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March 09, 2008

Billionaires float Seattle arena plan

Add Microsoft CEO Steve Ballmer and Western Wireless founder John Stanton to the list of rich guys (most prominently, Costco CEO Jim Sinegal) who are offering to buy the Seattle Sonics and keep them in town if the government goes halfsies with them on a $300 million renovation of KeyArena.

Washington state legislative leaders say they'll consider allowing King County to raise $75 million for the plan by extending car-rental and sales tax surcharges that were used to fund the Mariners' Safeco Field; the city of Seattle would then need to come up with another $75 million. (No word on whether the billionaires' cabal would agree to share increased arena revenues with the city and county to help repay the public's cost.) A funding bill wouldn't be considered until the next legislative session, but some NBA owners have said that even the possibility of a local solution could keep them from approving the Sonics' proposed relocation to Oklahoma City at next month's NBA Board of Governors meeting.

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