Arena Agreement Reached In Seattle

[Pugz]

Posted on September 10, 2012 at 10:00 PM
Updated today at 7:06 AM



SEATTLE – A deal has been reached between the Seattle City Council and the investor group led by Chris Hansen on the financial terms that would put a new sports arena near Safeco Field, multiple sources confirm.

An official announcement by city council members outlining the terms of the agreement is expected Tuesday.
A key multi-million dollar concession by Hansen, which could see his investor group spend more out-of-pocket to build the arena, appears to have brought reluctant councilmembers onboard with the project.

Quick facts:

• Announcement expected at 9:30 a.m. Tuesday, KING 5 News plans to stream the announcement live online.
• The updated agreement would mean more money from Chris Hansen's group, including establishment of a $40 million transporation fund.
• Sources: New deal brings it into compliance with Initiative 91.
• Sources: Council will commit to financing up to $145 million in bonded debt rather than $120 million in a one-team scenario.

After full council approval, sources said the deal will allow Hansen to tell the NBA that Seattle is ready to host a franchise.

In a statement released late Monday, Seattle Mayor Mike McGinn said: "I welcome the news that the City Council has decided to support bringing basketball back to Seattle. Executive Constantine and I negotiated a proposal with Chris Hansen, an Arena Review Panel vetted it and the County Council approved it. The City Council was the last piece of the puzzle. We haven't gotten a team yet, but Sonics fans have a reason to smile today."

Read Full Article: http://www.king5.com/news/arena/Hansen-Seattle-Council-reach-deal-on-financing-new-sports-arena-169272086.html

sonics coming back?! im just not sure adding another team is good.

 

[Elite]

You can't just bring the Sonics back, the team and the history are with the OKC Thunder.

 

[Brutalis]

What bleacher said. Just like the Ravens are the real Browns.

 

[elcheato]

The Browns history is still with the Browns.

 

[.infamous]

kings to seattle

 

[Mexi]

thanks for taking care of the team, Oklahoma
your loan is up



yeah Kings might make sense. or getting rid of the Bobcats and moving them Seattle. also dont sleep on the Bucks

 

[Brutalis]

Still a little pissed to this day about the Sonics. Was really a hit to long time fans like myself.

The Browns history is still with the Browns.

Not really though. Hyp speaking... what if the Bobcats moved to Seattle and became the Sonics and started claiming their history? Silly.

 

[Rios15]

I would prefer myself that the Thunder move back to Seattle and reclaim themselves as the Sonics. It doesn't seem right when other teams come in and claim themselves as the same team. It is what it is though. Just having a team in Seattle would be nice.

 

[.infamous]

Thunder will not move back to seattle lol. No reason too.

 

[elcheato]

Still a little pissed to this day about the Sonics. Was really a hit to long time fans like myself.



Not really though. Hyp speaking... what if the Bobcats moved to Seattle and became the Sonics and started claiming their history? Silly.

Yes really though. Part of the sale included an agreement that all Browns history would stay in Cleveland when they made an expansion team.

 

[RipCity32]

Well, the Winnipeg Jets came back with another teams history. Don't see why the Sonics couldn't do the same thing. lol

 

[Brutalis]

Yes really though. Part of the sale included an agreement that all Browns history would stay in Cleveland when they made an expansion team.

Lol. Selling history of a different team looks fine to the courts but to me history doesn't suddenly change because of money and paper.

 

[Rios15]

I guess you just got to look at it a history that belongs to the city and not where ever the team goes. Depends on how you want to look at it though.

 

[Mavfatha]

Cool news for Seattle whether they get an expansion team or somebody moves

 

[Mexi]

Lol. Selling history of a different team looks fine to the courts but to me history doesn't suddenly change because of money and paper.

i dont see a problem with it

just a special turn of events. one team takes a hiatus, new team created, old team comes back with a new set of players

it's weird, but i'm fine with it

 

[jonathanlambert33]

Sacramento seems to be the most logical choice.

 

[footballplaya52]

.

 

[dez]

They better not take the Bobcats...

 

[Sono]

Seattle never deserved losing Durant and the Sonics like that. Clay Bennet first tried to snatch the Hornets away during the Katrina aftermath. Dude is a douche

 

[jonathanlambert33]

Yeah, I can't even begin to imagine what losing a team like the Thunder feels like.