Seattle unveils new plan to keep Sonics
Making a last-ditch effort to keep the SuperSonics, the city of Seattle unveiled a $300 million KeyArena renovation plan Thursday, along with the heavy hitters of local business who are willing to provide a significant financial stake.
Developer Matt Griffin and his three partners -- Microsoft Corp. chief executive Steve Ballmer, Costco Wholesale Corp. president and CEO Jim Sinegal and wireless entrepreneur John Stanton -- have agreed to contribute $150 million to the arena renovation.
That's contingent on the group's ability to buy the Sonics or another NBA franchise. The group recently increased its offer from about $75 million.
The group hopes to have a viable option for pro basketball in Seattle on the table when the NBA's board of governors meets next month to vote on SuperSonics owner Clay Bennett's application to relocate the franchise to Oklahoma City at the earliest possible date.
'This announcement, we think, is a game-changer,' Seattle Mayor Greg Nickels said.
While private investment would cover half the arena upgrades, the plan envisions that the city and state would split the other $150 million.
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