Six decades after David Bonderman worked as a security guard at Seattle’s Space Needle, his daughter, Samantha Holloway, is consolidating her control over this iconic corner of the city. Holloway, whose father made billions as the co-founder of TPG Inc., has taken over as executive chair of the Kraken hockey team, which plays in an arena her group partly owns, just steps from Seattle’s most famous landmark.
Expanding Ambitions
Holloway’s ambitions extend beyond hockey. She is vying for one of the NBA’s two proposed expansion teams, aiming to bring men’s basketball back to Seattle, a city that has long yearned for the return of the SuperSonics, who relocated to Oklahoma City in 2008.
Balancing Act
At 43, Holloway is navigating the delicate balance of building her career and consolidating her influence in Seattle while aligning with the NBA’s expansion plans. She moved from Colorado to Seattle in 2022 to join her father as co-owner of the Kraken, transitioning from a tech founder to a sports executive.
In an interview at Bloomberg’s Seattle office, Holloway expressed her excitement about the potential NBA expansion: “It would be an amazing market, and the NBA knows that. This is an exercise in patience for both us and the fans because we’re all really excited for what could be.”
NBA Expansion Prospects
NBA Commissioner Adam Silver mentioned Seattle, Las Vegas, and Mexico City as the top contenders for new franchises. The NBA is expected to receive an expansion fee nearing $4 billion from the winning bidders, according to Spotrac. This substantial fee would be shared among the current 30 NBA team owners.
Holloway emphasized that it’s too early to discuss other partners in a possible NBA bid beyond the current Kraken investors, which include Andy Jassy, CEO of Seattle-based Amazon.com Inc.
Seattle’s advantageous location.
Seattle is currently facing a crucial point in time, balancing the impact of the pandemic with plans to revitalize waterfront parks, transform downtown office buildings, and prepare for the upcoming 2026 World Cup games.
Samantha Holloway on starting a brand new hockey team, getting ready for the next big thing and making #Seattle her home. https://t.co/rsOjYPaCbd #kraken #sonics via @busines
— Anna Edgerton (@annaedge4) June 14, 2024
Infrastructure investment
The Kraken, along with partner Oak View Group, spent $1.15 billion to renovate the iconic coliseum from the 1962 World’s Fair into the cutting-edge Climate Pledge Arena, named in honor of Amazon’s dedication to the environment. Holloway’s group strategically renovated this arena to cater to both hockey and basketball events, giving them a competitive edge in pursuing an NBA franchise.
Kraken President Tod Leiweke mentioned that the arena was constructed in a highly specific manner to cater to basketball needs. “We dedicated a significant amount of time because we anticipated another major milestone in the NBA.”
Seattle Center’s Transformation
The Seattle Center campus, home to the Space Needle and Climate Pledge Arena, is increasingly becoming Holloway’s empire. In addition to the arena, Holloway and her partners submitted the winning proposal to renovate Memorial Stadium, a venue for Seattle Public Schools that could host students, the city’s Seawolves rugby team, and other events.
“It’s just an unbelievable opportunity,” Holloway said. “So that’s a consideration as we talk to folks in the city on how do we continue to improve Seattle Center so more people visit and everyone feels great about it.”
Community and Philanthropy
Holloway’s involvement goes beyond business. The partnership behind the Memorial Stadium project includes the Kraken’s philanthropic venture, the One Roof Foundation, which aims to raise nearly $30 million in private donations to support the project, in addition to $107 million in public funds. Holloway and Oak View Group provided the initial $5 million.
“I feel a lot of pride in the city,” Holloway said, noting that her two young children will grow up in Seattle. “I’m drawn to ‘how do we continue to make this city great.’”
Sports as a Driver for Seattle’s Rejuvenation.
City officials frequently emphasize that sports play a key role in Seattle’s revitalization. The sports stadiums in the city, such as the baseball field and the stadium for Seattle’s professional football and soccer teams, are strategically positioned to the south of downtown. Taylor Swift’s concert in July and the Major League Baseball All-Star Game both had a major positive impact on the local economy by attracting 1.15 million visitors to downtown.
Financial Factors
Holloway acknowledges the significance of running a sports team as a financially successful enterprise. Anticipated high valuations for upcoming NBA teams increase the need to guarantee financial sustainability. Holloway fully embraces her responsibilities as a community leader, backing the team’s efforts to address youth homelessness, climate concerns, and hockey accessibility.
Mari Horita, who heads the Kraken’s foundation, stated that they began with the fundamental belief that the welfare of each individual is interconnected with the welfare of others. “Sam fully supports that 1,000%, which is remarkable given the owner they have.”
Viewpoint of a technology entrepreneur.
Holloway’s tenure as a tech entrepreneur affects her methods in managing a sports franchise. She stresses the importance of innovation and flexibility. In their third season, the Kraken revealed a new method for airing their games next season, a combination of broadcasting and streaming with Amazon Prime, a first for an NHL team.
“We must be willing to take chances, act fast, and find solutions,” Holloway stated. “It resembles a startup in many ways.”
An Outlook on What’s to Come
Holloway has a broader vision for Seattle that goes beyond just sports. Her dedication to improving the Seattle Center grounds and her community-oriented projects show a larger goal of creating a long-term influence on the city. While carrying on her father’s legacy, Holloway is dedicated to turning Seattle into a top sports and cultural center.
Her efforts to acquire an NBA team are just a piece of a broader plan to rejuvenate Seattle, draw in tourists, and promote community spirit. With the backing of important collaborators and a strong outlook for the future, Holloway is in a prime position to guide Seattle towards a new period of expansion and prosperity.