SEATTLE - Political leaders unveiled a $500-million proposal Thursday to build a new arena in Seattle, paving the way for a possible return of an NBA franchise as well as an NHL team.
Details of the arena proposal by billionaire San Francisco fund manager Christopher Hansen -- including a public-private financing deal -- were released by Seattle Mayor Mike McGinn and King County Executive Dow Constantine, a regional government leader.
Hansen and an unidentified group of investors will raise $290 million to acquire an NBA team and line up a partner to try for an NHL team -- in apparent competition with Quebec City.
Governments will own the land and the arena and put up $200 million.
The public debt would be recovered by charging the pro sports teams rent to use the arena and by charging fans new taxes.
Hey Nassau that notes from the Seattle situation. They were dumb enough to let the Super Sonics walk away a few years ago and now they are begging for a new team to fill the financial gap. Don't make the same mistake they did. Seattle seems like they will be lucky enough to get new teams, but Nassau won't have the same luck, since the market is already jam packed with sport teams. If Nassau County truly wants a sport team they need to come up with a solution now, but if you don't tell us now. If you don't envision the Islanders as part of the county's future let them move on and work with other local options while there is still time.