KeyArena financing plan appears far ahead of Sodo group

A group pitching a new $600 million arena for the city’s Sodo District released proof of its potential funding last week with a “letter of support” from J.P. Morgan investment bank.

The letter to the group, led by entrepreneur Chris Hansen, is similar to a letter from Goldman Sachs produced by the Oak View Group as part of its $564 million proposal to renovate KeyArena. But there are differences between the letters that demonstrate why Hansen faces a struggle convincing the Seattle City Council to go with his plan over the KeyArena venture.

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