Microsoft, Nordstorm executives invest in arena proposal
June 15, 2012
By Warren Kagarise
NEW — 6 a.m. June 15, 2012
The investment group for a proposed Seattle arena — a linchpin in the plan to bring professional basketball and hockey franchises to the region — includes top executives at Microsoft and Nordstrom.
King County Executive Dow Constantine said Microsoft CEO Steve Ballmer and Nordstrom executives Peter and Erik Nordstrom add strength and credibility to the proposal.
“These backers are pillars of our local community whose reputations precede them,” Constantine said in a statement. “The people of King County know that these local leaders are committed to bringing the NBA and NHL to this region.”
In February, investor Christopher Hansen presented to Seattle and King County a proposal to construct the arena to host NBA and NHL teams.
Hansen, King County Executive Dow Constantine and Seattle Mayor Mike McGinn, announced a proposed agreement last month.
The terms of the agreement outline the county role in the proposed arena project.
The amount of public support for the arena is capped at $120 million if organizers secure only the basketball franchise. The total could rise to $200 million if a hockey team is added to the equation.
Leaders praised the proposal as a way to bring NBA basketball back to Seattle. In 2008, team owners relocated the Seattle Sonics to Oklahoma City and renamed the team as the Thunder.