From Seattle to Oklahoma City, the dollars-and-sense look at the deal that brought an NBA team here:
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$350 million: Amount the owners paid to purchase the franchise from a group headed by Starbucks chairman Howard Schultz in July 2006.
$500 million: Projected cost of a proposed new Sonics arena in Bellevue, Wash. The Washington state legislature failed to vote on the measure by the owners' Oct. 31, 2007 deadline.
$121 million: Cost of renovations to the Ford Center and construction of a new practice facility, both funded by a one-cent sales tax approved by 61.9 percent of nearly 45,000 Oklahoma City voters in March 2008.
$26.5 million: The Oklahoma City-based ownership group's offer in February to settle a lawsuit aimed at keeping the team in Seattle. The city rejected the offer.
$45 million: Amount owners will pay Seattle to settle the lawsuit. That's also the amount owed to the NBA as a relocation fee.
$30 million: Amount owners will pay Seattle in 2013 unless: a)the Washington state legislature fails to authorize $75 million in funding for KeyArena renovations by the end of 2009 or b) Seattle obtains a new or relocated franchise in that five-year period.
From Staff Reports
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"$45 million: Amount owners will pay Seattle to settle the lawsuit. That's also the amount owed to the NBA as a relocation fee." Thought the relocation fee was $30 million???
Here it comes, although the Mayor’s office said the seating in the Ford was “adequate” (in response as to why we aren’t adding any seats to the Ford and actually decreasing seating by 500 after the “improvements”...dropping us from #14 to #24). The Mayor said the following:
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http://www.newsok.com/article/3265341
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Now that Seattle lawsuit has been settled, the NBA is on its way here to stay (July 3, 2008)
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“I think somebody is going to have to pinch me to think this day is really here,” Cornett said. “If I had a concern — and my tongue is not in my cheek — I’m concerned WE DON’T HAVE ENOUGH SEATS in that arena. I think the season ticket sales are going to blow the roof off the building.”
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They are already gearing up for the demands for a new arena (due to inadequate seating) and we haven’t even started making the improvements or collected one penny of the $100 million yet. Maybe they can alter the plans and increase seating somehow. Otherwise, we are flushing $100 million down the improved Ford toilets.
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Thank you for joining our conversations on NewsOK.com. We encourage your discussions but ask that you stay within the bounds of our terms and conditions. Please help us by reporting comments that violate these guidelines. To review our rules of engagement, go to Commenting and posting policy.
Leave a comment. Log in below or sign up (it's free).Editor's note: It is not our intent to offer comments on crime or fatality stories.
_________________________________________________________________
http://www.newsok.com/article/3265341
_________________________________________________________________
Now that Seattle lawsuit has been settled, the NBA is on its way here to stay (July 3, 2008)
_________________________________________________________________
“I think somebody is going to have to pinch me to think this day is really here,” Cornett said. “If I had a concern — and my tongue is not in my cheek — I’m concerned WE DON’T HAVE ENOUGH SEATS in that arena. I think the season ticket sales are going to blow the roof off the building.”
_________________________________________________________________
They are already gearing up for the demands for a new arena (due to inadequate seating) and we haven’t even started making the improvements or collected one penny of the $100 million yet. Maybe they can alter the plans and increase seating somehow. Otherwise, we are flushing $100 million down the improved Ford toilets.