KeyArena Reportedly Set For $600M Renovation; Will NBA/NHL Team Follow?

It appears changes soon will come to KeyArena. But will it land Seattle an NBA and/or NHL team?

Oak View Group and Seattle have struck a deal for a privately funded $600 million renovation to the former home of the Seattle SuperSonics, according to The Seattle Times. The renovations are scheduled to be done by October 2020.

Here are more details on the plan, via The Seattle Times.

In the plan, OVG would commit $40 million to improve traffic, transportation and parking beyond any requirements stemming from a mandatory environmental impact review. The deal guarantees Seattle the revenue it currently gets from KeyArena, and includes a plan for sharing new money generated by the 55-year-old facility after renovation.

If all goes according to plan, that means another professional sports team could be added to Seattle as soon as the 2020-21 season. The city has been without an NBA team since the SuperSonics became the Oklahoma City Thunder in 2008. And the arena would be capable of having a hockey team, too, which could be beneficial for all parties with the NHL currently having 31 teams.

The deal was supposed to be announced Tuesday, but Seattle Mayor Ed Murray resigned due to sexual-abuse allegations.

Thumbnail photo via Kirby Lee/USA TODAY Sports Images