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I don’t think the headline is correct. I believe the city still owns the actual arena. Holloway may have bought a larger share of the company managing the arena, which was formed under OVG as part of the renovations they did.
Edit – yeah the ST article is better.
> Additionally, Holloway announced One Roof Sports and Entertainment has entered into agreement to purchase additional equity in Climate Pledge Arena from Oak View Group and will make the organization the majority owner of the building. OVG will retain a significant minority stake and continue in its role with booking and operations of the arena.
The building itself should continue to be owned by the city – OVG couldn’t sell what they don’t own – so what they must be talking about here is ownership stake in the company that manages the arena. It sounds like OVG will stay in day to day control of that, booking events and such.
AI slop article. Love the Krake misspelling too
The financials of CPA were always written to have the primary tenants (i.e. NBA and NHL) be investors in the arena. Whatever number of tenants there were would have an equal portion of investment and receive an equal portion of the revenue with OVG. I.e. One tenant would have a 50-50 split with OVG. Two tenants would be a 1/3-1/3-1/3 split.
So this is basically the Kraken ownership group purchasing that other 1/3rd share with an eye towards also being the NBA/Sonics ownership group.
Things are really happening folks!
There is a locker room in the arena called “NBA locker room”
5 comments
The domain in this post is owned or operated by [Sinclair Broadcast Group](https://en.wikipedia.org/wiki/List_of_stations_owned_or_operated_by_Sinclair_Broadcast_Group). Sinclair controls nearly two hundred local stations and requires them to broadcast scripted [propaganda segments](https://youtu.be/hWLjYJ4BzvI).
For more detailed reporting on Sinclair’s practices, see [The New York Times](https://www.nytimes.com/2017/05/12/business/media/sinclair-broadcast-komo-conservative-media.html), which documents how the company enforces ideological alignment across its outlets, or [John Oliver’s segment](https://youtu.be/GvtNyOzGogc), which shows how these mandated scripts spread identical political messaging nationwide.
Do not treat Sinclair outlets as independent journalism. Verify with other sources.
I am a bot. Message me for more information or suggestions.
I don’t think the headline is correct. I believe the city still owns the actual arena. Holloway may have bought a larger share of the company managing the arena, which was formed under OVG as part of the renovations they did.
Edit – yeah the ST article is better.
> Additionally, Holloway announced One Roof Sports and Entertainment has entered into agreement to purchase additional equity in Climate Pledge Arena from Oak View Group and will make the organization the majority owner of the building. OVG will retain a significant minority stake and continue in its role with booking and operations of the arena.
https://www.seattletimes.com/sports/kraken/kraken-acquire-majority-stake-in-climate-pledge-arena-before-nba-meeting/
The building itself should continue to be owned by the city – OVG couldn’t sell what they don’t own – so what they must be talking about here is ownership stake in the company that manages the arena. It sounds like OVG will stay in day to day control of that, booking events and such.
AI slop article. Love the Krake misspelling too
The financials of CPA were always written to have the primary tenants (i.e. NBA and NHL) be investors in the arena. Whatever number of tenants there were would have an equal portion of investment and receive an equal portion of the revenue with OVG. I.e. One tenant would have a 50-50 split with OVG. Two tenants would be a 1/3-1/3-1/3 split.
So this is basically the Kraken ownership group purchasing that other 1/3rd share with an eye towards also being the NBA/Sonics ownership group.
Things are really happening folks!
There is a locker room in the arena called “NBA locker room”