L.A. group interested in renovating Seattle's KeyArena to host NBA, NHL

Another group is throwing its hat in the ring to bring a world-class sporting venue capable of hosting the NBA and NHL to the city of Seattle.

Oak View Group, a Los Angeles-based firm founded by Tim Leiweke and Irving Azoff, are interested in renovating KeyArena, sources told Geoff Baker of the Seattle Times.

The $285-million project entails a full-scale remodeling of the former home of the now-defunct Seattle SuperSonics that would enable it to host NBA and NHL events should a team become available.

It's expected that the mayor's office will issue a request for proposals to renovate the facility by December.

Oak View's latest push comes on the heels of venture capitalist Chris Hansen's announcement of plans to use private funds to build a new arena in the Sodo neighborhood of Seattle.

Hansen and the city have a memorandum of understanding that prevented bids from being placed on KeyArena. However, Hansen's all-private proposal would invalidate the MOU, and therefore open up bids to suitors like Oak View Group.