Industry News

Oak View Group, AEG submit bids for KeyArena

The US city of Seattle has received multi-million-dollar bids from Oak View Group and AEG for the KeyArena venue, with both companies seeking to transform the arena into a leading sports facility.

The Seattle Times newspaper reported that Los Angeles-based Oak View Group has produced a $564m (£443m/€528m) plan to renovate the arena by October 2020 – in time for the start of the NBA basketball or NHL ice hockey season.

According to the Associated Press news agency, AEG has teamed up with Hudson Pacific Properties on its plans to redevelop the city-owned arena.

Seattle is currently without an NBA and NHL franchise. NBA team the SuperSonics relocated to Oklahoma in 2008 and rebranded itself as the Thunder, while Seattle has been touted as a possible destination for a future NHL franchise as part of the league’s current expansion drive.

A city advisory panel is set to review the proposals of Oak View Group and AEG, with a recommendation to be made to Seattle Mayor Ed Murray in June.

In a statement reported by the AP, Murray said: “Today is an important day in our goal of bringing the Sonics home and the NHL to Seattle. Two well-known organisations submitted proposals to redevelop KeyArena, totalling more than $1bn in investments between them. Their interest shows how Seattle has become one of the most desirable cities in America for sports and entertainment.”

The SuperSonics played home games at KeyArena before relocating to Oklahoma. The arena currently serves as the home of women’s NBA team the Seattle Storm, and also hosts games played by the Redhawks, Seattle University’s men’s basketball outfit.