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Seattle Continues to Wait for the Return of the Supersonics

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Seattle Continues to Wait for the Return of the Supersonics

  1. 1. Seattle Continues to Wait for the Return of the Supersonics
  2. 2. •After several years as an accountant for Price Waterhouse (now PricewaterhouseCoopers) in Prague, Cherin Perelman spent three years as an accountant for a Seattle-based nonprofit on a mission to connect people with cultural ideas and the arts. In this capacity, Cherin Perelman provided accounting services to Bumbershoot, the world’s largest international music festival, as well as the Seattle Symphony and Seattle Supersonics.
  3. 3. •Adam Silver, the newly appointed commissioner of the National Basketball Association (NBA), recently announced that the league has no plans to expand. He specifically mentioned rumors of an expansion team in Seattle, former home of the Supersonics, saying that while the city is passionate about basketball and financially capable of developing a new arena, the league is not ready to expand. Mr. Silver cited a dilution of talent as one of the reasons that an expansion team would not be in the league’s best interest at the moment, as not all of the 30 NBA teams are profitable due to extended periods of losing basketball.
  4. 4. •As recently as last season, Seattle had been prepared to take on a team from Sacramento, as the King’s ownership group looked to sell. Sacramento managed to work out a deal to keep the team local, however. The NBA and Seattle-based investors are also closely monitoring the Milwaukee Bucks, as the team’s facilities have recently been deemed unfit. The Bucks must come up with money for a new arena by 2017, when their contract with the Bradley Center expires, though garnering upwards of $400 million for a new facility will be difficult. Nonetheless, Mr. Silver maintained that relocating the team is not a priority.

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