((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 Vivek Ranadive. Show all posts
Showing posts with label Vivek Ranadive. 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
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
Saturday, May 11, 2013
Report: Kings to Seattle Move: Maloofs Have Plan B
((ht: espn.com))The seemingly never ending story of the Maloof brothers trying to sell the Sacramento Kings and move them to Seattle keeps continuing with more and more chapters.
In the latest move, ESPN.com reporter Brian Windhorst reports that Joe and Gavin Maloof have a plan B in the event the NBA Board of Governors reject the proposed sale to Seattle financier Chris Hansen and Microsoft mogul Steve Ballmer. If rejected, the Board wants to recommend the team be sold to a group headed by billionaire Vivek Ranadive.
If the league says no, the Maloof's reportedly would sell a minority stake in the team (2-% for $120 million) to Mr's Ballmer and Hansen. And that has the potential for a major mess.
Read the entire ESPN.com story RIGHT HERE
What is fairly obvious here is the Maloof's want to get the Kings out of Sacramento no matter what. But the other nugget in the story is this: The NBA appears to have concerns the Ranadive Group may not have the backing to be sustainable.
The league is trying to bend over backwards to prevent a franchise from relocating and that stance is in many ways admirable. With the reports over the past two days that Hansen and Ballmer continue sweetening the deal and the new nugget that they are will to pay a substantial ($115 million) relocation fee, we could have an issue here.
Windhorst reports the NBA's relocation committee wants to revisit the proposed sale to each party before the Board of Governors vote on it next week. It's beginning to sound a bit like they are having second thoughts. If those thoughts come to fruition, Seattle may eventually end up landing the Kings before this is all said and done.
Though we fully expect several more back and forth stories on it.
Friday, May 10, 2013
Other NBA Owners Confirm Kings May Stay Before Relocation Vote
((HT: News10.net))
Nothing like getting folks to use Twitter to talk these days...
A Seattle fan got into a conversation with Heat Owner Micky Arison over the status of the Kings and their possible-but-not-likely travel plans...
Arison actually admitted he wants a team in Seattle, just not the SacKings...
In other news around the sale to the Ranadive group, "sources" are telling the Sacramento Bee newspaper that the Maloof brothers and the NBA would like to see 100-percent of the purchase price be placed in an escrow account to alleviate any fears that the money coming from the Sacramento-based group and the Qualcomm/Jacobs family.
Ranadive has already placed 50-percent in there and the Hansen/Ballmer group has already placed all of its $357-million purchase price in escrow.
Relocation (or lack thereof) could be decided by the middle of next week in Dallas...
Nothing like getting folks to use Twitter to talk these days...
A Seattle fan got into a conversation with Heat Owner Micky Arison over the status of the Kings and their possible-but-not-likely travel plans...
Arison actually admitted he wants a team in Seattle, just not the SacKings...
In other news around the sale to the Ranadive group, "sources" are telling the Sacramento Bee newspaper that the Maloof brothers and the NBA would like to see 100-percent of the purchase price be placed in an escrow account to alleviate any fears that the money coming from the Sacramento-based group and the Qualcomm/Jacobs family.
Ranadive has already placed 50-percent in there and the Hansen/Ballmer group has already placed all of its $357-million purchase price in escrow.
Relocation (or lack thereof) could be decided by the middle of next week in Dallas...
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...
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))
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...
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