Seattle Mayor Jenny Durkan has spoken with NBA Commissioner Adam Silver, and is “quite optimistic” that the city will move toward landing an expansion franchise to replace the SuperSonics.
Silver said at a news conference last month that the NBA was eliminating its expansion consideration for a long time and had spent more time on the concept during the current pandemic. Shortly afterwards, he spoke with Durkan and the mayor reaffirmed the city’s desire to get a team; the SuperSonics moved and became the Oklahoma City Thunder after the 2007-08 season.
“It’s very good news for the city of Seattle to be thinking about an expansion team,” Durkan told Seattle TV channel KING 5. “And I was honest with him. He knows Seattle wants to be at the forefront. We are where the team should be, but we will respect them as they move towards their ownership, as [owners], you know, [have] to approve it “.
League officials have stressed that the expansion is likely to still be years away, if it occurs. The last time the NBA expanded, when the Charlotte Bobcats joined in 2004, the franchise was awarded two years before it began playing.
In addition to its history, fan base, and deep-pocket companies, Seattle is attractive as a relocation site, as a renovated arena is expected to be completed by the end of this year. Climate Pledge Arena, the site of the former KeyArena, will be home to the expansion of the NHL Kraken franchise next season after a $ 900 million reconstruction that lasted more than a decade.
Private equity David Bonderman, majority owner of Kraken and minority investor in the Boston Celtics, has expressed interest in joining an offer for an expansion NBA franchise to share the field.
So did Chris Hansen, a Seattle native 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 land in the SoDo section of the city where they hoped to build an NBA-only stage in case Sonics returns.
There could be other bidders if the NBA also decides to move forward, which led league officials to set a target price in the $ 2.5 billion range as a possible expansion commission, sources told ESPN.
Over the past nine months, the NBA increased its line of credit from $ 650 million to $ 1.2 trillion and then set out to lend $ 900 million for weather losses during the 2020-21 season, and each team received $ 30 million in assistance.
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 will consult the property, and the property for the first time is very public they think [expansion] it’s probably a good idea for basketball, “the mayor said.” Part of that is the COVID economy. Part of it is the sports economy. But look, there is no city that I think is in a better position to succeed. “