Seattle’s Opt-Out Clause

New details have emerged regarding a recently announced partnership between AEG Facilities and the Seattle Center to provide management and other services to the city’s KeyArena.

According to documents obtained by the Puget Sound Business Journal, the agreement, which is for a one-year term with a six-year extension option, could be terminated early by Seattle Center if an NBA or NHL team expresses interest in making the newly renovated KeyArena its home.

Should the contract be extended to the full seven years, the city could stand to make at least $5.75 million in revenue from the deal, the Business Journal reported.