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- By Brian Edwards
- Economic Development
The Tulalip Tribes is partnering with a private equity firm on a bid for a Seattle NBA expansion franchise and proposed arena and entertainment district on tribal-owned land near Marysville, Wash.
New York-based BlackSun Private Equity is “100 percent partnering” with the tribe on the development if the group secures a franchise, Nick Rathod, the firm’s chief of global strategy, told The Athletic.
The project would expand Tulalip’s entertainment portfolio, diversify its economy and create jobs in Snohomish country. The tribe operates Quil Ceda Village, a retail and entertainment district along Interstate 5 near Marysville.
“We are also always looking for ways to add to our entertainment offerings and diversify our economy,” Tulalip Chairman Hazen Shopbell said in a statement. “When Tulalip wins, all of Snohomish County wins because the jobs we create and energy we generate stay right here in the local community.”
The investment group has not disclosed the tribe’s proposed investment, ownership stake, arena location. BlackSun CEO Atonn Muhammad told The Seattle Times that the group could assemble investors for a bid of up to $8.1 billion.
BlackSun is one of two known bidders for the Seattle franchise, The Athletic reported. The NBA has not opened a formal expansion process, and any franchise award would require approval from the league and its board of governors.
Seattle has been without an NBA team since the SuperSonics moved to Oklahoma City in 2008 and became the Thunder. The city remains home to the WNBA’s Seattle Storm, which plays at Climate Pledge Arena.
A successful bid would extend the growing involvement of tribal nations in ownership of professional sports teams. Wilton Rancheria acquired majority ownership of Sacramento Republic FC in 2024, while the Sycuan Band of Kumeyaay Nation is a co-owner of Major League Soccer’s San Diego FC.
As well, a Cleveland-based private equity firm backed by Native American capital is making waves in pro sports ownership, starting with a recent $154 million investment in English Premier League club Ipswich Town FC.
The Mohegan Tribe became the first tribe to own a professional sports franchise when it purchased the WNBA’s Orlando Miracle, moved the team to Connecticut and renamed it the Connecticut Sun in 2003. Mohegan agreed this year to sell the franchise for $300 million and use the proceeds to reduce debt and reinvest in its gaming and hospitality operations.
