The Seattle SuperSonics have hired Goldman Sachs to assist the club with strategic alternatives, which ultimately could lead to a sale of the club.
The club earlier this month disclosed it had hired an investment bank but declined to reveal the identity of the firm. A team spokeswoman again would not do so, but finance sources confi rmed it was Goldman.
The Sonics want a new or renovated arena in or near Seattle, though the state legislature recently rejected a bill to provide funding. The team says it has lost $60 million since 2001, when Starbucks founder Howard Schultz led a consortium to buy the franchise for $200 million. Besides the losses, the owners reportedly had a cash call of $17 million last season to help cover losses.
The team says it needs a new facility to remain competitive.
While Goldman only dabbles in sports, the hire is unsurprising given team president and general manager Wally Walker began his professional career with the firm.
Goldman boasted a healthy sports practice in the late 1990s under Eric Grubman. Grubman left and ultimately landed at the NFL, where he is one of many rumored candidates for the commissioner’s job. His sports responsibilities are now the domain of Joe Ravitch. Ravitch did not returncalls seeking comment.
