Private equity firm weighing up $8.1 billion bid to bring back one of NBA’s most beloved franchises

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Should Seattle land an NBA expansion franchise, then they could set the team up 35 miles north in Marysville, Washington. The NBA appears to be heading on a path that will see the league expand from 30 to 32 teams after the Association’s Board of Governors voted in March to approve the exploration of two brand new basketball franchises. Silver recently put pressure on LeBron to make a decision, which apparently ‘irritated’ the KingGettySeattle and Las Vegas quickly emerged as the leading front-runners to land these expansion teams, although a formal decision has yet to be announced by Commission Adam Silver. This decision is expected to be revealed by the end of 2026, with the NBA having appointed investment bank PJT Partners as a strategic adviser. PJT’s role will be to evaluate the prospective markets, as well as potential ownership groups, arena infrastructure, and the economic implications of bringing a basketball team to the respective destinations. Seattle, of course, has slight advantage over the Sin City in that they have previous experience hosting an NBA team – the SuperSonics, who controversially relocated to Oklahoma City where they became known as the Thunder in 2008. Samantha Holloway, the owner of Seattle’s NHL franchise Kraken, is currently viewed as the leading frontrunner if the NBA does decide to award the team to the city. Any potential NBA team would likely temporarily play at the Kraken’s home of Climate Pledge Arena, which has hosted the NCAA’s college basketball tournament March Madness in previous years. However, a second potential owner has emerged. According to a report from The Athletic, New York-based BlackSun Private Equity has joined forces with Tulalip Tribes in developing an arena proposal on a site of land that sits 35 miles north of Seattle in Marysville, Washington. They submitted their proposal to the NBA back in August, as part of just a number of ambitious projects that seeks to focus on community and stakeholder participation in professional sports and franchise ownerships. Should the NBA opt to move forward with their bid, BlackSun’s chief global strategy and communications officer, Nick Rathod, says the partnership with Tulalip Tribes will “100 percent” go ahead to build the arena and surrounding entertainment district. “Our hope is that the fans really are the drivers of this,” Rathod said. “Obviously, the NBA makes the final decision. But we want the fans to help make the decision here because we feel like our bid coming into this is different and the most compelling. An NBA franchise could be returning to Seattle for the first time since the SuperSonics relocated in 2008AFPClimate Pledge Arena has the necessary facilities to host basketball games.Getty“We are coming in with the Tribes, who were the original inhabitants of that land. We want to centre the local community and get feedback from the local community. “I think the NBA could really use, at this moment, a different storyline around ownership. You saw what the Laker deal looked like. That was a couple billionaires passing this franchise around like it was a rental property. For fans and teams, that’s just terrible.”Of course, Rathod is referring to Mark Walter’s $12.5 billion record sale of the Los Angeles Lakers to Josh Kushner and Bob Iger just 10 months after purchasing the 17-time NBA champions for $10 billion. Despite having the Seattle Seahawks – the reigning NFL Super Bowl champions – and WNBA outfit Storm, as well as MLS franchise Sounders and NWSL counterpart Reign, the departure of the SuperSonics left a huge hole in the Pacific Northwest.As for how much BlackSun are willing to bid to bring a team to the city of Seattle, CEO Atonn Muhammad is of the belief that the company can add enough investors to submit a bid for up to $8.1 billion – well within the $7-10 billion estimated range. Rathod, though, is determined that BlackSun can fill that void with the permanent return of one of the sport’s most beloved franchises. Seattle has longed for the return of the SuperSonicsGettyThe Seahawks delivered Seattle a Super Bowl, but they are still longing for an NBA team to return to the cityGetty“We want it to stay in that community forever,” he said. “We will do everything we can to make sure that happens. “One of the challenges initially when the Sonics left Seattle had to do with the stadium there. We feel like the land we have designated now with the Tulalip Tribes is one where families can come.”The one caveat to their current proposal, though, is the site’s accessibility to Seattle residents. with the commute to Marysville not exactly the most convenient one. However, it is something that BlackSun and co are still very carefully examining and analysing.“We are not going to ask people to take 41 trips to a venue without a credible mobility plan,” Rathod assured. “That means we are currently studying highway capacity. Regional transit. Dedicated game transportation. A park-and-ride system. Shuttles. “Really trying to examine the entire fan journey that would make it as comfortable and easy and seamless as possible for them to get up there. “Once they get up there, it’s not just the stadium. There is an entertainment district we will further build out. It will be a destination.”