Seattle Officially Announces Proposal For Arena

According to an Associated Press report, Seattle native Christopher Hansen is making a $290MM proposal for a new sports arena in an effort to lure an NBA (and NHL) team to Seattle.  As we outlined earlier, Hansen's announcement was expected, but it became official on Thursday evening. 

The pitch apparently includes $290MM in private investment in addition to the cost to acquire an NBA franchise — both of which would combine to construct the new arena estimated at $450MM to $500MM in cost. 

The deal hinges on Hansen's group finding an NBA franchise willing to move to Seattle and sign a 30-year no-relocation clause.  The inability to build a new arena was the root cause for the SuperSonic franchise relocating to Oklahoma City in 2008.  The proposal will now go to a review board with a ruling expected within a month.

Trail Blazers' owner Paul Allen, who voted against letting the Sonics leave town, released a statement in support of the progression of Hansen's proposal to bring a team back to Seattle.  Allen lives in Seattle and also owns the Seahawks of the NFL. 

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