SBD/June 15, 2017/Facilities

Seattle Sodo District Arena Group Reveals Financing Details Of Proposed Project

Hansen's proposed arena would be completely privately financed
The group headed by Chris Hansen that hopes to "build an arena in Sodo released financing details" of its proposal a week after Seattle Mayor Ed Murray selected Oak View Group to renovate KeyArena, according to Stephen Cohen of SEATTLEPI.com. In a post on its Sonics Arena website, the Hansen-led group "outlined why it believes its project is superior to a KeyArena renovation." The group pointed out Sodo's advantages "in regard to parking and transportation and claimed they were 'years ahead of any KeyArena development' after years of effort." Hansen's group also "reiterated that its entire project would be privately financed" and, unlike OVG's proposal, it "asks for no tax revenue from the city following completion of construction." The group attached a financing letter from J.P. Morgan, which "helped answer where the group would come up with the additional funds needed to get any arena built" (SEATTLEPI.com, 6/14). Seattle-based KING-NBC's Chris Daniels noted the J.P. Morgan letter is a "clear response" to Murray and others who have "doubted the group's ability to finance an arena in the wake of the departure" of Clippers Owner Steve Ballmer (KING5.com, 6/14).

LOOSE PUCKS? In Seattle, Andrew McIntosh noted despite "public denials" from the NHL about their interest in establishing a new team in Seattle, Murray yesterday said, "The NHL is ready to move quicker than not." He added, "We'll hear something soon." Murray said that Seattle is "ready for a team with the plan put forth" by OVG to renovate KeyArena. Murray: "All the funders are there. All the money is here." Referring to Hansen's Sodo arena plan, Murray said, "That's not true on the other end" (BIZJOURNALS.com, 6/14).

KEEPING HIM FOR NOW: In Seattle, Geoff Baker reports OVG is "sticking with" TPG Capital co-Founder and minority Celtics Owner David Bonderman despite his resignation from Uber's BOD over his "sexist comments about women." However, OVG CEO Tim Leiweke said that Bonderman's comments "do not represent him, his beliefs, or the views" of the organization. OVG announced last week that Bonderman and film and TV producer Jerry Bruckheimer had "joined their KeyArena renovation effort and would seek to bring an NHL team to the venue" (SEATTLE TIMES, 6/15).
Return to top

Related Topics:

Facilities

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug