Sonics bidders give state a deadline

SEATTLE – The potential private investors in a $300 million upgrade of KeyArena are giving the state Legislature a deadline.

In a letter to Gov. Chris Gregoire and other key legislators Monday, the group of four prominent Seattle businessmen says the Legislature has until April 10 to approve the $75 million being asked for from the state, or they are pulling their offer. The group has asked for a continuation of existing King County taxes to pay for that part of the renovation, but needs approval from the Legislature.

The group, which includes Microsoft Corp. CEO Steve Ballmer, Costco Wholesale Corp. president and CEO Jim Sinegal, wireless entrepreneur John Stanton and Seattle developer Matt Griffin, have agreed to pay for half the renovation costs, contingent on purchasing an NBA team. The other $75 million would come from the city of Seattle.

Associated Press