On Tuesday, a group of investors proposed to the city of Seattle a renovation to the KeyArena. The offer included a fund of $600 million to renovate the area. The news were announced by a King 5’s correspondent. The group that offered the deal is named Oak View Group and they have an agreement with the city to complete the renovation. They will have 3 years (from 2018 to 2020) to finish the project. The place will be used for the NBA and NHL games. On Wednesday, the group will file the Memorandum at the council from the city of Seattle. The trick is that the group will hold a lease for 39-years on the place.
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Fortunately, the contract also says that the group will have to invest at least $168 million in improvements to the place as a condition to keep the lease. They have to invest that amount of money each 8 years. OVG will be also investing an extra $60 million, $40 million in transport and other $20 million as a community fund. The deal was accepted in June by the Mayor Ed Murray. OVG is formed by important investors as David Bonderman and Jerry Bruckheimer. Bonderman is a known as bank investor and Bruckheimer as a Hollywood producer.
The investors promised the press they will be getting an excellent team for the renovation. The NHL league has currently 31 teams as they added Las Vegas Knights recently. The Western and Eastern Conferences now have almost the same amount of teams, the Western with one less. A expansion of this magnitude can put Seattle as a top contender of the league. In 2008, Seattle lost against the SuperSonics the NBA location. NBA talked to the press and explained that the league in not involved on the renovation of the arena. The Seattle Storms and the Seattle Redhawks are the ones that will be using the stadium.