The commissioner of the NBA, Adam Silver, spoke with the mayor of Seattle, Jenny Durkan, and conveyed his optimism that the city is on the right track in the project of getting an expansion franchise that can fill the position left vacant with the departure of the SuperSonics.
Silver said at a press conference last month that the NBA was dusting off its long-dormant expansion consideration and had spent more time on the concept during the current coronavirus pandemic.
For his part, Durkan spoke shortly thereafter, reaffirming the city’s desire for a team after the SuperSonics moved to Oklahoma City and became the Thunder from the 2007-2008 season.
A young Kevin Durant takes the ball off the Manu Ginobili brand during a SuperSonics-Spurs game on November 25, 2007. AP Photo
“It is very good news for the city of Seattle that they are thinking of an expansion team,” Durkan told Seattle television channel KING 5. “And I was honored with him. He knows that Seattle wants to be in front of the line, but we know that we all have to go through a process before an approval comes. “
League officials have stressed that the expansion is likely still years away from being granted, if at all. The last time the NBA expanded, it was when the Charlotte Bobcats were created in 2004, the franchise was awarded two years before it started playing.
In addition to its history, fan base, and wealthy corporations, Seattle is attractive as a relocation location because a renovated stadium is expected to be completed by the end of this year.
Climate Pledge Arena, the site of the former KeyArena, will be home to the National Ice Hockey League (NHL) expansion franchise Kraken next season after a $ 900 million rebuild that took place over more than a decade.
Private equity titan David Bonderman, the majority owner of the Kraken and a minority investor in the Boston Celtics, has expressed interest in joining a bid in an NBA expansion franchise to share in the project.
So has Chris Hansen, a native of Seattle, who runs a successful hedge fund and tried to buy the Sacramento Kings and move them to Seattle in 2012.
Hansen and some partners still own a piece of land in the SoDo section of the city where they hoped to build an exclusive NBA stadium in case the Sonics return.
There could be other bidders if the NBA decides to go ahead as well, prompting league officials to set a price target in the $ 2.5 billion range as a possible expansion fee.
Over the past nine months, the NBA increased its credit line from $ 650 million to $ 1.2 billion, then agreed to borrow $ 900 million to face losses during the 2020-21 season, with each team receiving $ 30 million in attendance.
Durkan said that these financial scenarios, among other reasons, could help the expansion move forward as an option among NBA owners, who will discuss the possibility.
With information from EFE
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