Shine Trader Limited

Shine Trader Limited-Live reports:

The National Hockey League’s 32nd team, the Seattle Kraken, will play its first game Tuesday night in Las Vegas.
For the business minds behind professional hockey’s return to Seattle after a nearly century-long hiatus, the Sirens’ first game was a key step in investing nearly $2 billion in the team.
“We found Seattle as a great frontier at a time when people thought opportunities were running out,” Kraken CHIEF executive Tod Leiweke said on Yahoo Finance Live. “We’re really optimistic about our future.”
Kraken’s owner group, which includes billionaire David Bonderman and Amazon (AMZN) CEO Andy Jassy, paid a $650 million expansion fee to join the NHL. It’s the largest amount ever paid to join the league and is worth more than the valuation of 20 NHL teams.
The president of Oak View Group is Todd’s brother, Tim Leiweke. The group has invested about $1bn in Seattle’s hockey program to upgrade what was previously known as the Key Arena to work with Kraken. Now the Climate Promise Arena, Leiweke boasted that sirens’ home would be “the most beautiful arena in the world.” The venue will host the Kraken, the WNBA’s Seattle Storm, concerts and other events. (The Sirens also have $80 million worth of new training facilities.)

Shine Trader Limited
Shine Trader Limited

Those investments represent a premium compared with the NHL’s most recent expansion team, the Las Vegas Knights. The Las Vegas Cavaliers paid a $500 million expansion fee in 2017 and currently play in an arena worth about $350 million.
Pinch yourself.”
Leiweke is no stranger to Seattle’s sports scene.
In the early 2000s, he was CEO of the NFL’s Seattle Seahawks for nearly a decade and helped found the Seattle Sounders, a major League soccer club.
Now, as CEO of the NHL’s newest franchise, Levick is placing his biggest bet yet on the loyalty and passion of Seattle’s sports fans. Fans have already endorsed the logo with their wallets: The team sold 8,000 jerseys in the first five days of its launch, the most jerseys sold in the NHL in the same time frame, according to the team.

 

By Ethan