This editorial will appear in Tuesday’s print edition.
Basketball fans have every right to be excited about a new proposal for bringing an NBA team back to Seattle, which lost the Sonics to Oklahoma City in 2008.
An arena site has been purchased. A rich Seattle native and other investors are willing to put up $290 million of their own money toward building an 18,000-seat facility, and they’re offering to pay for any cost overruns or revenue shortfalls. The remainder of the $500 million cost would be paid by team rent and taxes generated by the arena. The investment team would buy an NBA team and recruit an NHL team.
Taxpayers wouldn’t be asked to come up with a dime for any of it. And the NBA team would pay to play in KeyArena for the two years it would take to build the new facility just south of the Safeco Field parking garage.
What’s not to like?
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