NBA set to vote soon on exploring Seattle expansion, report says

An important step in the potential return of the NBA to Seattle is on the horizon.

ESPN reported Monday morning that league owners are expected to vote next week to enter into the official expansion process specific to Seattle and Las Vegas.

The league’s Board of Governors is meeting the middle of next week with a vote expected to take place that would start the negotiating window and could lead to a final approval on the addition of the two teams later this year.

NBA Commissioner Adam Silver said during the All-Star Game last month that the upcoming owners meeting would include significant discussion around expansion but that any vote on the official awarding of franchises was not expected.

Silver said the goal coming out of the meeting will be to go “out into the marketplace” and get an idea of which ownership groups might be interested in bringing expansion teams to their respective cities.

But getting the OK from owners to take the next step and start a negotiation process — or bidding process — with prospective owners is a massively important procedural step and would be the most significant moment in the push to return the SuperSonics to Seattle since the attempted move of the Sacramento Kings here in 2013.

Industry sources indicated to the Times in recent weeks that momentum had shifted significantly and that the return of a franchise to Seattle was becoming more likely. There was also the virtual meeting between Washington Gov. Bob Ferguson and Silver in early February that drew attention. Public records regarding that meeting obtained by the Times — and first reported by KVI radio — showed that Ferguson had been in contact with the ownership of the Seattle Kraken regarding the potential return of the NBA.

Those documents indicated that the new Washington tax dubbed the “millionaire’s tax,” which has been sent to Gov. Bob Ferguson for an expected signature, could prove to be a challenge for “recruiting top players,” and that “state assistance” could be needed for a practice facility.

The ESPN report included two parts to the expansion process that had been hinted at previously but yet to be reported. It said the teams would begin in the 2028-29 season if approved and that the expansion fee could end up in the range of $7-10 billion.

An expansion fee in that range would be significantly higher than what was expected to be the number a few years ago when rumblings of expansion first started. But that range also reflects the growing valuations among NBA teams with the Boston Celtics selling at a valuation of over $6 billion and the Los Angeles Lakers selling at a valuation of $10 billion in the last year.

It also brings some uncertainty of where all the money is going to come from for an expansion fee that high, while at the same time the Seahawks are also going through their sale process and could fetch a price in roughly the same range.

The targeted start of the franchises also is notable because it would be 20 years after the Sonics left for Oklahoma City that the league would potentially return.

Materials from The Seattle Times archives were used in this report. This story is developing. Will be updated.