Seattle arena investor can shop for team

[Golden Taters]

http://www.king5.com/news/arena/Arena-Construction-can-begin-when-NBA-team-secured-151743235.html

SEATTLE – Seattle, King County and the man behind a proposed Seattle NBA/NHL arena announced Wednesday they had reached a memorandum of understanding to build the $490 million facility and that the public cost could be cut significantly if no NHL team is attached.

There are still many hurdles to clear before any construction can begin, including securing an NBA franchise.

Mayor Mike McGinn, Executive Dow Constantine and San Francisco hedge fund manager Chris Hansen released the MOU, which says construction could begin as soon as Seattle knows it is getting an NBA franchise.

The memorandum of understanding now goes before the City Council and King County Council for approval. McGinn-Constantine letter to councils
The agreement adds a new wrinkle to an original proposal in that an NHL team is no longer needed to start construction. Only an NBA team, with a non-relocation agreement signed, is needed to begin construction on the proposed 18,500-seat facility.

The city/county investment in the project would be capped at $200 million if both an NBA and NHL team are acquired. The city would cover $120 million and the county would pay $80 million.

If it's only an NBA team, the city still covers $120 million, but the county would pay just $5 million. Read the interlocal agreement about the bonds
The agreement calls for $290 million in private investment.

No NBA or NHL team has committed to playing in Seattle, though both leagues have teams facing ownership and economic challenges in their current home cities.

The MOU also says the city will try to obtain the rights to the name, colors, logos and memorabilia of the Seattle Supersonics from the Oklahoma City Thunder. That team was originally the Sonics before Clay Bennett and his ownership group reached a settlement with Seattle in 2008 to let them out of their lease with KeyArena.

Summary of MOU and interlocal agreements

Hansen's planned arena project still faces many more hurdles. For one, the Seattle Mariners have voiced concerns about the effect of a new arena on traffic in the already congested SODO area, which is home not only to the Mariners' Safeco Field but also to CenturyLink Field, home to the Seahawks and the Sounders.

Labor and business groups involved in operating the Port of Seattle have expressed similar concerns about traffic.

"Nobody has been able to bring to us a city with this combination of major marine cargo activity," says Dave Gering, the Executive Director of the Manufacturing Industrial Council of Seattle. "I think you're not sure you're ready to sign the Memorandum of Understanding unless you understand the ramifications."

McGinn responded to the traffic concerns bluntly Wednesday.

"People coming to the city, to an event is a good thing," he said, followed by applause from supporters.

What happens to KeyArena? In a letter to McGinn, Hansen suggests a couple possibilities are remove seats and turn it into a theater venue or an exhibition space. But he warns either option could be expensive and would need study. The other option is to keep it running as an arena.

Information from KING 5’s Chris Daniels and Associated Press compiled by Travis Pittman.

 

[Golden Taters]

YES!!!

 

[Golden Taters]

Just in case it wasn't clear, the new team will be the Seattle Supersonics, we still own the right to the name and color scheme. Seattle will try to get back our old records, trophies and banners, retired numbers, etc from Oklahoma City.

 

[ralaw]

It's pretty screwed up that a great team such as OKC could have been in Seattle. I always liked those Payton. Kemp, Shrempf, McMillan, Hawkins, etc Seattle teams. I wonder which team will relocate?

 

[Juggernaut]

Just in case it wasn't clear, the new team will be the Seattle Supersonics, we still own the right to the name and color scheme. Seattle will try to get back our old records, trophies and banners, retired numbers, etc from Oklahoma City.

I don't see you guys getting the old records back, but its great that the SS are coming back. I always loved Payton and Kemp.

 

[FirstTimer]

I don't see you guys getting the old records back.

I really doubt OKC cares?

 

[Juggernaut]

I really doubt OKC cares?

They will if the new Sonics don't want their records shared with the Thunder.

Also,
"The MOU also says the city will try to obtain the rights to the name, colors, logos and memorabilia of the Seattle Supersonics from the Oklahoma City Thunder."

I can see Bennett giving the right to the name and logo (which he owns), but when he bought the team he bought their history as well. He's not going to give everything away for free.

 

[Golden Taters]

I disagree, I really don't think OKC will really care about having Seattle's old records dating back 40+ years.

 

[Berowsk]

But then what happens to all the records of said team moving to SEA?

Shit would just get too complicated, IMO.

 

[Golden Taters]

But then what happens to all the records of said team moving to SEA?

Shit would just get too complicated, IMO.

How would it be complicated? Whatever team moves here, their records would stay with their city. Didn't the Cleveland Browns move to Baltimore and the records stayed with Cleveland for a new team?

 

[Bomberooski]

Achievement: Boner

 

[Juggernaut]

I disagree, I really don't think OKC will really care about having Seattle's old records dating back 40+ years.

As long as you don't mind sharing your histories that'll be fine, the Thunder have already continued their history by merging records with the old sonics records. The Thunder game/season records are merged with the old sonics records.

How would it be complicated? Whatever team moves here, their records would stay with their city. Didn't the Cleveland Browns move to Baltimore and the records stayed with Cleveland for a new team?

So you'd be asking OKC to remove their history from the records, which I don't see Bennett letting fly. When he bought the team, he bought their history as well.

I don't see him giving up the records for free, maybe x sum will do it for him however.

 

[FirstTimer]

As long as you don't mind sharing your histories that'll be fine, the Thunder have already continued their history by merging records with the old sonics records. The Thunder game/season records are merged with the old sonics records.

You act as though it would be some terrible mathematical inconvenience to "unmerge" them.

Do you own a calculator with an operating subtraction function?

 

[Warner2BruceTD]

I think any franchise that chooses to move, and then chooses to change the team name, logo, etc, should lose the rights to the history of that name/logo. The OKC Thunder "history" should begin with the first game of the Thunder, and the Supersonic/Sonic history should end the day that nickname ceased to exist. It was pretty silly last night reading a graphic on the screen that read "The Thunder are 9-0 when leading a playoff series 2-0". No they aren't.

The last thing the NBA needs is an expansion team, so if this happens, for all parties involved, hopefully somebody relocates.

On the topic of name changes, the word going around a few weeks ago was that Charlotte wanted the Hornets name back, and New Orleans is ok with that, because they want to rename their team anyway. If that goes down, good luck sorting out those histories.

 

[NAHSTE]

I think any franchise that chooses to move, and then chooses to change the team name, logo, etc, should lose the rights to the history of that name/logo. The OKC Thunder "history" should begin with the first game of the Thunder, and the Supersonic/Sonic history should end the day that nickname ceased to exist. It was pretty silly last night reading a graphic on the screen that read "The Thunder are 9-0 when leading a playoff series 2-0". No they aren't.

The last thing the NBA needs is an expansion team, so if this happens, for all parties involved, hopefully somebody relocates.

On the topic of name changes, the word going around a few weeks ago was that Charlotte wanted the Hornets name back, and New Orleans is ok with that, because they want to rename their team anyway. If that goes down, good luck sorting out those histories.

The Hornets rebranding is going to be terrible, you can bet your ass. One of the name finalists is "Angels" ... :suicide:

 

[Berowsk]

The Hornets rebranding is going to be terrible, you can bet your ass. One of the name finalists is "Angels" ... :suicide:

They need to be the Pelicans :lesmug:

edit: Just saw this, guess somebody is one step ahead.

It's really not as bad as I expected when I posted that jokingly.

 

[FedEx227]

You Seattle fucks better sell every game out for all the bitching you do about how badly you want an NBA team again.

Enjoy the Kings, btw.

 

[NAHSTE]

Love that Seattle is openly trying to steal a franchise from another community. Since that's not hypocritical at all.

 

[Golden Taters]

Love that Seattle is openly trying to steal a franchise from another community. Since that's not hypocritical at all.

California has enough teams, they will be fine.

 

[FirstTimer]

Here ya go Potatoes

LOL at Kemp and Gatling shaking hands at 1:25