Jan 9, 2013, 3:09 PM EST
The ongoing joke about the Maloofs in league circles is that they can get the girl’s phone number, but they can’t close the deal.
After Adrian Wojnarowski’s report that the Maloofs are close to finalizing a $500 million deal with Seattle billionaire Chris Hansen, closing a deal shouldn’t be a problem this time, but there are plenty of reasons to not call it a “done deal” just yet.
Wojnarowski said as much when he tweeted “No agreement signed, but one source describes deal as “1st and goal at 1.” Maloofs history of changing course late still makes many uneasy.”
Indeed, sources close to the situation told PBT that there are still many hurdles for this deal to overcome, and that Sacramento still has willing, reputable buyers ready to meet or beat Hansen’s offer in order to keep the franchise in town.
Indeed, as reported here numerous times, Hansen would have to drastically overpay in order to outdo the Sacramento ownership groups, because Sac owners don’t have to account for a relocation fee, a city loan back to Sacramento, and the hard costs of moving. Sources say that this will total a minimum of $125 million, and should the NBA decide they want to levy a higher relocation fee to even out the playing field that number could increase.
This means that if the Maloofs sell to Hansen for $500 million, that in reality they are getting much, much less. In Sacramento, this means that it’s time for their local buyers to step up with their offers, and make the same effort the city made in the spring of 2011 when the Maloofs had most believing the team would move to Anaheim.
An offer of $425-$450 million dollars would start to put more money in the Maloofs’ pockets than the Seattle offer does, and that’s where the next step in this relocation debacle lies.
If there is any silver lining to today’s events for Kings fans and Sacramento, the Maloofs should be willing to entertain a bidding war, unless it is out of pure spite and indifference to any league reaction opposing such actions.
There are other hurdles for the deal to clear, including an up-or-down vote from the Board of Governors after a recommendation by the league’s relocation committee, headed up by none other than Clay Bennett. Bennett saw firsthand the difference in how the Seattle politicians turned their back on the Sonics when he arrived, independent of his and the league’s mishandling of that situation, and he has been extremely impressed with Sacramento’s efforts to keep their team.
However, David Stern has said he would try expedite any sale that moves a team to Seattle.
Hansen and the Maloofs will need to convince Bennett and the other 29 owners that torching the No. 20 Sacramento market, along with all of the negative attention the league’s relocation behavior will receive, will be worth the incremental benefit of going to a somewhat larger market with a handful of professional sports teams.
There are plenty of benefits to being in Seattle, and Hansen is the type of owner that they want. He and his group are about to throw nearly a billion dollars to obtain a franchise that Forbes valued at $300 million. And there is some sentiment that Seattle needs to be indemnified for what happened to them, though most sane people would say that two wrongs don’t make a right.
In Sacramento, this is the ultimate show us your hand moment. Look for mayor Kevin Johnson and his people to respond soon, and as we know with the Maloofs if there is anybody that can’t close a deal – it is them.
UPDATE: CBS 13’s Stephen Large reports that the Maloofs have rejected Hansen’s $500 million offer, and mayor Johnson has tweeted his previously successful message of “It’s not over.” This now has the look of a bidding war, and we’re likely in the end game with two cities being dragged through the mud at the same time.
UPDATE II: The Sacramento Bee’s Ryan Lillis tweeted “Talks related to #NBAKings sale have been ‘conceptual,’ source tells The Bee. Reports sale is done are premature.” Buckle up folks, this story has already hit ludicrous speed in just about every way imaginable.
Dec 26, 2014, 9:45 PM EST
Hopefully there are more of these and fewer threes.
Dec 26, 2014, 9:00 PM EST
Not good news for the Cavs’ frontcourt depth.
Dec 26, 2014, 8:15 PM EST
His body is still sore.
Dec 26, 2014, 7:30 PM EST
Teams are looking for any edge they can get.
Dec 26, 2014, 6:00 PM EST
The no-trade worked out quite well for Toronto.
Dec 26, 2014, 4:29 PM EST
At 25 points a game it would still take Kobe 182 games to catch Malone. That’s not likely.
Dec 26, 2014, 3:00 PM EST
Knicks fans are going to need to be patient, something New Yorkers have long been know for. *cough*
Dec 26, 2014, 1:30 PM EST
Tarik Black will land on another NBA roster.
Dec 26, 2014, 12:05 PM EST
We told you the suspension was coming, and the fine was justified.
Dec 26, 2014, 11:00 AM EST
Inside the NBA is the best.
Dec 26, 2014, 9:30 AM EST
Dec 26, 2014, 8:00 AM EST
Well, you don’t see that every day. Fortunately.
Dec 26, 2014, 2:56 AM EST
The flagrant fouls and ejections we’ve come to expect from these teams were non-existent, as L.A. came away with a “signature win” over the league-leading Warriors.
Dec 25, 2014, 11:48 PM EST
The Bulls blew out the Lakers on Christmas.
Dec 25, 2014, 11:31 PM EST
Wade was brilliant… for a half, anyway. But that was enough.
Dec 25, 2014, 10:16 PM EST
Dec 25, 2014, 9:24 PM EST
Bryant misses his second straight game simply due to a need for rest.
Dec 25, 2014, 6:46 PM EST
With Kevin Durant out, Westbrook puts Oklahoma City on his back, elevates Steven Adams and helps produce 114-106 victory
Dec 25, 2014, 6:10 PM EST
Scott Brooks: Kevin Durant ‘could not go if he wanted to go’
Dec 25, 2014, 4:15 PM EST
Washington was never threatened after the first quarter.
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