Hansen group agrees to major KeyArena investment

Hansen group agrees to major KeyArena investment

Hansen group agrees to major KeyArena investment

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by KING 5 News

KREM.com

Posted on April 16, 2013 at 2:05 PM

Seattle Mayor Mike McGinn announced an agreement Tuesday an agreement with Chris Hansen’s arena group to prepare KeyArena for NBA basketball. It comes days before a possible vote by NBA owners whether to allow Hansen to buy the Sacramento Kings and move them to Seattle this fall.

The agreement will guarantee Seattle will receive $2 million in use fees from ArenaCo annually, according to a statement. The city could also receive additional use fees from ArenaCo, if ticket sales are strong.

An additional $750,000 will be paid to the city annually if an NHL team is also brought to KeyArena.

The deal includes at least $3 million in capital investments at KeyArena, including:

  • Seating upgrades
  • Modifications for television broadcast infrastructure
  • Technical upgrades to security systems and audio/visual equipment
  • Renovation of locker facilities and club facilities
  • Miscellaneous service upgrades for the concourse

The mayor’s office also said city employees who work at KeyArena will continue to work there, with ArenaCo reimbursing the city for those costs.

The Seattle City Council must approve the deal.

The NBA Board of Governors meets Thursday and Friday, but there is no guarantee a vote will be taken. A Sacramento group has presented a counter-offer to keep the Kings.

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