Kraken Ownership Group Positions for NBA Expansion with Arena Control, New Brand
SEATTLE – The Seattle Kraken’s ownership group, led by Samantha Holloway, took a significant step toward potentially bringing the NBA back to Seattle, announcing the creation of One Roof Sports and Entertainment on Monday and securing majority ownership of Climate Pledge Arena.
Consolidating Power: One Roof Sports & Entertainment
One Roof Sports and Entertainment will serve as the parent brand for the Kraken organization, oversee a growing portfolio of properties and fuel new opportunities
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according to a statement released by the team. This move consolidates the Kraken’s various holdings, including Climate Pledge Arena, the Kraken Community Iceplex, and interests in the Coachella Valley Firebirds (AHL) and Acrisure Arena.
Majority Ownership of Climate Pledge Arena
The ownership group has reached an agreement with Oak View Group (OVG) to purchase additional equity in Climate Pledge Arena, becoming the majority owner whereas OVG retains a minority stake and continues to operate the venue. Holloway emphasized the importance of this move, stating, Increasing our ownership in Climate Pledge Arena allows us to consolidate operations and sets us up for future opportunities. OVG is an amazing partner, and I am pleased that they will continue to operate the facility for many years to come.
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NBA Expansion on the Horizon?
The announcement comes just days before the NBA Board of Governors meets in New York this week, where expansion is expected to be a key topic. The league is anticipated to initiate formal discussions with potential ownership groups interested in bringing teams to Las Vegas and Seattle. Washington Governor Bob Ferguson confirmed a meeting with NBA Commissioner Adam Silver, stating on social media, I had a productive Zoom meeting this afternoon with Commissioner Silver. It remains a top priority for me to bring back the Sonics.
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Seattle has been actively seeking an NBA franchise since the SuperSonics relocated to Oklahoma City nearly two decades ago.
Expanding the Portfolio
One Roof Sports and Entertainment will similarly oversee the organization’s interests in the AHL’s Coachella Valley Firebirds and Acrisure Arena, as well as a partnership with the City of Seattle and Seattle Public Schools to redevelop New Memorial Stadium at Seattle Center.
Key Holdings Under One Roof Sports & Entertainment:
- Seattle Kraken
- Climate Pledge Arena
- One Roof Foundation
- Kraken Community Iceplex
- New Memorial Stadium (Seattle Center redevelopment)
- Coachella Valley Firebirds (AHL) & Acrisure Arena
FAQ
What is One Roof Sports & Entertainment?
It’s the new parent brand for the Seattle Kraken organization, encompassing all of its properties and ventures.
Who owns Climate Pledge Arena now?
The Seattle Kraken ownership group, led by Samantha Holloway, now holds a majority stake, with Oak View Group retaining a minority stake.
Is this related to the NBA potentially returning to Seattle?
Yes, this move is widely seen as a strategic step by the Kraken ownership group to position themselves for a potential bid for an NBA expansion franchise.
This is a developing story. Check back for updates.
Did you know? The transition of ownership of Climate Pledge Arena has been in the works for several months.
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