Seattle....Oklahoma City...Seattle Sonics

[Seattle Husker]

Don't look now but Microsoft's Steve Balmer, Costco founder Jim Senegal, and a couple of others have offered to donate $150M to Seattle as part of a $300M renovation of Key Arena. Is it too late? It sounds like they are requiring that Bennett sell the team.

There are two potential hangups on the deal:
- the requirement by the Washington State legislature to let them use $75M from a tax that was put in place for Safeco Field and Qwest Field. The tax is in place until 2016 but the bonds project to be paid off by 2011 so the group is asking to tap into that existing tax.
- Bennet sells the team to the Balmer group for essentially what he paid for it.

This is a much better deal for the tax payers than the Bennett group who wanted ~$400M from the State of Washington or Howard Schultz who wanted $200M.

Is it too late? Does it put pressure on David Stern who claimed that Seattle needed a viable stadium deal to keep the Sonics? I don't know but it makes for good drama.
The Link

As a Seattle resident I'm pretty proud of this group of local businessmen offering up a sizable amount of cash simply for the good of the community. They aren't even asking for any ownership of the building that they'd be paying $150M to renovate.

 

[210-816-Horn]

Keep Durant out of Oklahomo !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[bierce]

Well, apparently the Okie voters think Bennett is a bad liar, so they went ahead and voted for the typical public largesse to a sports owner.

Of course, maybe there is a painful truth and Bennett isn't lying--the Sonics don't do anything to improve Seattle, but they can do all sorts of things to improve Okieopolis.

 

[Seattle Husker]

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[The Drake]

Where are you getting that OKC is upset w/ Bennett?

Yes, the city passed a 1 cent sales tax for upgrades to the Ford Center & a new practice facility. If the Sonics remain in Seattle, the practice facility will not be built and the tax will end early. The Ford Center will be upgraded regardless. Anybody that has been there will tell you it needs it, NBA or not. It was built for 90 million, which was cheap. But it was paid for when it was built and it has served its purpose very well, bringing in events & concerts that had been passing OKC by. But it was constructed with idea to be upgraded at a later date.

Stern will probably want to know where the guys have been for the past 3 years. He has been very public in his disgust for the treatment the Sonics have gotten f/ the city & state.

Honestly, I think most people in OKC would prefer the Hornets & Chris Paul back. Gettting the Hornets w/ local ownership would be the best of both worlds. Seattle & the Sonics are traditional NBA. Durant is the only thing appealing about the franchise right now. New Orleans doesn't care. They are showing up a little better now that they are proving to be a playoff contender.

Bennett & Co (Bennett is just kind of the figure head of the ownership group - he had previous experience with the Spurs) will come out fine either way. New arena & lease would only enhance the value of the franchise.

 

[bierce]

I was being sarcastic.

Bennett has argued before a judge in Washington that the Sonics provide no economic or cultural benefit to the Seattle. I'm certain he made the exact same argument to the fine and smart citizens of Okieopolis in lobbying for them to shower him with revenue.
The Link

 

[Seattle Husker]

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[hudsonhorn]

The Drake: When and what did Bennett do for the Spurs? I've been here in San Antonio since the franchise came in 1973 and have no recollection of this guy.

 

[Ramathorn]

I hope they stay.