JawandaPuck
Lost Art of Dynasty
Chris Hansen fields questions from the Arena Advisory Panel - March 8, 2012
As has been speculated previously, the Seattle NHL team will be more than a just tenant for the new arena...
Hansen has said he needs an official commitment from the city and county to negotiate with the NBA to acquire a professional basketball team. He has said another ownership group will secure an NHL team, but that both will finance and build the arena.
This should mean a healthy share of all arena revenues for the NHL team, since its being built in partnership with the NBA team. This also lays a strong foundation for a partnership on the regional sports broadcasting side as well I would think.
All this points towards a very lucrative proposition for the potential NHL team owner. My money is still on Bellevue's John McCaw and his Kirkland brother Craig McCaw, being the main guys behind the NHL team. But Hansen isn't saying yet...
But the 44-year-old San Francisco hedge-fund manager declined to identify the other investors, telling the committee he would do that only when a franchise is acquired. "It's not my place to put other names out there," Hansen said, although he said the investor group would also include people from his business network.
His role as the face of the investors group is much like that of his role as hedge fund manager. In fact, his group includes some of his hedge fund clients it would seem.Arena Advisory Panel issuing a report on March 16
Jan Drago is co-chair of the Arena Advisory Panel, a citizens committee made up of local business and community leaders. The group met for the first time Wednesday night to determine whether the city and county should back a proposal from Seattle-native and hedge fund manager Christopher Hansen. He's promised to pay $290 million for construction of the new arena in Seattle's SoDo neighborhood, but asking the public to finance $200 million, to be repaid with future arena revenues.
"It sounds to me like they're building in as much protection as they possibly can," Drago says cautiously.
An expert told the panel the taxpayers would get paid before any other creditor in the case of bankruptcy, and pointed to NBA and NHL takeovers of bankrupt franchises in Phoenix and New Orleans, where the teams continue operating.
"There's kind of a double protection there before the city is left holding the bag and stuck with an empty arena."
The panel is on a tight timeline. It's tasked with issuing a report on March 16.
Hansen is expected to attend an upcoming meeting and lobby on behalf of the proposal. Drago says she hasn't met him or spoke with him, but can't wait.
"It's very interesting. I mean, I haven't heard one person that's met him say anything negative about him," Drago says. "He kind of seems like the guy riding in on a white horse who loves Seattle and loves basketball. It almost seems too good to be true."
"It sounds to me like they're building in as much protection as they possibly can," Drago says cautiously.
An expert told the panel the taxpayers would get paid before any other creditor in the case of bankruptcy, and pointed to NBA and NHL takeovers of bankrupt franchises in Phoenix and New Orleans, where the teams continue operating.
"There's kind of a double protection there before the city is left holding the bag and stuck with an empty arena."
The panel is on a tight timeline. It's tasked with issuing a report on March 16.
Hansen is expected to attend an upcoming meeting and lobby on behalf of the proposal. Drago says she hasn't met him or spoke with him, but can't wait.
"It's very interesting. I mean, I haven't heard one person that's met him say anything negative about him," Drago says. "He kind of seems like the guy riding in on a white horse who loves Seattle and loves basketball. It almost seems too good to be true."
Sodo Arena Announcement - Feb 16, 2012
Arena Deal Term Sheet: http://www.seattle.gov/mayor/media/PDF/120216PR-ProposalPrinciples.pdf
Arena Deal FAQ: http://www.seattle.gov/mayor/media/PDF/120216PR-FAQ.pdf
NBA and New Orleans Hornets Update - Feb 25, 2012
Stern said they expect a deal to be struck within the next 10 days. But Stern said they are a little bit behind because they haven't struck a deal with the state of Louisiana on a renegotiated lease extension. "It's moving closer day by day," Stern said regarding the renegotiated lease with the state. "It's progressing well, but it's not finished."
Stern said their lease discussions with the state includes a $50 million to $60 million upgrade of New Orleans Arena, which opened in 1999 and has been the home of the Hornets since they relocated from Charlotte, N.C., in 2002. The renegotiated lease is not expected to include any escape clauses, and any owner must, as part of the sales agreement, sign off on a 10-year extension that would keep the team in New Orleans through 2024. The Hornets' lease with the state expires in 2014.
A new lease with the state would require approval by the Legislature, which doesn't convene until March 12. "It's a long process and we hope to get it completed before the legislative session starts," Stern said.
Stern said their lease discussions with the state includes a $50 million to $60 million upgrade of New Orleans Arena, which opened in 1999 and has been the home of the Hornets since they relocated from Charlotte, N.C., in 2002. The renegotiated lease is not expected to include any escape clauses, and any owner must, as part of the sales agreement, sign off on a 10-year extension that would keep the team in New Orleans through 2024. The Hornets' lease with the state expires in 2014.
A new lease with the state would require approval by the Legislature, which doesn't convene until March 12. "It's a long process and we hope to get it completed before the legislative session starts," Stern said.
Bellevue Making Noise - Feb 28, 2012
Bellevue City Manager Steve Sarkozy said at a Bellevue Downtown Association forum Tuesday that the City Council has given him "a license to hunt" each year for investors or property owners who want to bring an NBA and NHL arena to the city. "I'm not here with an announcement. We continue to work with several private interest groups and, frankly, several locations in the city," Sarkozy said.
He said Bellevue is "in the game" and that the idea of an Eastside arena is "very real, very much a possibility." He declined to identify any of the sites or people with whom he has spoken ... Areas of Bellevue mentioned as possible arena sites include auto row (along 116th Ave NE), the eastern edge of downtown and the Bel-Red corridor.
He said Bellevue is "in the game" and that the idea of an Eastside arena is "very real, very much a possibility." He declined to identify any of the sites or people with whom he has spoken ... Areas of Bellevue mentioned as possible arena sites include auto row (along 116th Ave NE), the eastern edge of downtown and the Bel-Red corridor.
Part III: http://hfboards.mandatory.com/showthread.php?t=1103231
Part II: http://hfboards.mandatory.com/showthread.php?t=1094241
Part I: http://hfboards.mandatory.com/showthread.php?t=908743
Nickname thread: http://hfboards.mandatory.com/showthread.php?t=1096759
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