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Arena group proposing rapid construction timeline in Seattle

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SEATTLE (AP) — A proposal to remodel KeyArena now has an ambitious timeline that could have it ready to house a professional franchise within three years.

The timeline was laid out in a proposed memorandum of understanding between Seattle and Oak View Group. The MOU will be presented to the Seattle City Council on Tuesday but the final version of the agreement won’t be voted on until the first week of December at the earliest.

Still, the draft agreement is a significant step in the process of redeveloping the city-owned building through a privately financed project that officials believe will finally lure the NHL or NBA – or both – to Seattle. KeyArena housed the NBA’s SuperSonics until they relocated to Oklahoma City and became the Thunder. Oak View Group believes it can have the building ready by October 2020 if environmental approvals are obtained and demolition can start in October 2018.

“I think the most important part of this MOU is the fact it states very clearly to the leagues that this project is going to happen, we do have a deal with the city, they can make a deal. They are very focused ultimately not only on building a new arena here and giving us the partnership and certainty in order to do that,” OVG CEO Tim Leiweke said.

“But more importantly it sends a very strong message now to the NBA and to the NHL that everyone worried about, `Yeah will it ever get done with the city? Will they ever be able to get to the finish line? Will you ever possibly get this deal done within the politics of Seattle and the Seattle process as everyone likes to call it?”‘ Leiweke said. “Guess what? Game, set and match. We clearly send a message to everyone that this will get done, this will get built and we are ready now to go get one and hopefully soon, two teams.”

The timeframe is sure to attract attention, including from the NHL. OVG has not hidden its intentions to be aggressive in an attempt to obtain an NHL expansion franchise soon after the arena agreement is finalized. Likewise, the NHL has not hidden its interest in Seattle, the No. 14 media market in the country and the only market in the top 25 that does not have an NBA or NHL team.

OVG has lined up billionaire David Bonderman and filmmaker Jerry Bruckheimer as the lead owners for a potential NHL franchise.

“From our standpoint, this timeline is geared toward what we believe is the optimal timeline in order to begin to get a team or two for Seattle,” Leiweke said.

The project is expected to total about $600 million and Oak View is also on the hook for another $40 million to help improve transportation in the area around Seattle Center. They are also responsible for regular facility upgrades for the life of the 39-year lease agreement. Should those upgrade requirements be met, there are two eight-year lease extensions that will be activated, and carry the entire life of the lease agreement to 55 years.

In all, OVG is liable for about $168 million in capital investment upgrades on the facility during the life of the lease. The project will be financed through a mix of revenue streams. OVG also has financial backing from Madison Square Garden Entertainment.

Among the other details of the MOU:

– OVG will be required to pay yearly rent equal to what the city is making off KeyArena now, estimated to be $2.6 million at the start.

– OVG will pay for the displacement and relocation of existing tenants on the Seattle Center campus during the construction.

– OVG will assume the city’s current obligation to the Seattle Storm or arrange a new deal with the WNBA team.

“One of the principals that we had was the city would never go backward as far as its ability to maintain the revenues that were received through the operations of KeyArena going forward,” said Brian Surratt, the director of the Office of Economic Development for the city. “We would be partners in any deal moving forward.”

The negotiations between the city and OVG have come as a similar agreement between the city and investor Chris Hansen is in its final stages. Hansen and the city agreed to an arena plan in 2012 that was contingent on Hansen acquiring an NBA team and included some public investment in a project to be constructed near Safeco Field.

Hansen has since offered a completely privately financed project, but has continued to run into road blocks in getting final approvals to make his arena “shovel-ready” should an NBA team become available. Hansen’s agreement with the city expires Dec. 3, meaning OVG’s agreement with the city could be approved as early as the week of Dec. 4.

Report: Dewayne Dedmon opts in for $6.3 million with Hawks

AP Photo/Todd Kirkland
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The Hawks’ rebuild got going with big John Collins. Though they’re reportedly eying Luka Doncic with the No. 3 pick, they could easily draft another big – Jaren Jackson Jr., Mohamed Bamba, Marvin Bagley or Wendell Carter.

And then there’s veteran center Dewayne Dedmon.

He no longer fits in Atlanta (never did, really). But he’s not bypassing a chance to earn $6.3 million.

Shams Charania of Yahoo Sports:

There just wasn’t going to be that much money for the 28-year-old Dedmon in a tight market this summer.

Dedmon is a good defender, and he developed his ball skills – as a 3-point shooter and passer – in Atlanta last season. The Hawks could look to trade him. Maybe, in a deal primarily about his expiring contract, he adds extra value to the other team due to his playing ability.

If Atlanta doesn’t move him, Dedmon will be a fine player on a likely tanking team. At least he’s not good enough to subvert the Hawks’ tank, especially with the new lottery format.

Nick Young says ‘everybody needs to do cocaine,’ later insists he was joking

AP Photo/Mary Altaffer
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Nick Young will say and do nearly anything for attention.

Empowered by the Warriors’ championship, he swung for the fences when asked about Canada passing marijuana legalization.

Young, via TMZ:

“I want people to pass cocaine,” the NBA star told TMZ Sports outside 1 OAK on Tuesday night … “Everybody needs to do cocaine!”

Predictably, that caused a bit of an uproar. Then, Young backtracked:

Chill. You know I was just joking

A post shared by Nick Young (@swaggyp1) on

Too late, Nick. People are already asking questions you don’t want asked.

Report: 76ers trade No. 39 pick to Lakers

AP Photo/Chris Szagola
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The 76ers have too many 2018 draft picks – Nos. 10, 26, 38, 39, 56 and 60.

Philadelphia already has 11 players under contract for next season. Plus, the 76ers have the space to add premier players. There just isn’t room for everyone on the roster.

So, Philadelphia unloaded one of those selections.

Adrian Wojnarowski of ESPN:

This is good return for the 76ers, who everyone knew had to trade a draft pick. The rebuilding Bulls could easily land a higher second-round pick than No. 39 next year.

Why do the Lakers want an extra second-rounder this year? Second-round picks don’t count against the cap until signed, and they can always slightly sweeten a trade offer. They’re helpful for a team with big plans and little wiggle room.

Kyle O’Quinn opts out of Knicks contract

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The Knicks have the No. 8 pick, and tomorrow’s draft will be the most important part of their offseason.

Will they also have cap space to add talent in free agency? That hinges on Enes Kanter‘s player option.

If Kanter opts out, New York will have even more room to operate thanks to Kyle O'Quinn declining his $4,256,250 player option.

Adrian Wojnarowski of ESPN:

The Knicks expected this for a while, and they’re probably not disappointed. Steve Mills and Scott Perry want to put their stamp on the franchise. O’Quinn is a leftover from the Phil Jackson era and a reminder of the recent tumult in New York.

O’Quinn’s combination of block percentage (6.1) and defensive-rebounding percentage (27.8) was unmatched last season. He just really struck a nice balance between contesting shots and remaining in position on the glass. He’s also a smooth mid-range shooter with an improved ability to distribute.

How much is that player worth?

It’ll be a tight market, especially for bigs. For his sake, I hope the 28-year-old O’Quinn already has assurances from other teams. He might get a similar salary or, more likely, a larger overall guarantee on a multi-year deal. But it’s also possible he comes out behind by testing free agency.