NBA in Louisville Receives another Fatal Blow

Question

Kansas City and now Seattle will have NBA-ready arenas. I'd say that hurts Louisville's chances severely! Great news!



Updated: February 17, 2012, 1:11 AM ET

Seattle unveils plans for new arena
Associated Press

SEATTLE -- Christopher Hansen is making a $290 million proposal to his hometown that could be the impetus for a new sports arena that could bring the NBA and NHL to Seattle.

All he needs to make it a reality is city and county approval equaling $200 million and the two franchises.

Hansen, a hedge-fund manager based in San Francisco and a Seattle native, submitted a proposal to the city Thursday that calls for $290 million in private investment toward the construction of a new arena that would cost between $450 million and $500 million. Hansen and his investment group also would be responsible for the purchase of an NBA franchise and finding a partner interested in bringing an NHL franchise to Seattle as well.

The proposal represents the first significant step toward solving the arena problem that was at the root of the SuperSonics' move from Seattle to Oklahoma City following the 2007-08 NBA season, leaving behind 41 years of history. The proposal will now go before a review board -- a group of community leaders that includes one-time SuperSonics player and coach Lenny Wilkens -- with King County executive Dow Constantine hoping the review can be completed within a month.

According to a letter submitted by the Hansen, the remaining construction and development costs would be financed by the city and King County using taxes and revenues generated by the new facility and rent charged to the teams playing in the arena -- money that will not exist if the arena isn't built. City officials are adamant there will be no new public taxes needed for the building and the city's portion of the investment will be capped at $200 million with any additional cost overruns paid by the private investors.

From there, Hansen's proposal would need city and county approval. City Councilman Tim Burgess believes the council could complete its arena review as early as June. But even with ultimate approval, no shovels will be going into the land just south of Safeco Field until an anchor tenant is in hand with a 30-year lease agreement that includes a no-relocation clause. City officials say their projections for how the financing plan would work are based off having both an NHL and NBA team.

"There will be no arena unless there is an agreement to get a team here to occupy that arena over a very long term," Constantine said at an afternoon news conference that was part pep rally.

The amount of liability Hansen and his investment group are taking on is somewhat staggering and appears to comply with a voter-passed initiative from 2006 that prohibits Seattle from supporting teams with taxes unless such investments yield a profit.

City officials say the $290 million in private investment would be the third most among NBA or NHL arenas. The arena would be built on land Hansen already owns in Seattle's SoDo neighborhood, where the Seahawks and Mariners already play.

"I am confident this proposal will be looked on favorably by both leagues and sincerely believe that together we can accomplish the goal of securing NBA and NHL franchises for our community," Hansen wrote in his proposal.

Seattle is the only top-15 media market in the country not to have at least three franchises in the four major professional leagues, and Thursday's announcement would appear to ratchet up pressure on places such as Sacramento, New Orleans and Phoenix, where their franchises face uncertain futures. Documents obtained through a public records request from the city of Seattle show Hansen is paying attention to what is happening in Sacramento, where a March 1 deadline looms for submitting plans to the NBA for funding a new arena.

The lynchpin of Sacramento's arena plan -- a proposal to divert and privatize parking revenues to cover roughly $200 million of the arena's costs -- is tentatively scheduled for a full city council vote Feb. 28.

Think BIG Sacramento, a regional initiative for a new arena launched by Sacramento mayor Kevin Johnson, denounced Hansen's moves, calling them "publicity stunts aimed at derailing Sacramento's process to build an arena."

But the NHL's Coyotes in Phoenix and the NBA's Hornets in New Orleans are both currently owned by their respective leagues, although each league has strongly expressed its desire to find local ownership to keep those teams in those markets. A public records request by The Associated Press found that Seattle Mayor Mike McGinn's office has not had documented contact with either the NBA or NHL about a team coming to Seattle.

McGinn reiterated Thursday that the responsibility of dealing with the individual leagues is on Hansen and his partners, not the city or county. But he acknowledged this is as close as the area has been to solving its arena issue since the Sonics' messy divorce.

"I'm out of the prediction business. I'm not going into the prediction business on this one," McGinn said.

Link: http://espn.go.com/nba/story/_/id/7583317/seattle-announces-plans-new-sports-arena

Originally posted on The Hall by Sultan__of__Swine.

Answer 1

Good news. They can have the NBA and all the great one and dones that come with it.

Originally posted on The Hall by Sawyer.

Answer 2

^^^^^^^ exactly!

Cause for celebration, IMHO. Half of the fun of the trip is getting there. This applies to the NBA. Afetr you get there, it's just a matter of outdoing Lin.

Originally posted on The Hall by 71card.

Answer 3

the boat was missed, when John Y, didnt take is team into
the NBA.

dont know wny people hate the NBA. Best basketball in the world.

Originally posted on The Hall by KerryRhodes.

Answer 4

Great News! Best wishes for Seattle to accquire the teams. Every top 15 market should have a full complement of professional teams.

Originally posted on The Hall by GaelicKnight.

Answer 5

The NBA will contract before it expands...and if it expands, Louisville will be far down the list of potential suitors, I don't care what the city offers...the markets that are similar in size to Louisville are the ones that are mentioned when contraction comes up (New Orleans, Memphis, Charlotte, etc).

Originally posted on The Hall by The Red Ass.

Answer 6

The problem is that only the top 5-7 NBA teams make any money. Tickets to the games are cheap and available where I live. -- Top 10 city.

Originally posted on The Hall by meltdown213.

Answer 7

John Y needed about 200,000 more from the community to get a franchise but couldn't get It. Nothing has changed the last 35 yrs. this community doesn't want the nba.

Originally posted on The Hall by EasyCard.

Answer 8

This town needs hockey, IMHO. We have great basketball.

Originally posted on The Hall by jeffdavis76.

Answer 9

How many fatal blows does it take before its fatal?



Originally posted on The Hall by Rollem Cards.

Answer 10

I don't think NBA and UofL could ever coexist.

A city like Milwaukee, Cincinnati, or Las Vegas chould get a team.

Originally posted on The Hall by Majestic Red.

Answer 11

Rollem Cards, you beat me to it.

I think there is a limit of "1" on fatal blows.

Originally posted on The Hall by ThreeeeeKnowles.

Answer 12

I thought you were going to tell us J. Bruce Miller was finally going to retire to Florida.

Originally posted on The Hall by mwatson61.

Answer 13

I don't know the financials on either arena. I know OUR financials, and they suck with only U of L men's basketball driving the bus. That alone keeps other revenue models in the forefront of the minds of the City's power elite.

It matters less what's available and more what people in this town will do eventually to stop the money bloodletting. They'll cut whatever deal is necessary to bring one of the worst NBA franchises available into a booking schedule that's about three-quarters empty. U of L will be asked to do whatever's necessary to save everyone's a$$e$.

Oh boy, here comes Lebron...

Jim Host The-Bird-Heads-Are-Just-Mounted-With-Duct-Tape Arena

Originally posted on The Hall by zipp.

Answer 14

Keep bringing in great concerts!

This funding conversation is totally boring, it's not my problem, they'll figure it out one day...I'm not going to worry about it.

Originally posted on The Hall by Sultan__of__Swine.

Answer 15

Milwaukee has a team! Maybe put St Louis in there instead. NBA is boring.

Originally posted on The Hall by ItsintheCards.

Answer 16

Yes.

But J Bruce Miller will allow himself to be used as a pawn, by mega rich dudes trying to extort better deals from bigger cities.


For those thinking that U of L's entire athletic budget wouldn't be seriously crippled by ANY pro franchise in this city are deluding themselves.

There is NO way we could have the budget we have today if there was a pro team selling suites to the business community here.

Look at Memphis or Cincinnati for what we'd look like competing with pro teams in our market.






.

Originally posted on The Hall by Pervis_Griffith.

Answer 17

Ditto.

UL needs to be the biggest fish in the pond. But the financials will come to the front sooner or later ala the Freddie/Fannie debacle.

We need a bunch of concerts.

Anybody else going to Jimmy Buffett??

Originally posted on The Hall by Rollem Cards.

Answer 18

Milwaukee Bucks and Marquette share the same arena. Campus is a few blocks west; the women play there.
We got a twofer a couple of years ago, when the women played in the afternoon (Collen was the coach) and the men at night. Stayed downtown; restaurant/bar hopped Friday through Sat. night. Drove to a couple of other breweries and a winery. Even made it to the Jelly Belly factory and toured Frank Lloyd Wright's Johnson and Johnson building in Rancine. Drove up Thursday night and hung out at a casino to kill time until we could check in - avoided Chicago traffic that way:-)
Great trips to Milwaukee. Wish we wouldn't play them during the week as we often do now. We'll have to start following the ladies more on the road to have an excuse to go back there and other places we use to follow the men to.
One thing, if people want the NBA in town AND we don't have to pay much for it, let there be one. You and I don't have to go.
We did see the Suns a couple of years ago when E5 was still there. Our first NBA game. Pretty amazing atmosphere. Only other NBA 'games' were the exhibitions we got here in the 80's. Saw Michael Jordan:-)
Remember, small minds kept the Beatles playing here back inthe 60s because the State Fair Board had to get ready for the fair:-)
I don't go to the Tractor Pulls, rodeos, gun shows, etc that are in Louisville but I haven't tried to stop them just because I don't like them.
Go Cards, Ellen

Originally posted on The Hall by seashore.

Answer 19

Yikes, dumb mistake. I think I had hockey on my mind when I wrote that.

Originally posted on The Hall by Majestic Red.

Answer 20

Louisville lost out on the nba when they built Yum and gave UL priority scheduling. J. Bruce can talk about an owner fixing up freedom hall all he wants but no owner in their right mind will do that. Yum is the better facility and newer facility. NBA is far from boring and im a huge NBA fan and would love to have it here but its not happening.

Originally posted on The Hall by swurv99.

Answer 21

I dislike just about everything about the NBA. Unfortunately, I also believe it's in our future since we now have a ready-made NBA arena, a big and ongoing financial hole to fill, and enough idiots in high places willing to believe that will solve our financial problems.

As a wise man very important to us all once said, "the only variable is time..."

Jim Host He's-No-Howard-Schnellenberger Arena

Originally posted on The Hall by zipp.

Answer 22

Can you have more than 1 fatal blow?

Originally posted on The Hall by jkour1.

Answer 23

^^^^^
If the alternatives were:
Elton John concerts, NBA, NHL lite, NHL, or no arena, that would be another fatal blow. A non-fatal blow would be Elton John.

If I had to choose an event from above:
1. NBA game with former Card playing.
2. Elton John and not show; put tix in bird cage.

Originally posted on The Hall by 71card.

Answer 24

I don't want the NBA here just because it'd be little more than a farm team like the Grizzlies, for other NBA teams.

Originally posted on The Hall by Mike'sMarbles.

Answer 25

The NBa may not solve all the problems but it will definitely help with the arena. YOur talking about filling 41 more home dates and also filling it up on a friday or saturday night which would be a boom for the restaurants downtown because nba draws out of towners and young people to games mostly the 18-35 year old demographic. Since most nba games start at 7 local time then afterwards the younger crowds would go to 4th Street or wherever downtown to hang out. But all this is moot because UL has priority scheduling and wont give that up for a pro team.

Originally posted on The Hall by swurv99.

Answer 26

Farm team? Seriously? Marc Gasol, still a Grizzly. O.J. Mayo, still a Grizzly. Rudy Gay, still a Grizzly and Mike Conley is still a Grizzly. Where are u getting this farm team stuff?

With that said i still don't think it will happen. That's just too forward thinking.

Originally posted on The Hall by K.J..

Answer 27

Louisville is the only city in America that would actively try to keep the NBA or any professional sports out of it. Still stuck in that 19th century mindset. Hell, if the same people that are against the NBA originally had their way, UofL would still be playing in Freedom Hall.

Originally posted on The Hall by Jollyroger22.

Answer 28

they can be number 2 priority. its going to be a low level NBA
team anyways, not the Lakers.

this town loves b-ball, and the NBA could work here.

the priority deal could be worked out, similar to the grizz
and bucks.

Originally posted on The Hall by KerryRhodes.

Answer 29

Be positive, Roger! Be an inovator! Get a team in Lexington. You'll be famous.

Originally posted on The Hall by 71card.

Answer 30

The NBA is for $hit and represents most of the garbage that qualifies as entertainment and lifestyle in the 2000s. So obviously, my belief about the inevitability of the NBA in Louisville has nothing to do with how much I like it.

And I'm not at all conflicted... When I look at Bailout Arena, Jim Host, and the downtown hacks that made the place possible, I also see the entities that will drag the NBA to town and drop that $hit on our doorstep. They're the real target of my animosity.

Jim Host zipp-Really-Just-Hates-The-NBA Arena

Originally posted on The Hall by zipp.

Answer 31

J. Bruce Miller is the only recognizable name that wants the NBA in Louisville. He rides the issue for it's worth, which isn't much.

Originally posted on The Hall by TopCard.

Answer 32

I tend to agree with everyone else. Louisville is fine without an NBA team. It would have been great to keep the Colonels at the time. But since they didn't we'll focus on being a college town. And all the open dates allow for more concerts. Just one way I look at it.

Originally posted on The Hall by Sheriff50.