The Mayor of Seattle, Jenny Durkan, spoke with the NBA Commissioner, Adam Silver, and is “quite optimistic” that the city is moving towards the arrival of an expansion franchise to replace the SuperSonics.
Silver said at a press conference last month that the NBA was dusting off its long-dormant expansion considerations and spent more time on the concept during the current pandemic. Shortly afterward, he spoke to Durkan, and the mayor reaffirmed the city’s desire for a team.
“It’s very good news for the City of Seattle that they are 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 front of the line. We are where the team should be. But we’ll respect them when they make their way to their property, because the owners, you know, have to approve them. ”
League officials have stressed that expansion will likely be years away, if at all. The last time the NBA expanded was the Charlotte Bobcats joined in 2004.
In addition to its history, fan base and wealthy businesses, Seattle is an attractive relocation location as a renovated arena is expected to be completed later this year. Arena climate promise, the site of the old KeyArena, will be home to the expansion franchise of the NHL Crack next season after a $ 900 million rebuild that took place over more than a decade.
The titan of private equity David Bonderman, the majority shareholder of the Kraken and a minority investor in the Boston Celtics, has expressed interest in a bid for an NBA expansion franchise to share the arena.
Like it Chris Hansen, a Seattle resident 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 area of the city, where they hoped to build an exclusive NBA stadium in case the Sonics return.
There could be other bidders if the NBA decides to go ahead as well, prompting League officials to set a price target in the $ 2.5 billion range as a potential expansion fee, sources told ESPN.
Over the past nine months, the NBA raised its credit limit from $ 650 million to $ 1.2 billion and then agreed to borrow $ 900 million to cover losses during the 2020-21 season, with each team receiving $ 30 million in attendance .
Durkan said these financial scenarios could, among other things, help promote expansion as an option among NBA owners, who are expected to discuss the possibility.
“I think it is real. But I think it over again, the commissioner is going to consult the owners and they are very public for the first time and they think (the expansion) is probably a good idea for basketball,” said the major. “Part of that is the COVID economy. Part of that is the sports economy. But look, there’s no city I think is better positioned to succeed.”