Chris Hansen backed investment group reaches deal on Seattle arena – NBA News
The efforts of hedge fund manager and Seattle SuperSonics fan Chris Hansen to bring NBA back to his home city got a huge boost on Tuesday, when a new arena deal was announced.
The proposed $490 million arena that can also house an NHL team, is the best shot the city has had in years of bringing the sport back to Seattle. The city lost its NBA franchise in 2008 after 41 years, when the Sonics were moved
to Oklahoma City to become the Thunder.
Although formal votes are yet to out in, the deal has given Hansen and his group of investors, which include Microsoft CEO Steve Ballmer, the green light to go shopping for an NBA team.
As part of the new deal, Hansen has guaranteed $30 million as reserve fund to be set aside in case the arena’s finances do not work out as planned. Also, the deal for the new arena has a 30 year life, after which Hansen could be
forced to buy it for $200 million, or pay the cost of bringing it down.
The three city council members who announced the deal said that it is an upgrade from the previous. A small committee of the council is expected to vote on the deal on Thursday, and the full council could meet as early as Monday.
“This agreement could fundamentally change the model of how public-private partnerships involving sports franchises are structured," declared Tim Burgess, one of the members of the council.
The initial plans had drawn objections from the Port of Seattle, who said that building a new arena in close proximity to the Seahawks and Mariners stadium could disrupt crucial transportation corridors and affect thousands of
people. As part of the new deal, $40 million are to be kept aside to improve the mobility of freight in the area.
The Sonics fans are celebrating the first step towards getting back a franchise in the NBA. They have shown support for Hansen throughout the process, turning up for rallies and awareness events. Kris Brannon, a diehard Sonics
fan who is also known as “Sonics Guy”, said he was delighted with the news.
“I'm just overjoyed. Chris Hansen is just like us. He's a fan, and he wants to bring basketball back to Seattle,” he said.
Tags: