Seattle Mayor Inks KeyArena Deal

Seattle Mayor Jenny Durkan has inked an agreement with a private developer to renovate KeyArena so the venue could be ready for an NBA or NHL team.

Durkan said at a news conference Wednesday that the deal with Los Angeles-based Oak View Group is the best path right now for Seattle to get an NHL team and bring back the SuperSonics.

AP Photo / Elaine Thompson – Oak View Group Inks With Seattle
Seattle Mayor Jenny Durkan pulls back her jacket to reveal a Seattle SuperSonics T-shirt as she speaks before signing an agreement to renovate KeyArena Dec. 6. Durkan signed a memo of understanding with Oak View Group CEO Tim Leiweke, right.

OVG CEO Tim Leiweke says his group will work diligently to get Seattle a team to join the WNBA’s Seattle Storm at KeyArena.

Under the memorandum of understanding signed Wednesday, OVG would privately finance a $600 million remodel of the aging arena. The deal includes $20 million in cash and in-kind contributions to nonprofit organizations and another $40 million for traffic improvements in the area.

Durkan says the deal protects Seattle taxpayers and is a good one for the city. She added that it doesn’t block the path for others possible arena projects.

Disclosure: Oak View Group is the parent company of Pollstar.