Bennett Reportedly Re-Buffs Sale Overtures For Sonics, Storm
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Bennett Turns Downs Offers From
Investors About Acquiring Sonics, Storm
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Sonics Owner Clay Bennett has rejected an offer to sell the team to local real estate developer David Sabey, according to three sources cited by Frank Hughes of the Tacoma NEWS TRIBUNE. Sources say that Sabey, who was part of former Owner Howard Schultz’ investor group, “broached the topic” of offering his recently-purchased 55 acres, on which he wants to build an arena, for an ownership stake in the team. When Bennett rejected the offer, Sabey “countered with buying the team outright.” Sabey is being backed by Liberty Media President & CEO Greg Maffei, another former member of Schultz’ group. Liberty owns a portion of FSN Northwest, which has a ten-year, $100M contact with the Sonics (Tacoma NEWS TRIBUNE, 5/19). Sabey said that he has “no interest in owning the Sonics, except as a small minority partner, but does have a vision for a complex that would hold local, regional and national events.” In Seattle, Gary Washburn cites sources saying that Bennett “is open to outside investors or to selling the team to local investors” (SEATTLE POST-INTELLIGENCER, 5/21).
STORM SHELTER: Storm COO Karen Bryant denied a report over the weekend that she is a candidate to purchase the WNBA team from Bennett. Bryant: “I hope that at some point in my career I could entertain the idea of owning a pro sports team, but certainly not now” (SEATTLE TIMES, 5/20). On Saturday, the NEWS TRIBUNE’s Hughes cited sources saying that Bryant three months ago “broached the topic of purchasing the WNBA team from Bennett,” but was “rebuffed because Bennett thinks he has more leverage [to get a new arena] with both entities together” (NEWS TRIBUNE, 5/19).
BENNETT SPEAKS: In Seattle, Percy Allen wrote Bennett, in his first public comments since April 17 when Washington state legislative leaders said they would not vote on public-financing for a new arena, “re-affirmed his commitment to keeping both teams in the Seattle area, but said he was pessimistic on finding a solution.” Bennett said that he has spoken with a “dozen private-investment bankers about additional funding, but his attempts have not been fruitful.” He added that his ownership group “will not commit any more money to the project.” Bennett said that the team has “begun exploring markets outside of Seattle and dispelled published reports that he’s interested in selling” either team. On his statement this month that Las Vegas was a candidate for the team to relocate to, Bennett said, “There was miscommunication relative to my comments and perhaps I misspoke. I’m completely in tune with [NBA Commissioner David Stern] relative to Las Vegas. What I wanted to say was that while Oklahoma City is a viable market, it’s not the only market” (SEATTLE TIMES, 5/20).
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