Reports: Investors interested in Sonics, KeyArena renovation

A new investment group reportedly is interested in buying the Seattle SuperSonics or another NBA franchise to play at a renovated KeyArena, the team's current home.

The proposal centers on the investors' willingness to pay half the cost of the renovation, The Seattle Times reported, citing unidentified sources.

The Seattle Post-Intelligencer quoted unidentified sources as saying the local investors would contribute $150 million toward a $300 million overhaul of KeyArena. According to those same sources, the proposal envisions that existing stadium taxes would be extended to raise another $75 million and the city of Seattle would contribute the remaining $75 million.

But state lawmakers, who would have to agree to extend existing stadium taxes, had only general details about the investment group and the plan. They added that a tax package is unlikely to pass with the Legislature set to adjourn in two weeks.

House Speaker Frank Chopp, D-Seattle, told The Times the proposal was "very vague and very tenuous."

Senate Majority Leader Lisa Brown, D-Spokane, said she was recently briefed by Seattle Deputy Mayor Tim Ceis on the potential new investors and arena proposal. She added she didn't see an arena plan emerging this late in the session.

Ceis said he couldn't comment on who was in the local ownership group and what efforts the city was making.

Sonics owner Clay Bennett has petitioned the NBA for permission to move the team to his hometown of Oklahoma City.

A Bennett spokesman said the Oklahoma ownership group was unaware of any new Seattle effort and so had no comment.

King County Executive Ron Sims said earlier in the week he's aware of potential investors interested in keeping an NBA franchise in Seattle, but it probably won't be the Sonics.