Seattle a step closer to NHL with arena deal

Seattle is moving forward with efforts to renovate aging city-owned Key Arena into a venue that could be ready for an NBA or NHL team within three years.

Seattle city council approved a memorandum of understanding on Monday with Los Angelesbased Oak View Group to privately finance a roughly US$600-million remodel that would nearly double the square footage of Key Arena. The facility housed the NBA’s Super Sonics until they relocated to Oklahoma City and became the Thunder.

Oak View Group has focused on acquiring an NHL franchise, with the potential of hosting an NBA team in the future. It has said it could have Key Arena ready by October 2020 if environmental approvals are obtained and demolition can start in October 2018.

“I believe this is the best thing for the city of Seattle, whoever you cheer for,” said Debora Juarez, who co-chaired the council’s committee on civic arenas. She said she was proud of the agreement, which was hammered out “at little or no costs to the taxpayers” and embodied the city’s values.

Following the 7-0 council vote, Mayor Jenny Durkan said in a statement that she looks forward to reviewing and signing the deal later this week.

“I’ve said consistently that I’m committed to bring back our Sonics, recruit an NHL team and invest in our city,” Durkan said.

The NHL has not hidden its interest in Seattle, the No. 14 media market in the United States and the only market in the top 25 without an NBA or NHL team.

OVG has lined up billionaire David Bonderman and filmmaker Jerry Bruckheimer as the lead owners for a potential NHL franchise.

Key Arena opened its doors in 1962 and was last renovated in 1995. Under the deal, Oak View Group would be responsible for regular facility upgrades for the life of the 39-year lease agreement.