Seattle Mayor, Jenny Durkan, spoke with the NBA commissioner, Adam Silver, and is “quite optimistic” that the city is heading for the arrival of an expansion franchise to replace SuperSonics.
Silver said in a news conference last month that the NBA has been shifting its focus to expansion for a long time and has spent more time on the concept during the current pandemic. He spoke with Durkan shortly after, and the mayor reaffirmed the city’s desire for a team.
“It’s very good news for the city of Seattle that they’re thinking of an expansion team,” Durkan told KING 5 in Seattle. “And I was honest with him. He knows Seattle wants to be at the forefront. We’re where the team should be. But we’ll respect them as they move into their property, because the owners have to approve.”
League officials have stressed that the expansion will likely be years away, if not. The last time the NBA expanded was when Charlotte Bobcats joined in 2004.
In addition to its history, fan base and wealthy corporations, Seattle is attractive as a relocation location, as a renovated arena is expected to be completed later this year. Climate Pledge Arena, the place of the old KeyArena, will host the expansion franchise of NHL Kraken the following season, after a $ 900 million reconstruction that took place over a decade.
The titan of private capital David Bonderman, the majority owner of Kraken and a minority investor in the Boston Celtics, has expressed interest in joining an offer for an NBA expansion franchise to share the arena.
That Chris Hansen, a Seattle native who successfully runs a 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 exclusive stadium. NBA in case Sonics returns.
There could be other bidders if the NBA decides to go as well, prompting League officials to set a target price in the range of $ 2.5 billion as a possible expansion fee, sources told ESPN.
Over the past nine months, the NBA has expanded its credit line from $ 650 million to $ 1.2 billion and then agreed to borrow $ 900 million to overcome losses in the 2020-21 season, with each team receiving $ 30 million.
Durkan said these financial scenarios, among other reasons, could help advance expansion as an option among NBA owners, which is expected to be discussed.
“I think it’s real. But I’m thinking about it again, the commissioner is going to consult the owners and they are very public for the first time and I think (extension) is probably a good idea for basketball,” the mayor said. “Part of that is the COVID economy. Part of that is the sport’s economy. But look, there’s no city that I think is better positioned to succeed.”