Seattle Mayor to Announce Future of KeyArena

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The Mayor of Seattle, Ed Murray, has scheduled an announcement pertaining to the future of the KeyArena project. Details surrounding OVG’s plans will be released June 7 at 10 am.

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OVG and Chair Tim Leiweke are expected to be announced as the winning bidders for the KeyArena project tomorrow.

Details on KeyArena Loan Amounts Released

Yesterday, the Seattle Times published an article stating that OVG aim to “seek up to $196 million in loans from Goldman Sachs”. The KeyArena remodelling plan is estimated to cost $564 million. Multiple revenue sources are projected to be involved in the project.

The CEO of Madison Square Garden Company noted in a letter that he is “confident they could provide financial support for the project”, adding another name to the mix of likely investors.

 

On Sunday, the Seattle Partners Group withdrew their bid that had them as a rival investor. The Seattle Times also published a statement issued by the group was critical of Seattle’s bidding process, and “eroded our [Seattle Partners Group] confidence in the ultimate execution of this project, no matter which group is selected.”

At this point, their initial offer stood at a reported “$521 million offer to renovate KeyArena for NBA and NHL use”.

The Future of Hockey in Seattle

All things considered, the potential arrival of a Seattle team in the NHL would even up the conferences at 16 teams a piece. However, a team would be added to the central division from the pacific division.

Once the renovation of the new KeyArena is completed, Seattle can expect to see an NHL team introduced. Whether the city will embrace hockey is yet to be determined. There is potential for a solid fan base once a team is put together. It will be a challenging road, so news of the steps being taken towards a potential NHL expansion is exciting. The re-modelling of the KeyArena is the first hurdle.
Main Photo By Cliff from Arlington, Virginia, USA – KeyArenaUploaded by Dolovis, CC BY 2.0, Link