I live here in Seattle. The good news for them is that they finally have a legit arena proposal. Essentially it boils down to this... As soon as they get a team, the city agrees to build a new arena. That's a long way from where they were when the team left. They have a huge investment group that is willing to put up half the funds to build the arena and the other half will come from taxes they earn from the arena itself.
Presumably as soon as the group buys a team, it will relocate to Seattle and temporarily play at Key Arena (still a fine venue) until the new arena is built.
Only problem is... who knows when they will ever be able to get a team. Who are the candidates? The Hornets aren't moving (that would be my dream scenario as a Seattleite... ANthony Davis could have potentially helped to make people forget a bit about losing Durant)... Memphis supposedly has an impossible lease to break... Bobcats probably aren't going anywhere. Is Sacramento in play still?