((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.
Showing posts with label Mark Mastrov. Show all posts
Showing posts with label Mark Mastrov. Show all posts
Friday, May 17, 2013
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...
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.
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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