((HT: Fox6now.com/Milwaukee Business Journal-Kirchen))
The clock is ticking on Milwaukee and the Bucks- whether they know it or not...
According to Fox 6 in Milwaukee, if Senator Herb Kohl and the two hedge fund guys buying the franchise from Kohl can't pony up another $200-million for a new arena, the NBA can buy the team back from whoever the owner is in 2017 for $575-million.
And the HQ is sure the team won't be on the market for long...
Just ask Chris Hansen and the folks in Seattle how interested they'd be in snapping them up if it all falls apart...
Wes Edens and Marc Lasry are supposedly picking up the franchise for $550 million, but the Bradley Center is thought of as "too small" since it was opened in 1988. NBA commissioner Adam Silver confirmed in September 2013 that the league had given Kohl the 2017 deadline...
From Kirchen:
Kohl pledged $100 million and the prospective owners another $100 million toward arena construction. A new arena would cost an estimated $400 million to $500 to build.
Leading arena supporter Tim Sheehy, president of the Metropolitan Milwaukee Association of Commerce, said after the sale announcement he believes public funding will be necessary for a new arena. MMAC also is working to attract additional contributions from private individuals and foundations to minimize public funding.
Brewers owner Mark Attanasio has even said he would contribute to the process...
Here's the first time of (probably) many the question will be addressed for the next few years...
((HT: WTMJ-TV))
Showing posts with label NBA Relocation. Show all posts
Showing posts with label NBA Relocation. Show all posts
Tuesday, April 22, 2014
Tuesday, May 28, 2013
Chris Hansen Speaks
((HT: KING-TV))
Chris Daniels has been chasing the Sacramento Kings saga all over the country for KING-TV in Seattle and was front and center as the city got turned down again for the return of the NBA to the city.
He is the first to sit down with the would-have-been owner of the Seattle Supersonics v2.0
The HQ is fairly confident that the team will get a franchise when the new television deal comes up for negotiation in a few years time. All Hansen/Ballmer has to do is play nice and bide their time.
The new arena will have a tenant- just on the NBA's timetable...
Not Chris Hansen's...
Chris Daniels has been chasing the Sacramento Kings saga all over the country for KING-TV in Seattle and was front and center as the city got turned down again for the return of the NBA to the city.
He is the first to sit down with the would-have-been owner of the Seattle Supersonics v2.0
The HQ is fairly confident that the team will get a franchise when the new television deal comes up for negotiation in a few years time. All Hansen/Ballmer has to do is play nice and bide their time.
The new arena will have a tenant- just on the NBA's timetable...
Not Chris Hansen's...
DEVELOPING: NBA Approves Kings Sale To SacTown Group
Ending a few years, really, of speculation the NBA Board of Governors has approved the sale of the Sacramento Kings from the Maloof brothers to the Sacramento-based group led by Vivek Ranadive and other civic leaders.
Ranadive will now have to officially divest himself of his interest in the Golden State Warriors. The Maloof family paid $156 million in 1998 for the majority stake and Ranadive will pay around $200-million in cash. The Ranadive group will also assume the Kings' debts to the NBA and the city of Sacramento. That adds up to $347-million...
Forbes Magazine has valued the team at $535 million and they'll move into an 18,500-seat arena complex set to cost $448-million. Ranadive's group pays $190-million of that and the city will pay the rest.
Here was the Kings rally once everything was almost set in place...
((HT: news10.net))
Ranadive will now have to officially divest himself of his interest in the Golden State Warriors. The Maloof family paid $156 million in 1998 for the majority stake and Ranadive will pay around $200-million in cash. The Ranadive group will also assume the Kings' debts to the NBA and the city of Sacramento. That adds up to $347-million...
Forbes Magazine has valued the team at $535 million and they'll move into an 18,500-seat arena complex set to cost $448-million. Ranadive's group pays $190-million of that and the city will pay the rest.
Here was the Kings rally once everything was almost set in place...
((HT: news10.net))
Wednesday, May 15, 2013
Kings Stay In SacTown, Now What...???
((HT: KING-TV))
Well, if you're Kevin Calabro, the former voice of the Seattle SuperSonics, you think that the town will get a team back by the time the new television contract comes around...
“The Sonics will be coming back, I believe, as an expansion team and I think it will be coming back when the new TV contract is in full swing, which will be the ’15-’16 season,” he said. “It would fall in line with the framework of the MOU, so I’m optimistic.”
Chris Hansen's memorandum of understanding runs for five years... and the vote for moving was 22-8, which included Portland owner Paul Allen in the affirmative...
And, oh... the whole selling to SacTown thing...???
"There is no pressure on us... zero,” George Maloof said.
Here's KING-TV's early returns...
Chris Hansen said on his SonicsArena.com website, obviously, was disappointed, but he's not done:
While we are obviously extremely disappointed with today's relocation vote and truly believe we put forth both a significantly better offer and Arena plan, we do thank the league and the owners for their time and consideration and look forward to hearing back on our agreement to join the Maloofs as Limited Partners in the Kings.
But most of all I would like to thank everyone in Seattle who has been a part of our effort and supported our cause. Words simply can't express how much your support has meant to me personally and to our City. I truly believe we did everything possible to put our best foot forward in this process and you all should be proud and hold your heads high today.
Our day will come...and when it does it will just be that much sweeter for the struggle.
I love you Seattle!
And the SacTown version...
((HT: News10.net))
Mayor KJ says that negotiations will start in earnest around the clock. He thinks a deal could be done in the next two or three days- despite what George Maloof maintains above... Remember, the fans aren't big on the "backdoor" plan that the family had with the Hansen-Ballmer group...
So, we'll see just what direction this goes...
The HQ knows we're far from done...
Well, if you're Kevin Calabro, the former voice of the Seattle SuperSonics, you think that the town will get a team back by the time the new television contract comes around...
“The Sonics will be coming back, I believe, as an expansion team and I think it will be coming back when the new TV contract is in full swing, which will be the ’15-’16 season,” he said. “It would fall in line with the framework of the MOU, so I’m optimistic.”
Chris Hansen's memorandum of understanding runs for five years... and the vote for moving was 22-8, which included Portland owner Paul Allen in the affirmative...
And, oh... the whole selling to SacTown thing...???
"There is no pressure on us... zero,” George Maloof said.
Here's KING-TV's early returns...
Chris Hansen said on his SonicsArena.com website, obviously, was disappointed, but he's not done:
While we are obviously extremely disappointed with today's relocation vote and truly believe we put forth both a significantly better offer and Arena plan, we do thank the league and the owners for their time and consideration and look forward to hearing back on our agreement to join the Maloofs as Limited Partners in the Kings.
But most of all I would like to thank everyone in Seattle who has been a part of our effort and supported our cause. Words simply can't express how much your support has meant to me personally and to our City. I truly believe we did everything possible to put our best foot forward in this process and you all should be proud and hold your heads high today.
Our day will come...and when it does it will just be that much sweeter for the struggle.
I love you Seattle!
And the SacTown version...
((HT: News10.net))
Mayor KJ says that negotiations will start in earnest around the clock. He thinks a deal could be done in the next two or three days- despite what George Maloof maintains above... Remember, the fans aren't big on the "backdoor" plan that the family had with the Hansen-Ballmer group...
So, we'll see just what direction this goes...
The HQ knows we're far from done...
And The Winner Is...Sacramento...Kings Are Staying...
((HT: News10.net/USAToday Sports))
After voting and going behind closed doors at the Hilton Anatole hotel in Dallas, the NBA relocation committee and owners have decided to stay in town with the future with the Sacramento Kings, according to USA Today Sports and their Twitter. The more interesting reaction will be from the Hansen-Ballmer group now as the league and its members move forward.
Will they pack up or will they stay in the fight to bring another team/expansion franchise to the Hansen-Ballmer project...???
There were some other ideas on the table going into their closed door sessions after 4:00 eastern time. Outgoing commissioner David Stern was animated in some talks, even removing his jacket while talking things out with Dallas Mavericks owner Mark Cuban, Lakers owner Jeanie Buss, and Wyc Grousbeck of the Boston Celtics in the hall outside the conference room assigned to the league.
Last week, the board's relocation committee voted unanimously, 7-0, to recommend not to approve the relocation of the SacKings to Seattle. The board of governors is expected to vote along the committee's recommendation. And the owners themselves need only a majority to keep the SacKings in town...
The vote for ownership changing is 60-percent approval...
Here's the early morning ideas from Sacramento...
On Tuesday, current owner George Maloof claimed if a minority share of the team was sold to the Chris Hansen-Steve Ballmer group in Seattle, the new partners would work in good faith to try to build a new arena in Sacramento. But, at the same time, a lot of people thought that idea was only a backdoor approach to get a team in Seattle. Hansen-Ballmer would, then, leverage their dollars and be in place if and when the current Sacramento arena idea/talks would not come to fruition. Maloof said Tuesday he has only met prospective SacKings Lead owner Vivek Ranadive once, and still hasn't talked to Sacramento ownership group that Mayor Kevin Johnson has assembled. "If it's only a matter of a few million, that's one thing," Maloof said to News 10. "But if the offers are far apart, it's a different story." Perhaps, that's another reason that Hansen-Ballmer raised their kitty as high as they did and put the whole amount in escrow immediately to show the NBA that they were serious- regardless of dollar figure. But there is a prevailing thought that the lack of interaction between the Hansen-Ballmer group and the league itself is a negative while the city of Sacramento has kept everyone abreast of the situation WITH league interaction... And the HQ knows just how much the league likes to have people jump through their hoops and not go rogue... More when we know more... 1800 UPDATE: Sources, including one owner, are telling the Sacramento Bee's Ailene Voisin and the Seattle Times Bob Condotta
After voting and going behind closed doors at the Hilton Anatole hotel in Dallas, the NBA relocation committee and owners have decided to stay in town with the future with the Sacramento Kings, according to USA Today Sports and their Twitter. The more interesting reaction will be from the Hansen-Ballmer group now as the league and its members move forward.
Will they pack up or will they stay in the fight to bring another team/expansion franchise to the Hansen-Ballmer project...???
There were some other ideas on the table going into their closed door sessions after 4:00 eastern time. Outgoing commissioner David Stern was animated in some talks, even removing his jacket while talking things out with Dallas Mavericks owner Mark Cuban, Lakers owner Jeanie Buss, and Wyc Grousbeck of the Boston Celtics in the hall outside the conference room assigned to the league.
Last week, the board's relocation committee voted unanimously, 7-0, to recommend not to approve the relocation of the SacKings to Seattle. The board of governors is expected to vote along the committee's recommendation. And the owners themselves need only a majority to keep the SacKings in town...
The vote for ownership changing is 60-percent approval...
Here's the early morning ideas from Sacramento...
On Tuesday, current owner George Maloof claimed if a minority share of the team was sold to the Chris Hansen-Steve Ballmer group in Seattle, the new partners would work in good faith to try to build a new arena in Sacramento. But, at the same time, a lot of people thought that idea was only a backdoor approach to get a team in Seattle. Hansen-Ballmer would, then, leverage their dollars and be in place if and when the current Sacramento arena idea/talks would not come to fruition. Maloof said Tuesday he has only met prospective SacKings Lead owner Vivek Ranadive once, and still hasn't talked to Sacramento ownership group that Mayor Kevin Johnson has assembled. "If it's only a matter of a few million, that's one thing," Maloof said to News 10. "But if the offers are far apart, it's a different story." Perhaps, that's another reason that Hansen-Ballmer raised their kitty as high as they did and put the whole amount in escrow immediately to show the NBA that they were serious- regardless of dollar figure. But there is a prevailing thought that the lack of interaction between the Hansen-Ballmer group and the league itself is a negative while the city of Sacramento has kept everyone abreast of the situation WITH league interaction... And the HQ knows just how much the league likes to have people jump through their hoops and not go rogue... More when we know more... 1800 UPDATE: Sources, including one owner, are telling the Sacramento Bee's Ailene Voisin and the Seattle Times Bob Condotta
Friday, May 10, 2013
And Now Chris Hansen Increases His Seattle Bid...
Chris Hansen, half of the wanna-be owners of the SacKings moving to Seattle to re-become the SuperSonics, has increased his total bid of the Sacramento Kings from $550 million to $625 million. Hansen also announced on his website, sonicsarena.com, that he has guaranteed other NBA owners that the new Seattle franchise would pay into revenue-sharing instead of taking moneys out.
Hansen hooked up with the Maloof brothers to buy the Sacramento Kings back in January. 65-percent of the team was offered up for US$525-million and the an additional 25 million dollars came across the table.
Now, it's an additional 75-million on top of that...
Hansen said on the website:
While we appreciate that this is a very difficult decision for the league and owners, we hope it is understood that we really believe the time is now to bring the NBA back to Seattle, and that it is paramount that we do everything we can to put Seattle’s best foot forward in this process.
All this ahead of the Wednesday vote to decide relocation... or not...
Here's KING-TV's coverage of the upping of the bid...
The HQ rubs its chin as to why Hansen did all this now...
//somethingtothinkabout
Hansen hooked up with the Maloof brothers to buy the Sacramento Kings back in January. 65-percent of the team was offered up for US$525-million and the an additional 25 million dollars came across the table.
Now, it's an additional 75-million on top of that...
Hansen said on the website:
While we appreciate that this is a very difficult decision for the league and owners, we hope it is understood that we really believe the time is now to bring the NBA back to Seattle, and that it is paramount that we do everything we can to put Seattle’s best foot forward in this process.
All this ahead of the Wednesday vote to decide relocation... or not...
Here's KING-TV's coverage of the upping of the bid...
The HQ rubs its chin as to why Hansen did all this now...
//somethingtothinkabout
Tuesday, May 7, 2013
SacTown Group Would Forego Revenue Sharing If Kings Stay
((HT: News10.net))
Here's a twist for you... giving up money to keep a team in town...
That's what Vivek Ranadive, one of the lead owners in the proposed Sacramento Kings group that would keep the team in town, is saying they'll do if the Kings get to stay.
The group will turn down revenue sharing dollars from the larger-market groups in exchange for the team's staying- a huge concession...to the tune of $15-million or more... as much as $18-million this season alone.
The idea currently under discussion is that while the Kings play at their current arena, the new owners would take less and less. But when the team moves into their new arena, the revenue sharing moneys would go away completely.
From the Sacramento Bee article with Dale Kasler and Tony Bizjak: The Ranadive group's refusal to take revenue-sharing money is "a bold position on their part," said Irwin Raij, a sports attorney in New York. He said he isn't aware of a team in any pro sports league that has rejected revenue sharing. "They are without a doubt sending a message to everyone (about) their supreme confidence in the market," said Raij, who served on Sacramento's arena task force in 2009. Larry Coon, a University of California, Irvine, economist and expert on the business of the NBA, said the pledge weakens Hansen and Ballmer's case. "It would directly counter one of the main incentives for having a team in Seattle," he said.
Bold... sure...
Folly...??? Maybe, by the time this whole thing is done...
Construction schedules and environmental impacts are set to be discussed over the summer- so construction can, optimistically, begin...
Here's a twist for you... giving up money to keep a team in town...
That's what Vivek Ranadive, one of the lead owners in the proposed Sacramento Kings group that would keep the team in town, is saying they'll do if the Kings get to stay.
The group will turn down revenue sharing dollars from the larger-market groups in exchange for the team's staying- a huge concession...to the tune of $15-million or more... as much as $18-million this season alone.
The idea currently under discussion is that while the Kings play at their current arena, the new owners would take less and less. But when the team moves into their new arena, the revenue sharing moneys would go away completely.
From the Sacramento Bee article with Dale Kasler and Tony Bizjak: The Ranadive group's refusal to take revenue-sharing money is "a bold position on their part," said Irwin Raij, a sports attorney in New York. He said he isn't aware of a team in any pro sports league that has rejected revenue sharing. "They are without a doubt sending a message to everyone (about) their supreme confidence in the market," said Raij, who served on Sacramento's arena task force in 2009. Larry Coon, a University of California, Irvine, economist and expert on the business of the NBA, said the pledge weakens Hansen and Ballmer's case. "It would directly counter one of the main incentives for having a team in Seattle," he said.
Bold... sure...
Folly...??? Maybe, by the time this whole thing is done...
Construction schedules and environmental impacts are set to be discussed over the summer- so construction can, optimistically, begin...
Tuesday, April 30, 2013
DEVELOPING: Chris Hansen Comments, Not Giving Up...
((HT: Sonicsarena.com))
The morning after for some gives them the chance to bask in the glow of what happened the night before- and for others, it gives them the chance to do the walk of shame...
Chris Hansen, the man who wants to spearhead the return of basketball (and other sports) to Seattle came out with this statement last night after the NBA Relocation Committee recommended the SacKings stay the SacKings...
While we are disappointed with the relocation committee’s recommendation, we just wanted to let you all know that we remain fully committed to seeing this transaction through. As you are all well aware, we have a binding transaction to purchase the Kings for what would be a record price for an NBA franchise, have one of the best ownership groups ever assembled to purchase a professional sports team in the US, have clearly demonstrated that we have a much more solid Arena plan, have offered a much higher price than the yet to be finalized Sacramento Group, and have placed all of the funds to close the transaction into escrow. As such, we plan to unequivocally state our case for both relocation and our plan to move forward with the transaction to the league and owners at the upcoming Board of Governor’s Meeting in Mid-May.
When we started this process everyone thought it was impossible. While this represents yet another obstacle to achieving our goal, I just wanted to reassure all of you that we have numerous options at our disposal and have absolutely no plans to give up. Impossible is nothing but a state of mind.
Reaction in SacTown was what was expected:
"It is not over yet," Mayor KJ told everyone in Sacramento last night. "I feel like we have won a round in the playoffs. … There is still work to be done. We do not want to dance in the end zone."
Commissioner David Stern told NBA TV at the Hawks-Pacers game last night that he was surprised the vote was unanimous, but also said, "They decided as strong as the Seattle bid was, and it was very strong, there's some benefit that should be given to a city that has supported us for so long and has stepped up to contribute to build a new building as well."
Here's KIRO-TV's coverage:
The board will convene during the week of May 13th to vote on whether the team should move.
The Seattle group needs 23 of 30 owners' votes to get control of the team. The league could respond then, or more likely, they'll delay the decision even further.
The morning after for some gives them the chance to bask in the glow of what happened the night before- and for others, it gives them the chance to do the walk of shame...
Chris Hansen, the man who wants to spearhead the return of basketball (and other sports) to Seattle came out with this statement last night after the NBA Relocation Committee recommended the SacKings stay the SacKings...
While we are disappointed with the relocation committee’s recommendation, we just wanted to let you all know that we remain fully committed to seeing this transaction through. As you are all well aware, we have a binding transaction to purchase the Kings for what would be a record price for an NBA franchise, have one of the best ownership groups ever assembled to purchase a professional sports team in the US, have clearly demonstrated that we have a much more solid Arena plan, have offered a much higher price than the yet to be finalized Sacramento Group, and have placed all of the funds to close the transaction into escrow. As such, we plan to unequivocally state our case for both relocation and our plan to move forward with the transaction to the league and owners at the upcoming Board of Governor’s Meeting in Mid-May.
When we started this process everyone thought it was impossible. While this represents yet another obstacle to achieving our goal, I just wanted to reassure all of you that we have numerous options at our disposal and have absolutely no plans to give up. Impossible is nothing but a state of mind.
Reaction in SacTown was what was expected:
"It is not over yet," Mayor KJ told everyone in Sacramento last night. "I feel like we have won a round in the playoffs. … There is still work to be done. We do not want to dance in the end zone."
Commissioner David Stern told NBA TV at the Hawks-Pacers game last night that he was surprised the vote was unanimous, but also said, "They decided as strong as the Seattle bid was, and it was very strong, there's some benefit that should be given to a city that has supported us for so long and has stepped up to contribute to build a new building as well."
Here's KIRO-TV's coverage:
The board will convene during the week of May 13th to vote on whether the team should move.
The Seattle group needs 23 of 30 owners' votes to get control of the team. The league could respond then, or more likely, they'll delay the decision even further.
Monday, April 29, 2013
Chris Hansen Is Pissed... NBA Recommends SacKings Stay
 |
| New Arena Drawing/Ctsy: City of Sacramento |
However, according to an Associated Press report--the decision does not obligate the Maloof brothers, who own the team to sell to Sacramento owners. But it does set some barriers for them to sell to an outside group to move the team out of town. It also essentially ends the bid of Chris Hansen who had made a $550 million offer for a majority stake in the team
Sacramento Mayor Kevin Johnson spearheaded a last ditch effort to find a potential ownership group to buy the team and commit to a new arena in the city. That group is headed by software magnate Vivek Ranadave, a current minority owner of the Golden State Warriors, 24 Hour Fitness founder Mark Mastrov, a former Facebook executive and the family that is the primary stakeholders in Qualcomm.
For their part, the Maloof's have not at this point issued a comment on the decision. As for Mr. Hansen and the Seattle bid, there is no early indication what their options are. At the time this story was written, he's yet to offer comment. The potential does exist for them to sue based on the fact that had an agreement in principal with the Maloof's, it just depends a bit on how binding that agreement is/was, the wording of it and if it's worth pursuing.
It remains to be seen if the financially taxed people in and around Sacramento are able to fully pull this off. But it appears the decision today has paved the way for them to keep their NBA team. To steal a silly cliche', the ball is in their court.
Here's how News 10 hit the decision...
((HT: News10.net))
And here's Seattle mayor Mike McGinn discussing his city's obvious reaction... ((HT: KING5 TV Seattle))
Friday, April 19, 2013
Maloof Brothers Prefer Seattle Bid
((HT: Sacramento Bee))
The Maloof brothers are making it known that, as the NBA Board of Governors and Relocation Committee decides the Sacramento Kings fate, "sources" close to their plight are claiming that they like the Hansen-Ballmer bid better than the Sacramento bid led by Rivek Vanadive and endorsed by mayor Kevin Johnson.
"The Maloofs have a binding agreement with the Seattle group and would prefer that that agreement be approved by the league," a source told some combination of Lilis, Bizjak, and Kasler for this piece.
From the article:
Yet a source close to the situation told The Bee on Wednesday that Sacramento's counteroffer calls on the Maloofs to scrap the Hansen deal before it comes to a vote.
Another possible sticking point is that Sacramento's bid isn't a binding offer, according to this source.
A legal expert, Michael McCann of NBA TV, said it would be difficult for the Sacramento group to submit a binding offer as long as the Maloofs have a contract with Seattle's investors.
"Legally, you can't have two contracts at one time when they have contradictory outcomes," McCann said.
And while the NBA sat in a room and talked it out, the timetable for a decision will be a while...
Here's the commish discussing it...
((HT: News10.net))
The Maloof brothers are making it known that, as the NBA Board of Governors and Relocation Committee decides the Sacramento Kings fate, "sources" close to their plight are claiming that they like the Hansen-Ballmer bid better than the Sacramento bid led by Rivek Vanadive and endorsed by mayor Kevin Johnson.
"The Maloofs have a binding agreement with the Seattle group and would prefer that that agreement be approved by the league," a source told some combination of Lilis, Bizjak, and Kasler for this piece.
From the article:
Yet a source close to the situation told The Bee on Wednesday that Sacramento's counteroffer calls on the Maloofs to scrap the Hansen deal before it comes to a vote.
Another possible sticking point is that Sacramento's bid isn't a binding offer, according to this source.
A legal expert, Michael McCann of NBA TV, said it would be difficult for the Sacramento group to submit a binding offer as long as the Maloofs have a contract with Seattle's investors.
"Legally, you can't have two contracts at one time when they have contradictory outcomes," McCann said.
And while the NBA sat in a room and talked it out, the timetable for a decision will be a while...
Here's the commish discussing it...
((HT: News10.net))
Thursday, April 18, 2013
DEVELOPING: SacKings Decision A Few Weeks Out
((HT: News10.net))
They're in New York City awaiting the decision of the Relocation Committee to figure out whether or not the Sacramento Kings are staying or moving to Seattle...
Here's proof...
Sports Business Daily is reporting that the NBA has asked the Sacramento group to reimburse the Seattle group for their $30 million nonrefundable deposit if the Relocation Committee votes in favor of the home town group. The 5PM Friday deadline set by the Maloof family was now, according to USA Today, "deliberately missed" by the Sacramento group. And the Sacramento group also will not put in a bid for Bob Cook's 7-percent minority stake that is currently held up in bankruptcy proceedings. The Hansen-Ballmer group put in a bid for those shares that could raise their stake to 72-percent of the Kings assets.
They're in New York City awaiting the decision of the Relocation Committee to figure out whether or not the Sacramento Kings are staying or moving to Seattle...
Here's proof...
Sports Business Daily is reporting that the NBA has asked the Sacramento group to reimburse the Seattle group for their $30 million nonrefundable deposit if the Relocation Committee votes in favor of the home town group. The 5PM Friday deadline set by the Maloof family was now, according to USA Today, "deliberately missed" by the Sacramento group. And the Sacramento group also will not put in a bid for Bob Cook's 7-percent minority stake that is currently held up in bankruptcy proceedings. The Hansen-Ballmer group put in a bid for those shares that could raise their stake to 72-percent of the Kings assets.
Tuesday, April 9, 2013
Burkle Out Of Sac Kings Bid, Mayor KJ Not Worried...
((HT: News10.net))
It ends up as a conflict of interest...
Ron Burkle was taking the lead on the $448-million arena development bid to keep the Sacramento Kings in town and not have them moving to Seattle.
But Burkle is part-owner in Relativity Sports, which manages some NBA players' careers...
This means that Vivek Ranadive and Mark Mastrov will now take the lead in the bid. A report last week coming out of San Diego has the Jacobs family (the Qualcomm folks) taking on a more substantial role in the process. Mayor KJ has also said that local developer Mark Friedman, part developer of the new project, is jumping in on the ownership side.
But, as just an FYI, Ranadive would have to divest himself of his stake in the Golden State Warriors if the Sac Kings stay in SacTown...
Here's the rundown on the Burkle removal...and the lack of current concern from Mayor KJ...
It ends up as a conflict of interest...
Ron Burkle was taking the lead on the $448-million arena development bid to keep the Sacramento Kings in town and not have them moving to Seattle.
But Burkle is part-owner in Relativity Sports, which manages some NBA players' careers...
This means that Vivek Ranadive and Mark Mastrov will now take the lead in the bid. A report last week coming out of San Diego has the Jacobs family (the Qualcomm folks) taking on a more substantial role in the process. Mayor KJ has also said that local developer Mark Friedman, part developer of the new project, is jumping in on the ownership side.
But, as just an FYI, Ranadive would have to divest himself of his stake in the Golden State Warriors if the Sac Kings stay in SacTown...
Here's the rundown on the Burkle removal...and the lack of current concern from Mayor KJ...
Wednesday, April 3, 2013
Sacramento And Seattle Square Off For Kings
((HT: News10.net Sacramento))
It's time for the square off in New York City to determine the future of the Sacramento Kings...
Both city groups, the Sacramento Kings led by Mayor KJ, along with the Seattle group of Hansen-Ballmer are getting their time in front of the Commissioner and the Relocation Committee...
Johnson outlined the city's plan to build the new arena complex...
Seattle's group included the mayor and the ownership group...
The Board of Governors meet in two weeks and can block the Maloof's from selling to Hansen-Ballmer. They cannot, however, force them to sell to the Sacramento group. If the NBA blocks the sale to Hansen-Ballmer, the Maloofs can hold onto the Kings, look for another ownership as a buyer, or sell the team to the Sacramento ownership group.
Here's the Sacramento version...
Commissioner David Stern said the stereotypic things he would say: "Both sides made -- in my view -- very, very strong presentations." Stern also intimated that the final decision might not happen at the Board of Governors meeting. However, he did say that expansion is not an option for Seattle. Which means that the number of franchises is solid now and won't change- only locations... And here's Chris Hansen with his optimism... ((HT: KING5 Seattle))
It's time for the square off in New York City to determine the future of the Sacramento Kings...
Both city groups, the Sacramento Kings led by Mayor KJ, along with the Seattle group of Hansen-Ballmer are getting their time in front of the Commissioner and the Relocation Committee...
Johnson outlined the city's plan to build the new arena complex...
Seattle's group included the mayor and the ownership group...
The Board of Governors meet in two weeks and can block the Maloof's from selling to Hansen-Ballmer. They cannot, however, force them to sell to the Sacramento group. If the NBA blocks the sale to Hansen-Ballmer, the Maloofs can hold onto the Kings, look for another ownership as a buyer, or sell the team to the Sacramento ownership group.
Here's the Sacramento version...
Commissioner David Stern said the stereotypic things he would say: "Both sides made -- in my view -- very, very strong presentations." Stern also intimated that the final decision might not happen at the Board of Governors meeting. However, he did say that expansion is not an option for Seattle. Which means that the number of franchises is solid now and won't change- only locations... And here's Chris Hansen with his optimism... ((HT: KING5 Seattle))
Wednesday, March 27, 2013
SacTown Update: Kings Minority Owner Agrees On Sale To Hansen
Bankruptcy lawyers for Sacramento Kings minority owner Bob Cook have agreed to sell his 7 percent stake to Chris Hansen, the investor behind Seattle's effort to buy the franchise, according to News 10 in Sacramento.
The $15.1 million price would give the Seattle group a total of 72 percent. The Maloof brothers, majority owners of the Kings, have previously agreed to sell their 65 percent stake for $525 million pending NBA approval.
Sacramento Mayor Kevin Johnson says other minority owners of the Kings will submit an offer for Cook's stake in the next few days.
There is a "no shop" provision on the Cook-Hansen deal, meaning there can be no other negotiations for the 7 percent pending the bankruptcy judge's ruling. The trustee for Cook's holdings is looking for an April 15-16 hearing date. The NBA Board of Directors meeting where owners will vote on whether the Kings will stay or go is set for a few days later...
The Sacramento and Seattle investor groups make their pitches to the NBA Relocation Committee on April 3rd.
On Tuesday, the Sacramento City Council approved the term sheet for the new arena which is key to any movement keeping the Kings in town...
((HT: News10.net))
News 10 later caught up with a locally-optimistic Cook at Sleep Train to discuss the proposed sale...
The $15.1 million price would give the Seattle group a total of 72 percent. The Maloof brothers, majority owners of the Kings, have previously agreed to sell their 65 percent stake for $525 million pending NBA approval.
Sacramento Mayor Kevin Johnson says other minority owners of the Kings will submit an offer for Cook's stake in the next few days.
There is a "no shop" provision on the Cook-Hansen deal, meaning there can be no other negotiations for the 7 percent pending the bankruptcy judge's ruling. The trustee for Cook's holdings is looking for an April 15-16 hearing date. The NBA Board of Directors meeting where owners will vote on whether the Kings will stay or go is set for a few days later...
The Sacramento and Seattle investor groups make their pitches to the NBA Relocation Committee on April 3rd.
On Tuesday, the Sacramento City Council approved the term sheet for the new arena which is key to any movement keeping the Kings in town...
((HT: News10.net))
News 10 later caught up with a locally-optimistic Cook at Sleep Train to discuss the proposed sale...
Friday, March 1, 2013
It's Official: Sac-Town Makes Local Bid
((HT: News10.net))
So, it is the Mastrov-Burkle angle...
Mayor KJ has brought out some 24-Hour Fitness and the Pittsburgh Penguins owners to try and make the bid of keeping the Sacramento Kings in town as serious as possible.
While it is regarded widely that Mark Mastrov doesn't have the financing to do the team and the arena by himself, Ron Burkle has been tapped to be the guy in charge of the arena in its new incarnation when it's built.
Mastrov and the other 19 individuals who are part of the "Play To Win" campaign sent their counter-offer to the NBA's relocation committee and the Maloof brothers.
"My understanding is it will be a full and competitive bid," Johnson said.
April 18 and 19 are the dates that the NBA owners will vote on Sacramento's and Seattle's offers.
Here's the local angle on the group trying to keep the team in town...
So, it is the Mastrov-Burkle angle...
Mayor KJ has brought out some 24-Hour Fitness and the Pittsburgh Penguins owners to try and make the bid of keeping the Sacramento Kings in town as serious as possible.
While it is regarded widely that Mark Mastrov doesn't have the financing to do the team and the arena by himself, Ron Burkle has been tapped to be the guy in charge of the arena in its new incarnation when it's built.
Mastrov and the other 19 individuals who are part of the "Play To Win" campaign sent their counter-offer to the NBA's relocation committee and the Maloof brothers.
"My understanding is it will be a full and competitive bid," Johnson said.
April 18 and 19 are the dates that the NBA owners will vote on Sacramento's and Seattle's offers.
Here's the local angle on the group trying to keep the team in town...
Wednesday, February 27, 2013
Sac-Town... Too Little, Too Late On New Arena...???
((HT: News10.net))
The Sacramento City Council approved the vote to continue/start/re-start negotiations to build a new arena and they had to do it just to even keep the wheels moving...
It was the last time, physically, that the city council could make a decision before Sacramento's counter-offer is due to the NBA on March 1. Mayor Kevin Johnson have to be able to tell the NBA their counter-offer is to purchase the Sacramento Kings as well as build a new facility.
Outgoing and "out-going" Commissioner David Stern has told Sac-Town that they can't keep the Kings without a new arena to replace aging Arco Arena...
Here's team coverage of too little, too late...
Mayor KJ has told everyone willing to listen that billionaire Ron Burkle and local millionaire Mark Mastrov lead the local group trying to keep the Kings in town. Burkle currently owns the NHL's Pittsburgh Penguins, and Mastrov earned his fortune after starting and then selling 24-Hour Fitness.
The Sacramento City Council approved the vote to continue/start/re-start negotiations to build a new arena and they had to do it just to even keep the wheels moving...
It was the last time, physically, that the city council could make a decision before Sacramento's counter-offer is due to the NBA on March 1. Mayor Kevin Johnson have to be able to tell the NBA their counter-offer is to purchase the Sacramento Kings as well as build a new facility.
Outgoing and "out-going" Commissioner David Stern has told Sac-Town that they can't keep the Kings without a new arena to replace aging Arco Arena...
Here's team coverage of too little, too late...
Mayor KJ has told everyone willing to listen that billionaire Ron Burkle and local millionaire Mark Mastrov lead the local group trying to keep the Kings in town. Burkle currently owns the NHL's Pittsburgh Penguins, and Mastrov earned his fortune after starting and then selling 24-Hour Fitness.
Tuesday, January 22, 2013
KJ Is Trying In Sac-Town, Lawd He's Trying...
((HT: News10.net))
While the HQ applauds Sacramento mayor Kevin Johnson for his efforts to try and keep the NBA Kings in town, the efforts seem to be coming up a little short in the funds department...
Okay, a "lot short..."
The Maloof brothers have a deal in principle with Seattle hedge fund guy Chris Hansen to pick up the Kings and move them to Hansen's town for a mid-nine figure total.
KJ held a press conference today outlining his attempt to keep the hoops team around... and he introduced civic leaders who are bringing US$19-million to the table.
Please stifle your laughter... he's trying...
Here's some of his presser...
A lot of people, the HQ is sure, were looking forward to hearing about the financial backing the town has from the locals, but KJ admitted that he hopes to make the info public by the end of the week.
But the lack of an arena deal- an idea turned down by the Maloofs last year...
The main sponsorship of Arco now by a mattress company...
And the general disinterest of the current owners to stay...
All are making Mayor Johnson's future audience with NBA Commish David Stern a hard sell- even as Stern himself has washed his hands of the whole thing...
It ain't looking good for a one horse town that can't support their lone horse in the race...
More when we know more...
While the HQ applauds Sacramento mayor Kevin Johnson for his efforts to try and keep the NBA Kings in town, the efforts seem to be coming up a little short in the funds department...
Okay, a "lot short..."
The Maloof brothers have a deal in principle with Seattle hedge fund guy Chris Hansen to pick up the Kings and move them to Hansen's town for a mid-nine figure total.
KJ held a press conference today outlining his attempt to keep the hoops team around... and he introduced civic leaders who are bringing US$19-million to the table.
Please stifle your laughter... he's trying...
Here's some of his presser...
A lot of people, the HQ is sure, were looking forward to hearing about the financial backing the town has from the locals, but KJ admitted that he hopes to make the info public by the end of the week.
But the lack of an arena deal- an idea turned down by the Maloofs last year...
The main sponsorship of Arco now by a mattress company...
And the general disinterest of the current owners to stay...
All are making Mayor Johnson's future audience with NBA Commish David Stern a hard sell- even as Stern himself has washed his hands of the whole thing...
It ain't looking good for a one horse town that can't support their lone horse in the race...
More when we know more...
Tuesday, January 15, 2013
Mayor KJ Gets Meeting With NBA Board of Governors Over Sac Kings
For the second year in a row...
Kevin Johnson had to do this last year to keep the Sacramento Kings from going to Anaheim and be owned by the Samueli family. Now, he's having to defend his town and arena against the Maloof brothers desire to take the Kings north to Seattle.
This morning, at the State of Downtown Breakfast, Johnson admitted that he's in a "six-week sprint" to keep the team around and not have them move and leave the only downtown arena devoid of a client.
The league deadline for relocation for any franchise is March 1...
Here's the breakfast...
((HT: KOVR-TV/CBS Sacramento))
Remember, the brokered deal between the city and the Maloofs – negotiated by Stern and league lawyers – fell apart last year. So, all three sides are on borrowed time.
The price tag, right now, for the Kings is in the $500 million to $525 million range, and Johnson said the Maloofs would still have to repay a $77 million loan to the city and other lenders if they leave.
Kevin Johnson had to do this last year to keep the Sacramento Kings from going to Anaheim and be owned by the Samueli family. Now, he's having to defend his town and arena against the Maloof brothers desire to take the Kings north to Seattle.
This morning, at the State of Downtown Breakfast, Johnson admitted that he's in a "six-week sprint" to keep the team around and not have them move and leave the only downtown arena devoid of a client.
The league deadline for relocation for any franchise is March 1...
Here's the breakfast...
((HT: KOVR-TV/CBS Sacramento))
Remember, the brokered deal between the city and the Maloofs – negotiated by Stern and league lawyers – fell apart last year. So, all three sides are on borrowed time.
The price tag, right now, for the Kings is in the $500 million to $525 million range, and Johnson said the Maloofs would still have to repay a $77 million loan to the city and other lenders if they leave.
Saturday, January 12, 2013
Not So Fast: New Potential Buyers Could Keep Kings in Sac Town
((ht: sacramentobee.com))
Well, it appears that reports of the Sacramento Kings leaving for Seattle could possibly be a bit premature.
You'll recall that earlier this week, reports leaked out the a group led by Hedge Fund Manager Chris Hansen and Microsoft's Steve Ballmer were about to close a deal to relocate the team.
Well, late on Friday, the man behind the 24-Hour Fitness chain had put together investors to keep the team in Sacramento.
Confused? Yeah, so are we.
Read the full story from the Sacramento Bee RIGHT HERE
The Maloof family has been looking to unload the Kings for a couple of years and was close to moving them to Anaheim last year. And reports have begin surfacing that while they are willing to sell to Hansen's group, they want to keep a small stake and stay involved with the team.
The other part of the debate here is the arena. And really, it's the driving force in all of this. The Maloof's have wanted a new arena for several years, but the city and mayor Kevin Johnson (yes, the former NBA player) have not been able to come up with the funding for it.
And to be totally honest, they shouldn't have to pay hundreds of millions to supplement owners worth hundreds of millions, but that's how pro sports work.
Anyway, Mark Mastrov, the 24-Hour guy, wants to keep the team in Sacramento and try to figure out a way to get a new arena funded.
Oh, and did we add, the founder of the Sleep Train Matress centers, Dale Carsen has expressed an interest. As has grocery store magnate Ron Burkle.
Yeah, this is shaping up to be a mess. And it will probably take the league stepping in to try and clear it up. Whether or not the team leaves may almost be irrelevant. It appears we are about to be treated to a geeky, billionaire version of Clash of the Titans....
In honor of the movie of the same name, we give you the ORIGINAL TRAILER:
Well, it appears that reports of the Sacramento Kings leaving for Seattle could possibly be a bit premature.
You'll recall that earlier this week, reports leaked out the a group led by Hedge Fund Manager Chris Hansen and Microsoft's Steve Ballmer were about to close a deal to relocate the team.
Well, late on Friday, the man behind the 24-Hour Fitness chain had put together investors to keep the team in Sacramento.
Confused? Yeah, so are we.
Read the full story from the Sacramento Bee RIGHT HERE
The Maloof family has been looking to unload the Kings for a couple of years and was close to moving them to Anaheim last year. And reports have begin surfacing that while they are willing to sell to Hansen's group, they want to keep a small stake and stay involved with the team.
The other part of the debate here is the arena. And really, it's the driving force in all of this. The Maloof's have wanted a new arena for several years, but the city and mayor Kevin Johnson (yes, the former NBA player) have not been able to come up with the funding for it.
And to be totally honest, they shouldn't have to pay hundreds of millions to supplement owners worth hundreds of millions, but that's how pro sports work.
Anyway, Mark Mastrov, the 24-Hour guy, wants to keep the team in Sacramento and try to figure out a way to get a new arena funded.
Oh, and did we add, the founder of the Sleep Train Matress centers, Dale Carsen has expressed an interest. As has grocery store magnate Ron Burkle.
Yeah, this is shaping up to be a mess. And it will probably take the league stepping in to try and clear it up. Whether or not the team leaves may almost be irrelevant. It appears we are about to be treated to a geeky, billionaire version of Clash of the Titans....
In honor of the movie of the same name, we give you the ORIGINAL TRAILER:
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