Kraken owner Samantha Holloway on Monday created the umbrella brand One Roof Sports & Entertainment, a transaction that gives her a majority stake in Seattle’s Climate Pledge Arena and is a likely precursor to a bid for an NBA expansion franchise.
The arena was owned in equal 50-50 shares by Holloway and Oak View Group. But in what was called a pre-planned ownership transition, OVG will now have a significant minority stake while continuing to operate and book the venue’s events. Kraken CEO Tod Leiweke will also lead One Roof Sports & Entertainment, along with his executive team.
“Increasing our ownership in Climate Pledge Arena allows us to consolidate operations and sets us up for future opportunities,” Holloway said. “OVG is an amazing partner, and I am pleased that they will continue to operate the facility for many years to come.”
One Roof Sports & Entertainment will become the parent brand for the arena, the Kraken, One Roof Foundation, Kraken Community Iceplex, and the partnership with the City of Seattle and Seattle Public schools to redevelop the New Memorial Stadium at Seattle Center, and the representative in the enterprise’s interest for the AHL’s Coachella Valley Firebirds and Acrisure Arena.
But, above all else, One Roof likely fortifies Holloway’s potential bid for an NBA expansion franchise. The NBA’s Board of Governors is meeting this week, where they are expected to greenlight taking expansion bids from prospective buyers exclusively in Seattle and Las Vegas. ESPN has reported that the league is looking for bids in the $7M-$10M range.
