Christopher Hansen on the path to revive basketball in Seattle: NBA Regular News
The renowned philanthropist Christopher Hansen is on another mission; he has proposed for a $290 million worth sports arena to be built in Seattle. The said arena will pave the way for the NBA and NHL’s arrival at his home town.
However to accomplish his dream he needs the approval of city and county to extend $200 million worth of funds along with the approval from the NBA and NHL.
Hansen, who is a Seattle native is famous for his instigating infotainment skills, is acknowledged as a media icon and a successful hedge-fund manager.
Hansen represents the Valiant Capital Management of San Francisco; the firm has showed its interest in funding $290 million in construction of an arena that will cost between $450 and $500 million. They also have taken up the responsibility of reinstating
a NBA or NHL franchise in Seattle.
Since the departure of Seattle Super Sonics in 2008, the city has yearned for a team of their own, and their prayers might have been answered in the form of Hansen.
He shares a protracted history with Super Sonics, being a Seattle native he had values associated with this team and their departure left him poignant over the years.
He kept a clandestine profile while pursuing his dream to bring basketball back to his home town as he had purchased the land for the said arena last year and this news erupted into the headlines just now.
Purchasing an NBA team will add several hundred millions more to the estimated cost and the options are few at this time, as NBA has no interest in inducing new teams to the conferences.
There are few names at moment that includes Sacramento Kings or may be New Orleans Hornets, who will be interested in relocation and the Sonics fans will have to embrace one of them as their own.
However this seems a far cry for now as the construction of the arena itself has to overcome many ifs and buts.
The proposal will be presented before a review board, (Community leaders) including former Super Sonics coach and player Lenny Wilkens. It is expected that the review will take a month at least.
Hansen suggested in his letter that the remaining cost of the project will be accumulated from the taxes generated by the city and King County from the arena; they will charge the teams with rent playing in the arena.
Along with the city and county approval Hansen requires an anchor tenant that includes a 30 years lease contract and a no relocation clause.
King County executive Dow Constantine reiterated at a press conference.
"There will be no arena unless there is an agreement to get a team here to occupy that arena over a very long term,”
This endeavour that is estimated at $290 million in private investment would be amongst the biggest in NBA or NHL arenas.
Hansen wrote in his proposal.
"I am confident this proposal will be looked on favourably by both leagues and sincerely believe that together we can accomplish the goal of securing NBA and NHL franchises for our community."
Only the time will decide about how the things will unfold for Hansen but the revival of basketball to Seattle is a noble cause.
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