Durkan told reporters Wednesday the deal with Los Angeles-based Oak View Group is the best path for Seattle to get an National Hockey League team and bring back the NBA.
Bettman said the expansion fee for Seattle will be $650 million.
What Bettman is asking of Seattle isn't all that different of the Vegas Golden Knights, who are now in their inaugural season and are in second place in the Pacific Division.
Seattle plans to have a new arena ready by 2020 with the intent of luring an National Hockey League and an NBA team as anchor tenants.
He made the announcement after the first day of the board of governors meeting in Manalapan, Fla.
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How a Seattle NHL franchise would work in terms of conference allocation or expansion draft players or even a team name has not yet been brought to the table, but the fact that Seattle has reached this point gives the city a step in the right direction of gaining a team.
Bettman went on to say that Seattle is the only city now being considered for expansion.
The renovations are expected to be finished by 2020, putting a benchmark on the approximate date for when we could see a hockey team in Seattle. League has agreed and will allow a season-ticket drive.
Durkan recently signed an agreement with a developer to renovate KeyArena so the venue could be ready for an National Basketball Association or NHL team.
When the sale is finalized and the league has approved the deal, Dundon would take control of all team operations.