The story broke today that a Seattle group led by Dennis H. Daugs has sent a 'letter of interest' to Clay Bennet regarding the purchase of the Sonics. I'm not quite sure how a 'letter of interest' equals a firm offer, but maybe I just don't know business. At any rate, there are a few problems. First, any new ownership is going to have the same arena problems Bennet has now. I don't get the impression that the city of Seattle is going to build a new arena for anyone. Second, why now? Why not buy them when Shultz put them up for sale a few years ago? A day after Bennet's famous deadline regarding building a new arena is when you try to buy them? Too little, too late. Third, unless the Seattle group knows something I don't, I'm PRETTY sure the Sonics aren't for sale.
Obviously Bennet is a businessman. If the Seattle group offers him a significant return on his investment, he'd have to take a hard look at it. But are they desperate enough to pay $50 million more for what anyone could have bought just a year or two ago? I doubt it.
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