Seattle city officials have been approached by a private group looking to build a basketball arena in the Sodo District near Safeco Field in the hopes of attracting an NBA franchise, according to two sources who have been briefed on the talks.
The proposal involves an investor who has acquired property, apparently south of Safeco Field...The proposal, the most detailed to surface since the Seattle Sonics left in 2008 for Oklahoma City, appears to be yet another attempt to revive the dream of an NBA team in the region.
McGinn has expressed an interest in the city playing a role in the financing, one of the sources said, noting the controversy that would generate. In 2006, Seattle voters overwhelmingly approved an initiative that says the city must make a profit on any investment it makes in a sports arena.
A new arena has been considered essential to acquiring an NBA team.
If an arena site were found and financing for the project obtained, investors would have to work with the NBA to attract a new franchise or buy an existing team, such as financially struggling teams in Sacramento and New Orleans.
Among those involved in the Sodo plan is Wally Walker, the former Seattle Sonics player and team executive, the sources said. Walker was a minority owner of the Sonics, serving as the team's president and general manager from 1994 until the team was sold to Clay Bennett in 2006.