Seattle-Area Investors Bid To Keep NBA Team In KeyArena

Seattle-Based Investors Seeking To Keep NBA Team, Refurbish KeyArena

A group of investors led by Pine Street Group Managing Partner Matthew Griffin is "seeking to buy the Sonics or another NBA team to play basketball at a refurbished KeyArena," according to sources cited by McGann, Galloway & Johns of the SEATTLE POST-INTELLIGENCER. Sources said that the investment group would contribute $150M toward a $300M "overhaul" of KeyArena, while "existing stadium taxes would be extended to raise another $75[M] and the city of Seattle would contribute the remaining $75[M], possibly partially funded by bonding off arena revenues, such as leases and naming rights." Senate Ways & Means Chair Margarita Prentice said that "as she understands things, the new local ownership group wants to fix up Memorial Stadium at Seattle Center as part of the deal." McGann, Galloway & Johns noted by "making a broader investment in Seattle Center, the investors could change the tide of public opinion." However, Washington Senate Majority Leader Lisa Brown said that it would be "nearly impossible to pass a bill for the Sonics this year," as the Legislature is scheduled to adjourn in two weeks. Brown: "I don't see it." A spokesperson for Sonics Owner Clay Bennett said that Bennett's ownership group was "unaware of any Seattle effort under way." Bennett indicated that the team was not up for sale "as recently as 10 days ago" (SEATTLE POST-INTELLIGENCER, 3/1).