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Clock ticks on offer from local investors to buy Seattle SuperSonics |
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Location: Blogs News Articles |
| Posted by:Media |
3/11/2008 10:27 AM |
| INDIANAPOLIS – The local investors who have offered to buy the Seattle SuperSonics are giving the state Legislature about a month to agree to share the cost of refurbishing KeyArena.
Legislative leaders said they’re open to the latest arena proposal, but they don’t want to vote on it any time soon.
That could doom the offer to keep the Sonics from moving to Oklahoma.
In a letter to Gov. Chris Gregoire and top state lawmakers on Sunday, the investment group headed by Microsoft Chief Executive Officer Steve Ballmer said that if it does not receive a $75 million commitment from the state “well before” an April 10 deadline, “We will need to go back to our other responsibilities and our offer will expire.”
The group of four local businessmen – Ballmer, local developer Matt Griffin, Costco CEO Jim Sinegal and wireless magnate John Stanton – joined the City of Seattle and announced last Thursday its willingness to buy the NBA’s Sonics from its Oklahoma City-based ownership group. The businessmen would pay for half of a $300 million KeyArena renovation.
The offer is contingent on the sale of the Sonics – owner Clay Bennett has said the team is not for sale – or another NBA team to the group. The offer also requires agreement by the City of Seattle and the state to split the remaining $150 million. Read Article
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