((HT: News10.net))
You gotta give the folks in Sacramento credit...
With the team staying in town (for now, anyway), the team has released their ideas for the new arena project and what it is hoping to look like in downtown...
Like this...
"When we bought the Sacramento Kings, we committed to the NBA and to the people of Sacramento that we wouldn't just build a new arena, but that we'd build a world-class entertainment venue, an arena truly for the 21st century," Kings owner Vivek Ranadive said in the press release that the HQ expected. "Today is another major step forward in that effort."
The project is looking at a pricetag of (close to) $450-million with subsidies of, about, 55-percent of the cost...
Here's the slo-mo rotating of the anticipated fanciness...
((HT: Sacramento Kings))
Showing posts with label Kevin Johnson. Show all posts
Showing posts with label Kevin Johnson. Show all posts
Wednesday, January 29, 2014
Tuesday, May 28, 2013
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))
Friday, May 17, 2013
DEVELOPING: Maloofs Sell Kings To SacTown Group, Announcement Friday
((HT: Chris Daniels/KING5))
From Daniels and his twitter feed...
Two sources now confirming sale of #NBAKings by Maloofs to @Vivek group.
And all this a day after George Maloof said he was under no pressure to sell the Sacramento Kings franchise to the Ranadive-led group, and at the same time, Sacramento Mayor Kevin Johnson was under the impression that the two groups would be negotiating a sale over a 24-to-48 hour period...
Looks like they were...
RT @sam_amick: NBA Commissioner David Stern says on Kings: "Yes, I think, I think the agreement was signed today..."
All this as Seattle fans hold the outgoing commish responsible for their not getting the Kings this time around...
Amick reports the value of the sale at the US$535-million figure. Mayor KJ tweeted: "The ownership group, the city, and the community have shown the NBA, without any shred of doubt, that the Sacramento Kings belong in Sac"
The NBA is expected to officially approve the agreement next week. The agreement has to be closed by May 31. The official announcement and details of the deal are expected Friday.
From Daniels and his twitter feed...
Two sources now confirming sale of #NBAKings by Maloofs to @Vivek group.
And all this a day after George Maloof said he was under no pressure to sell the Sacramento Kings franchise to the Ranadive-led group, and at the same time, Sacramento Mayor Kevin Johnson was under the impression that the two groups would be negotiating a sale over a 24-to-48 hour period...
Looks like they were...
RT @sam_amick: NBA Commissioner David Stern says on Kings: "Yes, I think, I think the agreement was signed today..."
All this as Seattle fans hold the outgoing commish responsible for their not getting the Kings this time around...
Amick reports the value of the sale at the US$535-million figure. Mayor KJ tweeted: "The ownership group, the city, and the community have shown the NBA, without any shred of doubt, that the Sacramento Kings belong in Sac"
The NBA is expected to officially approve the agreement next week. The agreement has to be closed by May 31. The official announcement and details of the deal are expected Friday.
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))
Saturday, April 13, 2013
Seattle Raises Kings Purchase Price By $25M, Last Lawsuit Dismissed
And the poker continues...
With the Hansen/Ballmer group, seemingly, not flinching over the idea of wanting to bring pro hoops back to Seattle...
Hansen has announced the decision to raise their wanting price to $550-million. In a statement on his website, Sonicsarena.com, Hansen says the group raised the purchase price as a "sign of our commitment to bring basketball back to our city."
Paragraph Two sayeth quote:
While we already have a binding purchase agreement to purchase the controlling interest in the team, the Seattle Ownership Group has elected to voluntarily raise its purchase price as a sign of our commitment to bring basketball back to our City and our high degree of confidence in our Arena plan, our financing plan, the economic strength of the Seattle market, individual and corporate support for the team and, most importantly, the future of the NBA.
Translation: We think we can outspend the city of Sacramento to bring basketball back to Seattle...
Hansen's group has an agreement with the Maloof family dating back to January. The city of Sacramento, and Mayor Kevin Johnson, have come to the table more than once trying to put together a group that would keep the Kings at their current home- trying to match the Seattle group and Maloof's asking price.
The NBA Board of Governors meets next week to vote on a sale and possible relocation.
The Maloofs had given the city of Sacramento by the end of business Friday to come up with a binding piece of paper to say they're serious in keeping the team in town. Until then, the city had given the Maloofs their word on their desires...
The HQ thinks the refiling by Hansen had nothing to do with the deadline...
Hashtag sarcasm...
Meanwhile, a Seattle judge has dismissed the last stumbling block to getting the new intown arena built...
Here's Chris Daniels...
((HT: KING-TV))
With the Hansen/Ballmer group, seemingly, not flinching over the idea of wanting to bring pro hoops back to Seattle...
Hansen has announced the decision to raise their wanting price to $550-million. In a statement on his website, Sonicsarena.com, Hansen says the group raised the purchase price as a "sign of our commitment to bring basketball back to our city."
Paragraph Two sayeth quote:
While we already have a binding purchase agreement to purchase the controlling interest in the team, the Seattle Ownership Group has elected to voluntarily raise its purchase price as a sign of our commitment to bring basketball back to our City and our high degree of confidence in our Arena plan, our financing plan, the economic strength of the Seattle market, individual and corporate support for the team and, most importantly, the future of the NBA.
Translation: We think we can outspend the city of Sacramento to bring basketball back to Seattle...
Hansen's group has an agreement with the Maloof family dating back to January. The city of Sacramento, and Mayor Kevin Johnson, have come to the table more than once trying to put together a group that would keep the Kings at their current home- trying to match the Seattle group and Maloof's asking price.
The NBA Board of Governors meets next week to vote on a sale and possible relocation.
The Maloofs had given the city of Sacramento by the end of business Friday to come up with a binding piece of paper to say they're serious in keeping the team in town. Until then, the city had given the Maloofs their word on their desires...
The HQ thinks the refiling by Hansen had nothing to do with the deadline...
Hashtag sarcasm...
Meanwhile, a Seattle judge has dismissed the last stumbling block to getting the new intown arena built...
Here's Chris Daniels...
((HT: KING-TV))
Wednesday, April 10, 2013
DEVELOPING: Maloofs Set Friday Deadline For SacTown Bid
((HT: News 10))
According to News 10 in Sacramento, the Maloof brothers/family has given their deadline to the city of Sacramento for something in writing for the bid to keep the NBA Kings in town. To this point, the pledges have been just that... and the city has until close of business Friday to give the Maloofs the paperwork with a written offer.
The group that wants to move the team to Seattle- the Hansen/Ballmer group- has offered the Maloofs $525 million for their 65 percent stake in the team. There is also a bid for a 7-percent stake in one of the minority owner's shares that is currently held in bankruptcy proceedings...
Here was the Seattle point of view when Ron Burkle pulled out- much to the meh of Mayor Kevin Johnson of Sacramento...
The Sacramento Bee has three reporters on the case: From the Bizjak, Lillis, and Kasler piece... The source told the Bee that if the Maloofs receive a matching offer by Friday, they will consider it as a serious back-up proposal should the NBA nullify their tentative deal with Seattle. If the offer doesn't arrive, or doesn't match the Seattle bid, the Maloofs have said any talks are off with the Sacramento group. The source declined further comment about who issued the ultimatum, when, or why.
According to News 10 in Sacramento, the Maloof brothers/family has given their deadline to the city of Sacramento for something in writing for the bid to keep the NBA Kings in town. To this point, the pledges have been just that... and the city has until close of business Friday to give the Maloofs the paperwork with a written offer.
The group that wants to move the team to Seattle- the Hansen/Ballmer group- has offered the Maloofs $525 million for their 65 percent stake in the team. There is also a bid for a 7-percent stake in one of the minority owner's shares that is currently held in bankruptcy proceedings...
Here was the Seattle point of view when Ron Burkle pulled out- much to the meh of Mayor Kevin Johnson of Sacramento...
The Sacramento Bee has three reporters on the case: From the Bizjak, Lillis, and Kasler piece... The source told the Bee that if the Maloofs receive a matching offer by Friday, they will consider it as a serious back-up proposal should the NBA nullify their tentative deal with Seattle. If the offer doesn't arrive, or doesn't match the Seattle bid, the Maloofs have said any talks are off with the Sacramento group. The source declined further comment about who issued the ultimatum, when, or why.
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...
Friday, March 29, 2013
SacTown Mayor KJ Still Optimistic
((HT: News 10/Sacramento))
SacTown Mayor Kevin Johnson introduced his big guns to keep the Kings in town- Ron Burkle and Mark Mastrov we knew about. Then, he added Vivek Ranadive and Steve Jacobs. Johnson later announced this week that he has received $50 million in corporate sponsorships from an estimated 25 local companies over the next five years to support the arena and franchise...
Sounded good for Sacramento...
But...
Seattle part-interested owner Steve Ballmer bid $15 million earlier this week for minority owner Bob Cook's 7 percent ownership shares in the Kings that are in bankruptcy. That would raise the share of Seattle's interest to 72-percent. But, the Kings' other minority owners have 15 days to match the offer of $15.1-million.
Any of the team's other four minority owners has the right to match that bid in the next 15 days. If one matches the bid, he has priority to buy the shares.
Looks like Mayor KJ has a lot to deal with these days... and that's how he'd like it...
Here's an extended interview on all these updates... it's raw video, so it won't have the expected clean editing...
SacTown Mayor Kevin Johnson introduced his big guns to keep the Kings in town- Ron Burkle and Mark Mastrov we knew about. Then, he added Vivek Ranadive and Steve Jacobs. Johnson later announced this week that he has received $50 million in corporate sponsorships from an estimated 25 local companies over the next five years to support the arena and franchise...
Sounded good for Sacramento...
But...
Seattle part-interested owner Steve Ballmer bid $15 million earlier this week for minority owner Bob Cook's 7 percent ownership shares in the Kings that are in bankruptcy. That would raise the share of Seattle's interest to 72-percent. But, the Kings' other minority owners have 15 days to match the offer of $15.1-million.
Any of the team's other four minority owners has the right to match that bid in the next 15 days. If one matches the bid, he has priority to buy the shares.
Looks like Mayor KJ has a lot to deal with these days... and that's how he'd like it...
Here's an extended interview on all these updates... it's raw video, so it won't have the expected clean editing...
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.
Sunday, February 17, 2013
Mayor KJ Tries To Keep His Kings
((HT: CBS Sacramento/News 10))
Pick whatever sports cliche you want, but Sacramento mayor Kevin Johnson is trying to make his last case for keeping his team and not having the group out of Seattle take them over and move them out of town...
It was the major topic of Commissioner David Stern's last press conference as commissioner at the All-Star Game in Houston...
The full press conference of Stern talking about everything in the NBA is hyah...
Here's the local spin...the first take...
And here's the one-on-one in Houston...
Pick whatever sports cliche you want, but Sacramento mayor Kevin Johnson is trying to make his last case for keeping his team and not having the group out of Seattle take them over and move them out of town...
It was the major topic of Commissioner David Stern's last press conference as commissioner at the All-Star Game in Houston...
The full press conference of Stern talking about everything in the NBA is hyah...
Here's the local spin...the first take...
And here's the one-on-one in Houston...
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.
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