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Seattle Mayor Jenny Durkan has spoken to NBA Commissioner Adam Silver and is “quite optimistic” that the city is about to land an expansion franchise to replace the SuperSonics.
Silver said at a press conference last month that the NBA was dusting off its long dormant expansion considerations and had spent more time on the concept during the current pandemic. He spoke to Durkan soon after, and the mayor reaffirmed the city’s desire to recruit a team; the SuperSonics moved on and became the Oklahoma City Thunder after the 2007-08 season.
“It’s really good news for the city of Seattle that they are thinking about an expansion team,” Durkan told Seattle TV station KING 5. “And I’ve been honest with him. He knows. that Seattle wants to be on the front line. We’re where the team should be. But we’ll respect them as they move into their [owners], you know, [have] to approve it. “
League officials stressed that expansion was still likely years away, if at all. The last time the NBA grew, when the Charlotte Bobcats joined in 2004, the franchise was awarded two years before they started playing.
In addition to its history, fan base, and deep-pocketed businesses, Seattle is attractive as a relocation location as a refurbished arena is slated to be completed later this year. Climate Pledge Arena, the site of the former KeyArena, will host the expanding NHL franchise, Kraken, next season, after a $ 900 million rebuild that has been brewing for over a decade.
Private equity titan David Bonderman, majority owner of the Kraken and minority investor in the Boston Celtics, has expressed interest in joining an NBA franchise expansion offer to share the arena.
The same goes for Seattle-born Chris Hansen who runs a successful hedge fund and tried to buy the Sacramento Kings and move them to Seattle in 2012. Hansen and some partners still own a piece of land in the section. SoDo from the city where they hoped to build an NBA-only arena should the Sonics return.
There could be other bidders if the NBA decides to go ahead as well, which has led league officials to set a price target in the order of $ 2.5 billion as costs of possible expansion, sources told ESPN.
Over the past nine months, the NBA has increased its line of credit from $ 650 million to $ 1.2 billion and then further arranged to borrow $ 900 million for weather losses over the course of the 2020-2021 season, with each team receiving $ 30 million in aid.
Durkan said these financial scenarios, among other reasons, could help advance expansion as an option among NBA owners, who are expected to discuss the possibility.
“I think it’s real. But I think again, the commissioner is going to look at the property, and the property for the first time itself is very public they think. [expansion] is probably a good idea for basketball, ”the mayor said. Part of this is the COVID economy. Part of this is the economics of sports. But look, there isn’t a city that I think is better positioned to be successful. “
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