The National Hockey League has awarded the league’s 32nd franchise to David Bonderman, Jerry Bruckheimer and the city of Seattle.
The team won’t take the ice though until October 2021, allowing time for a $800 million privately financed renovation of Key Arena to take place; and for the construction of a $70 million practice facility to be completed.
When the team does eventually suit up, it will play in the Western Conference’s Pacific division and Arizona will move to the Central to complete the realignment, but little else is known about the teams plans. Ownership has said they’ll take their time deciding on a team’s, logo and color scheme.
The Seattle Partners Hockey group will pay $650 million to join the league, $150 million more than Bill Foley paid to bring the Golden Knights to Las Vegas in June ‘16.
That’s because the league bases its expansion fees on the “value of a team in a specific market” (and Seattle is more valuable than Las Vegas), rather than a current or projected, revenue or earnings multiple; the price also accounts for inflation.