All hope is not lost for Sonics to stay in Seattle

PHILADELPHIA – Maybe we are dreaming, ‘cause we have not found many places more charming or beautiful in our travels. But there were slight rumblings this week that there may be a chance for the Sonics to stay in Seattle.

First, we are told by two sources that at last month’s Board of Governors meeting, Clay Bennett informed fellow owners that he hadn’t closed the door on working out a deal with local officials for a new arena, which has been the sticking point between Sonics ownership and the city.

But Bennett also said that he was proceeding with his application to move the team to Oklahoma City when the Sonics’ lease with the city’s KeyArena expires in 2010 in order to protect his business interests.

Second, we are told by a local person with extensive knowledge of the negotiations between the city and the team – we will call him Mr. Seattle – that the political ground in the city may have shifted a bit.

Previously, while state officials and the governor’s office tried to help, they weren’t interested in expending political capital when so many in the city had no interest in issuing temporary sales taxes to fund a new building.

But those local politicians now know there has to be some public investment to keep the Sonics in Seattle.

“The psychology’s changed,” Mr. Seattle says. “The perception (before) was the rich guy’s trying to get into the public till again. Now, it’s ‘We’re saving the team.’ “

But there are about a million issues to work out. Well, make that 200 million.

Bennett wants a $500 million arena. That is not going to happen. But the city and state are still willing to talk about a $300 million building, although they have tied any public investment to a requirement that those funds earn money at a rate equivalent to that of treasury bills.

The biggest hurdle: For any agreement to take place, Bennett still would have to either sell part of or all of his interest in the Sonics to local investors, something he has expressed no interest in doing.

Some grassroots groups think they can force Bennett into action, and the Muckleshoot Indian Tribe has proposed using a 185-acre property it owns 24 miles from Seattle as a potential arena site. But it’s more likely that any solution will need someone much closer to town with deep, deep pockets to make Bennett an offer he can’t refuse.

“The premium ticket buyer isn’t going to drive an hour to see the game,” Mr. Seattle says of the Muckleshoot plan.

For its part, the league remains convinced that the die is cast in the Emerald City.

“We’d like nothing more than to hear there is a solution to the arena situation in Seattle, but we have heard nothing of the sort,” NBA general counsel Joel Litvin said.

Seattle has filed suit against Bennett in federal court, claiming Bennett is not making a good faith effort to negotiate, and should not be allowed to break the lease at KeyArena. At the moment, that remains the city’s best hope for keeping the team in town.

The $350 million question remains: Would Bennett sell?

“Only if he thinks he’s stuck here,” Mr. Seattle says.