A second suitor for a potential expansion of the NBA franchise in Seattle has emerged with a plan to build a new arena, Christian Clarke and John Hollinger of The Athletic the report
This development comes at a crucial time for the league is approaching before a potential expansion decision is made, with Las Vegas and Seattle leading the way for new teams. The league and PJT Partners, the financial firm hired to advise on the expansion’s exploration, asked bidders who expressed interest in bringing the team to Las Vegas or Seattle to provide information earlier this month. This data included table sketches, the names of potential investors and how much they were willing to pay for the new teams.
A new contender for the Seattle franchise plans to build a new arena on land near Marysville, Washington, which is 35 miles north of Seattle. New York-based BlackSun Private Equity is working with the Tulalip Tribes to build an arena on land owned by the tribe.
“We hope the fans are really the driving force behind this” Nick Rethod, BlackSun’s Chief Global Strategy and Communications Officer, said. “Obviously the NBA makes the final decision. But we want the fans to help make the decision here because we think our bid for it is different and the most compelling. We’re going in with the tribes that were the original inhabitants of this land. We want to focus on the local community and get feedback from the local community.”
Rethod said BlackSun’s goal is to keep the new franchise in Seattle.
“We want it to stay in this community forever,” he said. “We’re going to do everything we can to make sure that happens. One of the initial concerns when the Sonics left Seattle was the stadium there. We feel that the land we’ve assigned now to the Tulalip Tribe is one that families can come to.”
CEO of BlackSun Aton Muhammad told The Seattle Times it can add enough investors to raise the bid to $8.1 billion.
One Roof Sports and Entertainment, an umbrella company headed by Samantha Holloway which owns a majority stake in the NHL’s Seattle Kraken, is the only other known bidder for a potential expansion of the Seattle franchise. One Roof Sports also controls a stake in the Climate Pledge Arena, which is just north of downtown Seattle.
