Arena panel meets with Chris Hansen

Chris Hansen, a hedge fun manager trying to get a new arena built in Seattle’s SoDo neighborhood, met with the city’s arena review panel Wednesday night.

“To be in a position like this, it’s something I’ve worked very hard for, to be financially able to do it,” Hansen said.

The Seattle native is proposing $290 million in private investment toward the construction of a new arena that would cost between $450 and $500 million. Hansen’s group would also be responsible for the purchase of an NBA franchise and finding a partner interested in bringing an NHL franchise to Seattle.

The public financing component of the proposal would be capped at $200 million. Hansen said he wouldn’t be the owner of the NHL franchise.

The plan represents the first significant step toward solving the arena problem that was behind the SuperSonics decision to move to Oklahoma City following the 2007-2008 NBA season after 41 years in Seattle.

The plan is now before a review board, a group of community leaders that includes one-time SuperSonics player and coach Lenny Wilkens. City and county officials have said they want the review finished within a month.

“In Chris Hansen, we have a dedicated private investor who wishes to invest hundreds of millions of dollars in our city,” Seattle Mayor Mike McGinn said.

Wednesday’s hearing, held at City Hall, was packed full of Sonics fans decked out in the club’s old colors of yellow and gold. When Hansen was introduced, all cheered.

Among the biggest concerns for the panel are
transportation and making sure taxpayers don’t get stuck
footing the bill for the arena if either a new NBA or NHL
franchise goes bankrupt.

Aware of the concerns, panel member Dori Koo said “It’s an issue of trust,” emphasizing that the arena review should be shared and communicated with the people of Seattle.

The panel is expected to issue a report on March 16. The next meeting is scheduled for March 12.

Hansen told KING-5 he and his partner have signed contracts on property they’d need for the arena.

At one point, Seattle NBA fans had their eyes on the Sacramento Kings when the team appeared determined to move to Anaheim last year before Sacramento Mayor and former NBA All-Star Kevin Johnson convinced the NBA to give the city one last chance to help finance an arena.

On Tuesday night, Sacramento cleared the most critical political hurdle when the City Council approved a plan to help finance an estimated $391 million arena.

Despite the loss of the Kings possibility, Seattle Mayor Mike McGinn has said Hansen displays confidence in his ability to secure an NBA team.

“He’s obviously not going to be committing the time and effort he’s been committing so far and the potential dollars unless he feels his prospects are good,” said McGinn.

“I just want to do something great with the city,” Hansen told the panel.

The Associated Press contributed to this report.