Monday , Aug , 18 , 2008 C.Y. Ellis

KeyArena Trying to Lure New NBA Team

KeyArena Trying to Lure New NBA TeamCity officials, along with sports-related and business groups interested in keeping KeyArena afloat in a competitive market, have begun working with the state Legislature to secure $75 million to complete a $300 million remodel. The city wants to create an NBA-ready facility with the hope of securing another basketball team in the near future.

According to the settlement, the city could receive another $30 million from Bennett’s group. In order to receive the money, the Legislature would have to fund $75 million toward the KeyArena revamp by Dec. 31, 2009, and Seattle would still have to be without a team by 2013.