most of the other NBA arenas, and some want to piss that opportunity away, even when it would still be cheaper than just about every arena built for an NBA team in the last 20 years.

This is an amazingly cheap and amazingly lucky opportunity for Oklahoma City that were it not for a low pressure system over the Gulf in 2005, no one would even be talking about this. It is crazy how indignant so many in OKlahoma City are to progress, but you can generally see it in the results. This would be a way to at least change the appearance of indifferance and apathy in this part of the country. It may not change the quality of life for many, but it will change the appearance of our city in the eyes of many whose efforts and businesses could actually impact the quality of life here.

I mean, if you really don't think that Oklahoma City has benefited in any real way from the events it has gotten due to the Ford Center, then vote no, because we will lose those events. There are just too many more options with better amenities either already open or coming online in the near future. It's really is a vote of extremes, you can either give up on the Ford Center and Oklahoma City as a destination for the very events and conventions we've been getting or you can actually help elevate it above its current status into a major player for all kinds of events and put it in line for a permanent major tennant that will pay more rent and generate more revenue for the facility than any other event. The status quo really isn't available as an option to us at this point. Improve the areana and continue the city's elevation of its market position for large events or leave it alone and watch our market position erode.

[Easy180]

The fact is there are many markets that are already stronger than us in many aspects that would spend 3 times as much money as proposed in this measure to secure their chance at landing a team and there are many ready made markets just waiting for a team. This opportunity will not happen again for 10 years as we once again just sit around while every other city passes us. The last five years will be looked at as a small bubble where Oklahoma City elevated its stature, increased the magnitude of its conevention of events business, and attracted many businesses to its core, only to give up its briefly elevated competitive position to every other market in the immediate region. It's a zero sum game and when Dallas, Tulsa, Witchita, Kansas City, not to mention 20 other cities in the US have better facilities than ours, don't expect us to come even close to even landing the events we got in the last few years.

It's absolutely amazing the incredible luck this city has had with Ford Center. The Ford Ceneter was built on the cheap, but that made it possible for it to be ready for the Hornets when they needed help due to a major hurricane wrecking their host city. Not only was Oklahoma City a band-aid for the Hornets but it was also a windfall that proved to the league that had said no several time before that Oklahoma City would be a good market for their team. Now, it comes down to making the arena simply as good as the other in the area and as good as most of the other NBA arenas, and some want to piss that opportunity away, even when it would still be cheaper than just about every arena built for an NBA team in the last 20 years.

.

Perfect description of the situation BDP...Entire post was spot on, but these two paragraphs explain why the vote on the 4th is a no brainer

[SouthsideSooner]

I agree completely, very good post BDP.

[Karried]

Very well said and exactly how I feel.

[jbrown84]

If the vote fails, than everything is up in the air. I'd bet on Bennett going ahead and selling the team for a profit to Seattle investors,

My fear is that this article was timed to be right before March 4, hoping that many in OKC would say - "Hey, if they can pay for part of their arena upgrades, so can Clay Bennett", and vote NO. They don't have to have any real intention of doing this, or any feasible chance that the upgrades could happen, but they plant that idea...

[Midtowner]

Ya don't think?

[jbrown84]

Great words, BDP.

I have a friend who insists "there's nothing wrong with the Ford Center", that it doesn't need any upgrades. He's going to Buble tomorrow night, and I guarantee you that if we don't pass this, Michael Buble will go to Tulsa or Wichita instead next time he's on tour.