Information on New Investors

Jim Sinegal, CEO of Costco

A True Seattleite, Matt Griffin

The Seattle Times has revealed the identities of the prospective Key Arena renovation investors. In addition to Steve Ballmer (Microsoft) and John Stanton (Western Wireless), Matt Griffin and Jim Sinegal have been named as the final two members of the 4-person investment group.

Seattle residents may recognize Matt Griffin's name as the managing partner for the Pine Street Group, LLC. Simply put, he is a real estate developer responsible for transforming downtown Seattle into what was recently ranked one of the world's best skylines. Some buildings in particular that he had a role in developing include the Washington Mutual Tower, a favorite of many residents for its unique architecture, and the Wells Fargo Center. Developing real estate for big corporations equals big bucks, money that Griffin sees as a potential life saver for the Sonics.

Jim Sinegal's name might not be quite so familiar, but he is the very successful CEO behind Costco. He was ranked in the Top 100 most influential people in the 2006 list published by Time Magazine. Sinegal has also been praised for his relatively low salary as a corporate CEO, making around $550,000 as his base salary (not including long term incentives, etc.). In any case, it's good to see a CEO taking a more responsible salary for the benefit of his company and employees. If Sinegal, who makes only reportedly $550,000 per year, can afford to contribute to the $150 million dollar effort, why was Schultz unable to commit more than $10 million? That's a question I'd really like you to answer Howie. Please feel free to comment at your earliest convenience.

- Joe Sonics