The City of Seattle and Oak View Group Build on the Momentum To Secure New Arena & NHL Franchise
The City of Seattle and Oak View Group have completed negotiations of three key agreements
Seattle Hockey Partners and Oak View Group have added local investors, led by new Vice Chairman David Wright, and others, who will add business expertise and financial support to the organization.
SEATTLE — Mayor Jenny A. Durkan and the Oak View Group today announced critical steps forward to renovate Seattle’s new Seattle Center Arena. These steps support an upcoming presentation to the Executive Committee of the Board of Governors for the National Hockey League (NHL) on Oct. 2, 2018. Three key agreements – a Development Agreement for the new Arena, a long-term Lease Agreement, and an Integration Agreement – were transmitted by Mayor Durkan and introduced for the Seattle City Council for their consideration. Seattle Hockey Partners also announced that it has added a new group of local investors to its ownership.
“Less than 12 months ago, we signed the Memorandum of Understanding with the City of Seattle for the privately financed development of the new Seattle Center Arena. We are making tremendous progress and are looking forward to these next few weeks as we move into the City Council’s review of our agreements,” said Tim Leiweke, CEO of Oak View Group. “These agreements reflect tremendous hard work by all sides. This is a process that we hope will conclude shortly as we’re ready to start breaking ground on an arena that will be world class when completed.”
“After long and detailed negotiations with the City of Seattle, we are pleased that these agreements, critical to redevelopment of the new Seattle Center Arena, are moving forward to the City Council for consideration,” said David Bonderman, Majority Owner of Seattle Hockey Partners. “We want to thank the city team for their hard work. In the end, we reached a common agreement that we believe works for all sides. Thank you to Seattle Center’s resident organizations for their input. We value everyone’s feedback and recognize there will be some inconveniences. We’re working diligently to address near term concerns and we are committed to being great listeners and neighbors.”
“In the months since signing the MOU, the City had two goals: get the best possible deal for Seattle and our taxpayers, and create a world class sports and music facility for the next fifty years. This agreement ensures that the much-needed renovation of KeyArena will create good, family wage jobs, make critical investments in transportation, and protect taxpayers by ensuring the City will not foot the bill for construction, including any potential cost overruns,” said Mayor Durkan. “For decades, the Arena has been an iconic part of Seattle, and now the next generation will have incredible arena – home to the country’s best sports teams along with the music and entertainment Seattle Center is known for. And trust me, I won’t rest until we have new team banners for our championship Seattle Storm, an NHL team and our Seattle Sonics hanging proudly.”
New Local Investors to Round Out Ownership Group
“It is with great pride that we welcome these local investors and their families to our group as we strive to secure an NHL franchise,” said Tod Leiweke, President and CEO of Seattle Hockey Partners.
Local investors include:
- David Wright, who will serve as Vice Chairman of Seattle Hockey Partners
- Andy Jassy
- Adrian Hanauer
- Jay Deutsch
- Chris Ackerley
- Ted Ackerley
- Jeff Wright
“Securing a future ownership group of local investors has been an area of focus as we look to build a franchise that is reflective of the Seattle community,” said Bonderman. “Each of these local investors brings skill and experience that will continue to help us achieve our goals. In our discussions with each of these individuals it has been clear that they are all committed to securing and building a franchise that is truly Seattle centric and provides fans an amazing experience at the new Seattle Center Arena. Our efforts are directed toward a defining moment on October 2nd when we present our case to the NHL’s Executive Committee.”
About OVG-Seattle and Seattle Hockey Partners
OVG-Seattle, is the local office of Oak View Group leading the redevelopment of the Seattle Center Arena. Seattle Hockey Partners is helping to guide the construction process to transform the space into an ultimate urban arena to host future NHL, WNBA, NBA, music and other entertainment events.
Aaron Blank/Chris Guizlo, Fearey for NHL Seattle, email@example.com, (206) 343-1543.