Seattle approves plan to redevelop

Seattle’s chances to land an NHL franchise improved greatly Monday, when the Seattle City Council overwhelmingly approved a memorandum of understanding for the $660 million, privately financed redevelopment of KeyArena.

The council vote was 7-1. The Oak View Group was given the MOU months after unveiling plans to dramatically redevelop KeyArena, which opened its doors in 1962, and improve transportation around it. The WNBA’s Seattle Storm currently calls KeyArena home.

It previously was home to the NBA’s Seattle SuperSonics, who relocated to Oklahoma City to become the Thunder in 2008.

The ambitious timeline laid out by Oak View would have the building ready by October 2020, if it obtains the necessary environmental approvals by October 2018.

The CEO of Oak View is Tim Leiweke, who was the CEO of arena operations giant AEG — which runs Staples Center in Los Angeles — and later became the CEO of Maple Leaf Sports Entertainment. He’s an executive with an open line to both NBA commissioner Adam Silver and NHL commissioner Gary Bettman.

A timeline for an NBA or NHL team coming to Seattle remains uncertain. Council President Bruce Harrell, Seattle Council District 2, noted the NBA could look to expand in 2022, when there’s an opt-out in its collective bargaining agreement.

As for the NHL, Bettman has said the NHL is “not in an expansion process” as recently as last month. But he has supported the arena renovation and has acknowledged that billionaire investment banker David Bonderman, part of the Oak View effort, has expressed interest in owning an NHL franchise.

The NHL recognizes Seattle as a desirable market for pro hockey.