The final logo of the SuperSonics (Photo credit: Wikipedia)  The Seattle City Council reached an agreement with San Francisco hedge fund manager Chris Hansen on Tuesday to build a new $490 million arena in hopes of luring an NBA to replace the SuperSonics, who departed for Oklahoma City in 2008 after 41 years in the Emerald City. The city agreed to put up $200 million in public financing with Hansen and fellow investors, including Microsoft CEO Steve Ballmer and members of the Nordstrom department store clan, covering the rest of the tab. The only thing left to do is find a team.  Hansen is a major investor in Facebook with 36.3 million shares owned through his firm, Valiant Capital Management, at the time of the IPO filing. Hansen, who grew up in Seattle, has been trying to hammer out a deal for a new arena, which he sees as his civic duty. The new arena can also accommodate an NHL team, but basketball is the clear target. The NBA has no plans to expand, so Seattle will have to steal an NBA team from another city after being heartbroken by the Sonics departure. Let’s look at some of the candidates:  The money-losing Hornets were a prime candidate to move after the NBA bought the team from George Shinn in a seller-financed deal in December, 2010 after a local buyer could not be found. This year New Orleans Saints owner Tom Benson bought the team for $338 million. The Hornets are not going anywhere.  The Bobcats remain among the most financially troubled teams in the NBA with annual losses north of $20 million and the NBA’s smallest TV audience for its games. The team was historically bad on the court this past season with only 7 wins in 66 games. Owner Michael Jordan bought control of the team for the discount price of $175 million in 2010 of which $150 million was assumed debt. A sale to Hansen would be great for Jordan’s net worth, but a damaging blow to his reputation, particularly in North Carolina, where Jordan is a legend after starring at UNC. The Bobcats are a longshot.  The Grizzlies have been bleeding red ink for the past decade, but are coming off back-to-back playoff appearances that helped bump attendance up 7% last season. The Grizzlies are in the process of being sold to Robert Pera, founder and CEO of the Ubiquiti Networks and he is not about to flip the team to Hansen. A bigger impediment to a move is the team’s lease at FedEx Forum, which imposes steep financial penalties if the team leaves Memphis before 2021. Another longshot.  This is where things get interesting. The Bucks are the NBA’s least valuable team at $268 million by our count thanks to an antiquated arena that generates the NBA’s lowest revenues. Hansen is likely to dangle a $400 million offer to any team owner looking to sell, which would be a huge return for Herb Kohl, who paid $18 million for the franchise in 1985. The Bucks are playing on a year-to-year lease, which makes them extremely portable.
Facebook investor Chris Hansen sealed the deal Tuesday for a new $490 million basketball arena in Seattle. Now he just needs a team.