A group has a proposed deal with the city of Seattle for a privately funded $600 million plan to renovate KeyArena.
Oak View Group also has a 39-year lease on the table from the city of Seattle, with two eight-year renewal options should they land National Hockey League and NBA teams, along with investing $168 million in capital improvements.
A Memorandum of Understanding will be issued to the Seattle City Council on Tuesday, which the Oak View Group hopes to be approved by December 31.
Oak View Group has committed $40 million for transportation around Seattle Center and another $20 million for a community fund in addition to the cost of the arena, a price which could push the project past $660 million in private financing.
In June, Seattle Mayor Ed Murray accepted the bid from OVG, funded by billionaire investment banker David Bonderman and Hollywood producer Jerry Bruckheimer. "We clearly send a message to everyone that this will get done, this will get built and we are ready now to go get one and hopefully soon, two teams". "Mark it right here". A revamped stadium could make Seattle a top contender for another expansion squad.
It's been nine years since the Seattle Supersonics were turned into the Oklahoma City Thunder and relocated, but it might take another three years for Seattle fans to see a team in action, with construction expected to be finished by 2020. National Basketball Association spokesperson Mike Bass told Daniels the 30-team league "is not involved in the ongoing Seattle arena process, and we have no plans to expand at this time".
The 55-year-old KeyArena's only professional sports occupants are the WNBA's Seattle Storm.