SEATTLE TAXPAYERS AT RISK IF NBA LOCKOUT GOES INTO SEASON

          Seattle-area taxpayers "may share some" of the NBA
     lockout's "financial burden" if games are lost this fall and
     beyond, according to David Schaefer of the SEATTLE TIMES. 
     The city agreed to finance its $73M share of Key Arena's
     renovation through the sale of bonds and the team "agreed to
     share revenue from the new arena to pay off the debt."  So
     far, the Key Arena deal "has worked well," as it turned a
     profit of nearly $1M each year since it opened in '95.  But
     the "city is on the hook if the debt payments can't be met." 
     The city now spends "about" $12M a year to operate the
     arena, including $7.4M in debt payments and $4.5M in
     operation costs.  From the team, the city received $4.3M
     from suite sales, $2.7M from club seats, $1M in rent and
     $750,000 from the sale of naming rights.  But if games are
     lost, arena officials are hoping to "make up the difference
     by providing other events" (SEATTLE TIMES, 7/17).