Final OK given for new Seattle arena; mattress firm makes deal with Kings

Published: Monday, Oct. 15 2012 11:00 p.m. MDT

SEATTLE — The King County Council and the Seattle City Council gave their final approval Monday to an agreement to build a $490 million basketball and hockey arena in the city, despite the threat of a lawsuit from longshore workers.

The County Council approved it unanimously, while the City Council voted 7-2. Both bodies had previously OK'd different versions of the deal.

"This is a very good financial plan here," said County Councilman Reagan Dunn, a Republican who earlier had concerns about the deal. "It's been well thought-through."

Mayor Mike McGinn called the votes important steps toward bringing professional men's basketball back to Seattle. He and King County Executive Dow Constantine were scheduled to sign the deal today.

Hedge fund manager Chris Hansen is leading a group that wants to build the $490 million arena near the existing Mariners and Seahawks stadiums with $200 million in public financing. The public investment would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest. Other investors include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store clan.

KINGS SIGN NAMING RIGHTS DEAL FOR ARENA: The Sacramento Kings will have a new name for their arena.

The team on Monday announced a multiyear naming rights deal with Sleep Train Mattress Centers.

The arena in Sacramento was called Power Balance Pavilion last season but the Kings were looking for a new partner after Power Balance filed for bankruptcy.

The name change will become official in November. The Kings' home opener this season is Nov. 5 against the Golden State Warriors.

BYNUM SET FOR ANOTHER INJECTION: Philadelphia 76ers center Andrew Bynum is scheduled for another injection on his injured right knee.

Bynum on Monday will receive an injection of Synvisc — a gel-like substance that sometimes provides relief for inflamed tissue. The natural substance is designed to lubricate and cushion the joint. The Sixers say the shot has been a routine procedure for Bynum during the previous two seasons and is unrelated to the bone bruise on his right knee.

Bynum will continue with conditioning drills. He has been held out of all basketball activity this preseason as a precaution after receiving knee treatment in Germany. They still expect him to be ready for the Oct. 31 season opener.

The Sixers acquired Bynum from the Lakers in a four-team deal that saw them ship Andre Iguodala to Denver.

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