Melinda French Gates Joins Seattle Kraken Ownership: A $30 Billion Play for NBA Expansion?
Melinda French Gates, a philanthropist with a $30 billion net worth, becomes a minority investor in the Seattle Kraken, hinting at future NBA ambitions.
Melinda French Gates is diving into the sports world, joining the Seattle Kraken as a minority investor, pending NHL approval. With a $30 billion net worth, French Gates connects with an ownership group led by Samantha Holloway, featuring investors like Amazon's Andy Jassy and Hollywood's Jerry Bruckheimer. Her move signals a deeper bond with Seattle's vibrant sports scene.
French Gates, famous for her philanthropic efforts and once being paired with Microsoft co-founder Bill Gates, is embracing this new venture at a important moment. The Seattle-based ownership group has ambitions beyond hockey, eyeing the return of an NBA team to Seattle, a city longing for its hoops legacy since the SuperSonics' exit nearly two decades ago.
In March, the Kraken's ownership team unveiled One Roof Sports and Entertainment, an umbrella brand designed to manage expanding interests and seek NBA opportunities if the league opts for expansion. This strategic play includes acquiring more equity in the Climate Pledge Arena, positioning themselves as the primary arena owners while Oak View Group retains a minority stake.
While French Gates isn't new to transformative ventures, this marks her first foray into professional sports ownership. Her background in computer science and philanthropy aligns with the broader goals of the Kraken’s ownership: long-term impact and community engagement. "I’ve always been a big believer in the power of sports," French Gates remarked, signaling her enthusiasm to enhance Seattle's sports footprint.
Here's the thing: French Gates joining the Kraken doesn't just bolster her portfolio. it underscores Seattle's potential resurgence as a multi-sport city. It’s a move that could see the Emerald City reemerge as a dual-threat market, with professional hockey and possibly basketball. The smart money is on this group making a serious bid for NBA expansion, effectively betting on a profitable future for Seattle's sports scene.
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