OAKLAND — Suitors for the Golden State Warriors eyeing San Francisco will have to spend big to move the team across the Bay.
Along with the rumored $400 million asking price, leaving the team's current home, Oracle Arena, comes with its own cost. With a lease that runs through 2017, any potential new owner wanting to pull up stakes would have to pay all the remaining debt from the arena's renovations in the late 1990s — a number that stands at $105 million.
Deena McClain, executive director of the Oakland-Alameda County Coliseum Authority, which controls the arena, said that after the 2017 lease, the contract includes language for two five-year extensions running through 2027. During that period, any owner moving the team would be on the hook annually to pay any debt service remaining on the bonds used to fund the renovations the arena could not cover.
The Warriors pay $7.4 million annually toward the debt service.
Alameda County Supervisor Scott Haggerty, who heads the Coliseum Authority board, said he has no plans to let the Warriors leave their home.
"I have no desire to see the Warriors leave the East Bay," he said. "The Warriors are a valuable ticket. I mean that. We have a great fan base here and a great arena. We just need an owner committed to winning."
A move would seem years away even once a buyer is found.
Oracle Corp. CEO Larry Ellison, an avid NBA fan, has expressed interest in buying the
The development team — which includes the San Francisco Giants — looking to build a 16-acre mixed-use project across the Lefty O'Doul Bridge is close to winding down negotiations with Port of San Francisco planners. That is the site rumored to be the location of a new arena.
Byron Rhett, director of planning and development at the Port of San Francisco, said the Giants and the rest of the development team are likely to go before the Port Commission in the next month or so to receive approval for the development and enter into an exclusive negotiating period during which entitlements and environmental impact reviews will be hashed out.
Rhett said at that time details about the project would have to be finalized in order for the development to move forward.
Though most of the project's details are not final, the development — called the Mission Rock District — does not call for a large arena that could house a professional basketball team.
The plan does call for the possibility of a 5,000-seat entertainment or music venue just across the China Basin Channel from AT&T Park. Rhett said the venue had been part of the original development proposal, but had been taken out. It recently was added back to the plans.
Giants officials and other members of the development team would not comment on the development.
During the recently concluded spring training, Giants Managing General Partner Bill Neukom said it was too early to speculate about having the Warriors as neighbors. He added, however, that "if the opportunity arises or there is sincere interest on the part of their ownership to explore something in San Francisco, sure, we'd be happy to talk to them about that."
One of the developers joining the Giants on the Mission Rock venture is Baltimore-based The Cordish Co. Cordish is developing a handful of mixed-use projects adjacent to sports facilities around the country. In November, the company was given exclusive rights for two years to come up with a proposed entertainment district in Las Vegas, which includes plans for a sports arena. It would be Cordish's first such facility.
A Cordish official referred all inquiries about Mission Rock to the Giants.
Bay Area News Group staff writer Andrew Baggarly contributed to this story.