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City of Seattle agrees to arena that could host NHL, NBA


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#1 Bill-Clinton

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Posted 11 September 2012 - 01:56 PM

http://www.tsn.ca/nhl/story/?id=405032

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SEATTLE -- Efforts to bring the NBA back to Seattle took a giant step forward in a revised arena deal announced Tuesday, with investor Chris Hansen agreeing to kick in more money for transportation improvements near a proposed new arena, personally guaranteeing the city's debt -- and offering to buy everyone a beer.

The plan for the $490 million arena, which could also host an NHL team, represents the best shot at bringing the NBA back to Seattle. The SuperSonics ended their 41-year run here in 2008 and skipped town for Oklahoma City, where they became the Thunder.

Though formal votes are still required, Tuesday's announcement effectively gave Hansen, a San Francisco hedge-fund manager, and his fellow investors, including Microsoft CEO Steve Ballmer and Peter and Erik Nordstrom, of the department store clan, the green light to begin shopping for an NBA team.

The deal calls for $200 million in public financing to be paid back by arena-related taxes and rent. Under new terms announced by the City Council, Hansen would double to $30 million the reserves required to be kept on hand in case the arena's finances don't perform as expected.

Should the reserve run dry, Hansen would cover the balance himself. He agreed to be independently audited to assure that he's worth at least $300 million.

And at the end of the 30-year use agreement for the new arena, the city could force Hansen to buy it back for $200 million or make him pay to have it torn down should the team move on.

The three City Council members who announced the deal said the new terms mark a significant improvement for taxpayers over the original deal reached between Hansen and Mayor Mike McGinn in May. A council committee is expected to vote on the agreement Thursday, and the full council could vote as early as Monday. The King County Council already approved the earlier deal but would have to approve the changes as well.

"This agreement could fundamentally change the model of how public-private partnerships involving sports franchises are structured," said Councilman Tim Burgess.

Hansen, a Seattle native, early Facebook investor and big Sonics fan, said the talks were difficult, but that he was happy to be able to find common ground with the council. He thanked the fans who supported him through the process, and -- though not actually part of the deal -- he offered to buy a celebratory beer for anyone who shows up on Thursday evening at FX McRory's, a bar near the planned site of the arena.

The initial plan for the deal drew objections from the Port of Seattle, which expressed fears that putting a third sports facility in the neighbourhood south of downtown -- next to the Seahawks and Mariners stadiums -- would choke crucial transportation corridors that support 30,000 jobs in the region and generate $3 billion in annual revenue.

The new agreement calls for $40 million to be put into an account to improve the mobility of freight in the area, an amount state Rep. Judy Clibborn described as a down payment that could be used to recruit further investments from the port and other organizations.

The port issued a statement Tuesday saying it would review the deal. The statement said the Port of Seattle Commission appreciates the council's efforts to revise the original proposal to respond to concerns.

The deal also includes $7 million in new money for KeyArena, where the Sonics used to play. The city would have sole discretion over spending that money.

Kris Brannon, a fan better known as "Sonics Guy," attended the news conference decked out entirely in Sonics yellow and green.

"I'm just overjoyed," he said. "Chris Hansen is just like us. He's a fan, and he wants to bring basketball back to Seattle."


#2 Getzlaffedat

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Posted 11 September 2012 - 02:02 PM

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#3 Fugazi

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Posted 11 September 2012 - 02:12 PM

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#4 danvilleshark

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Posted 11 September 2012 - 02:12 PM

View PostBill-Clinton, on 11 September 2012 - 01:56 PM, said:



Wow this deal relies on one guy bigtime. If his financial situation were to take a huge hit the taxpayers are at risk.


I will glady pay you tuesday for a hamburger today....
Posted ImageCowboyBillFlett, on 21 August 2014 - 05:43 PM, said:
You pay your money you take your chances.

I also don't think a cracked vertebrae is terribly serious in the context of hockey injuries.  He chose not to come back.

#5 Bill-Clinton

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Posted 11 September 2012 - 02:14 PM

LOL! wrong Chris Hansen!

#6 Bill-Clinton

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Posted 11 September 2012 - 02:55 PM

View Postdanvilleshark, on 11 September 2012 - 02:12 PM, said:

Wow this deal relies on one guy bigtime. If his financial situation were to take a huge hit the taxpayers are at risk.


I will glady pay you tuesday for a hamburger today....

Not exactly, his fellow investors are Microsoft CEO Steve Ballmer and the Nordstrom brothers (they're kinda rich).

#7 danvilleshark

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Posted 11 September 2012 - 03:04 PM

View PostBill-Clinton, on 11 September 2012 - 02:55 PM, said:

Not exactly, his fellow investors are Microsoft CEO Steve Ballmer and the Nordstrom brothers (they're kinda rich).


Bluescreen Balmer is as reliable as his operating systems...

But I do see your point here.
Posted ImageCowboyBillFlett, on 21 August 2014 - 05:43 PM, said:
You pay your money you take your chances.

I also don't think a cracked vertebrae is terribly serious in the context of hockey injuries.  He chose not to come back.

#8 Bill-Clinton

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Posted 11 September 2012 - 03:05 PM

http://seattletimes....0_arena12m.html

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Seattle City Council members Tuesday morning said an amended NBA/NHL arena agreement with investor Chris Hansen offers greater protection for taxpayers.

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• Hansen would personally guarantee a reserve account of at least $15 million, and must keep his personal net worth above $300 million.

• The city can require Hansen to buy the arena and land for $200 million after they're paid off in 30 years.

• Alternative arena sites would have to be studied, which would provide the groundwork for negotiating mitigation of traffic or other improvements if Sodo ends up being the ultimate location.

• The city has financial protections to ensure its investment would be repaid. Those include increased audit capability to give the city notice if there are financial problems with the teams or ownership groups, and a third-party assessment of Hansen's business plan and the investors' worth and equity in the arena deal.

• The city can conduct independent assessments of the viability of Hansen's business plan and the wherewithal of the other private investors, just like private lenders would require.

• The city contribution might rise from $120 million to $145 million to finance the transportation fund and KeyArena improvements, but it all still would be repaid by Hansen under the agreement.


#9 Archibald_Cunningham

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Posted 11 September 2012 - 08:20 PM

For all the residents of Seattle, myself included, obviously this is exciting news. Now, just orchestrate a sale of the Coyotes to Paul Allen, and we'll see them in the Tacoma Dome starting in 2013.

Does this constitute a negative against Sam's predictions? Judges?

#10 randompro42

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Posted 11 September 2012 - 10:00 PM

View PostArchibald_Cunningham, on 11 September 2012 - 08:20 PM, said:

For all the residents of Seattle, myself included, obviously this is exciting news. Now, just orchestrate a sale of the Coyotes to Paul Allen, and we'll see them in the Tacoma Dome starting in 2013.

Does this constitute a negative against Sam's predictions? Judges?

im going to say yes on the question

and i will hopefully see you at the dome for the re-re-re-inaugural nhl season watching the seattle coyotes/panthers/blue jackets

TRO
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#11 danvilleshark

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Posted 12 September 2012 - 10:48 AM

View PostArchibald_Cunningham, on 11 September 2012 - 08:20 PM, said:

For all the residents of Seattle, myself included, obviously this is exciting news. Now, just orchestrate a sale of the Coyotes to Paul Allen, and we'll see them in the Tacoma Dome starting in 2013.

Does this constitute a negative against Sam's predictions? Judges?


I do relish an opportunity to judge so I vote yes.
Posted ImageCowboyBillFlett, on 21 August 2014 - 05:43 PM, said:
You pay your money you take your chances.

I also don't think a cracked vertebrae is terribly serious in the context of hockey injuries.  He chose not to come back.

#12 MarbleMadness

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Posted 12 September 2012 - 12:16 PM

View PostArchibald_Cunningham, on 11 September 2012 - 08:20 PM, said:

For all the residents of Seattle, myself included, obviously this is exciting news. Now, just orchestrate a sale of the Coyotes to Paul Allen, and we'll see them in the Tacoma Dome starting in 2013.

Does this constitute a negative against Sam's predictions? Judges?

Why even bother counting the negatives? Might as well count the positives of his predictions and save us all the time.
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#13 MarbleMadness

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Posted 12 September 2012 - 12:17 PM

Also, you learn something new everyday. I somehow didn't know Archie was in the great wet north.
10/1/09 9:43 PM-From this moment on I call for Doug Wilson to be **** canned.
"Go Niners!" - Fugazi
"Does he have anything left in that stick and that wonderful set of hands?" -Randy Hahn
Nabby: I was like whoa, Dougie's coming really hard!

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#14 mk391419

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Posted 13 September 2012 - 12:28 PM

I thought Archie made it pretty obvious that he lives up there.  Man, Marb, you are slipping dude.
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#15 danvilleshark

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Posted 13 September 2012 - 07:56 PM

mk391419 said:

1347568089[/url]' post='770196']
I thought Archie made it pretty obvious that he lives up there.  Man, Marb, you are slipping dude.

I like that place, the market is awesome.
Posted ImageCowboyBillFlett, on 21 August 2014 - 05:43 PM, said:
You pay your money you take your chances.

I also don't think a cracked vertebrae is terribly serious in the context of hockey injuries.  He chose not to come back.

#16 MarbleMadness

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Posted 13 September 2012 - 08:12 PM

View Postmk391419, on 13 September 2012 - 12:28 PM, said:

I thought Archie made it pretty obvious that he lives up there.  Man, Marb, you are slipping dude.

it must have slipped in one of the old sam no arena will work in seattle debacles which I probably didn't read? Not sure.
10/1/09 9:43 PM-From this moment on I call for Doug Wilson to be **** canned.
"Go Niners!" - Fugazi
"Does he have anything left in that stick and that wonderful set of hands?" -Randy Hahn
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#17 Bill-Clinton

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Posted 21 January 2013 - 10:07 PM

http://mynorthwest.c...88/Its-Official

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Following weeks of unconfirmed rumors and unnamed sources, the NBA has confirmed the proposed sale of the Sacramento Kings to Chris Hansen's Seattle investment group.
On Monday morning, the NBA issued the following statement: "The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board's committee process for review."
Listen: Former Sonics announcer Kevin Calabro on the NBA's return to Seattle
"We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members," co-owner Gavin Maloof said on behalf of his family in a statement. "We would also like to thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise."
Hansen echoed praise when writing of the Maloof family in a statement on SonicsArena.com. He said the negotiations with the Maloof family were handled with the "utmost honor and professionalism."
"We hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades," Hansen wrote.
Hansen said he is not at liberty to discuss the terms of the transaction or the plans for the franchise because of the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction.
But, sources say Hansen's group will buy 65 percent of the franchise for $525 million, move the team to Seattle and restore the SuperSonics name. The Maloofs will have no stake in the team.
The sale figure is a total valuation of the franchise, which includes relocation fees. Hansen's group also is hoping to buy out other minority investors.
The Maloofs will receive a $30 million non-refundable deposit Feb. 1, according to the deal, one person said. They will still be allowed to receive other offers until the league approves the sale.
"This is an exciting day for our city and for Sonics fans everywhere," Seattle Mayor Mike McGinn said in a statement. "I congratulate Chris Hansen and his investment team. While there is more work ahead, this is a major step toward bringing the Sonics home."
Meanwhile, Sacramento Mayor Kevin Johnson said last week he had received permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.
Listen: Sonics great Shawn Kemp on the NBA's return to Seattle
Senior NBA.com writer Steve Aschburner tells Seattle's Morning News the move to Seattle may not be a done deal yet.
"If I were Seattle I would not be spiking the basketball quite yet," said Aschburner. "I'm happy for Seattle. I think it's likely to happen. Everything seems to be pointed in that direction. But I would not refer to the Board of Governor's thing as slam dunk."
"[NBA Commissioner David] Stern has already said he would give Sacramento an opportunity to match an offer," said Aschburner.
Johnson said in a statement late Sunday night that the city remains undeterred despite the agreement with the Seattle group.
"Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a top 20 market and owning two of the longest sellout streaks in NBA history," Johnson said.
"When it comes to keeping the team in our community, Sacramento is playing to win. In particular, we have been focused like a laser on identifying an ownership group that will both have the financial resources desired by the NBA and the vision to make the Kings the NBA equivalent of what the Green Bay Packers have been in the NFL."
In a saga that has dragged on for nearly three years, Johnson and Sacramento appear to be facing their most daunting challenge yet.
NBA insider Rick Bucher told the Kevin Calabro Show while there could still be a roadblock to a deal, "all the ducks are lined up" for the Kings to move to Seattle.
"The bottom line is that Sacramento has had the opportunity to make an offer for quite some time now and they haven't found the money guy to do it," Bucher said. "And now that you have the price set as high as it is it just simply doesn't make sense any fiscal sense for anyone in a market like Sacramento to go out and drop $500 million plus and try to make it work in that market."
Listen: NBA insider Rick Bucher on last ditch efforts to keep the Kings in Sacramento
"Nobody understands better than Seattle what means to lose a team," said McGinn. "I understand why Kevin Johnson is working so hard to keep the team. If mayors had a vote, we'd probably vote for expansion."
If the move to Seattle is approved, Hansen's group plans to have the team play at least the next two seasons in KeyArena before moving into a new facility in downtown Seattle. The deadline for teams to apply for a move for the next season is March 1.
Hansen, a Seattle native and San Francisco-based investor, reached agreement with local governments in Seattle last October on plans to build a $490 million arena near the city's other stadiums, CenturyLink Field and Safeco Field.
As part of the agreement, no construction will begin until all environmental reviews are completed and a team has been secured.
Hansen's group is expected to pitch in $290 million in private investment toward the arena, along with helping to pay for transportation improvements in the area around the stadiums.
The plans also call for the arena to be able to handle a future NHL franchise.
The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest.
Other investors in the proposed arena include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.
Hansen's goal has been to return the SuperSonics to the Puget Sound after they were moved from Seattle to Oklahoma City in 2008.
Asked in September if he could envision a team being in Seattle for the 2013 season, Hansen was cautious about finding an option that quickly.
The Kings' sale price would top the NBA-record $450 million the Golden State Warriors sold for in July 2010.
Brothers Joe, Gavin and George Maloof bought controlling interests in the franchise from Los Angeles-based developer Jim Thomas in 1999. The Maloofs, who have long waited for an upgrade to the team's outdated arena, backed out of a tentative $391 million deal for a new downtown building with Sacramento last year, reigniting fears the franchise could relocate.
Johnson and the Kings broke off all negotiations in the summer with the team's owners, who said the deal didn't make financial sense for the franchise.
In 2011, the Kings appeared determined to move to Anaheim before Johnson convinced the NBA to give the city one last chance to help finance an arena.
At one point, Johnson seemed so certain the team was gone he called the process a "slow death" and compared the city's efforts to keep the Kings a "Hail Mary."
Johnson made a pitch to the NBA Board of Governors in April 2011, promising league owners the city would find a way to help finance a new arena to replace the team's current outdated suburban facility. That pitch bought the Kings time, before the brokered deal between the city and the Maloofs fell apart last year.


#18 Nola

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Posted 22 January 2013 - 11:01 AM

Move the Yotes to Seattle.

#19 GT3BB

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Posted 23 January 2013 - 08:45 AM

View PostNola, on 22 January 2013 - 11:01 AM, said:

Move the Yotes to Seattle.


The Sacramento Kings and the Phoenix Coyotes.....now that's a pair of brown shoes in a tuxedo world.

#20 Shark-Ninja

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Posted 23 January 2013 - 03:47 PM

While in Seattle all they talked about on the news, and even at their minor league games (the Thunderbirds) was the return of the Supersonics. So as of now that city cares more about bringing the NBA back and relocating the Kings. Not to mention the arena that got approved apparantly has been approved for basketball not hockey (though it shouldn't be hard to do both) Anyway I don't see hockey moving anywhere Seattle, Quebec, Toronto 2.0, for at least 3-5 years.
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