Jan 9, 2013, 3:09 PM EDT
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.
Apr 16, 2014, 2:42 AM EDT
Chris Paul and J.J. Redick look good as Clippers ready for playoffs.
Apr 16, 2014, 12:40 AM EDT
Poor Evan Fournier is on the wrong end of a highlight that’s going to get shown a lot for a few days. At least.
Apr 15, 2014, 11:46 PM EDT
Video of one player executing a crossover that drops another player to the floor — you know you’re watching.
Apr 15, 2014, 10:31 PM EDT
Sick pass, monster slam.
Joe Johnson says he shouldn’t have been laughing on bench during blowout loss to Knicks earlier in season
Apr 15, 2014, 9:16 PM EDT
Joe Johnson says Jeff Van Gundy’s criticism of his behavior was spot-on.
Apr 15, 2014, 8:01 PM EDT
Mike D’Antoni had no idea how beating the Jazz on Monday would negatively impact his team’s Draft Lottery chances. And there’s absolutely nothing wrong with that.
Apr 15, 2014, 6:43 PM EDT
Anthony is out for the rest of the season but will not be surgery and will be good to go next season.
Apr 15, 2014, 5:31 PM EDT
Just 7-8 minutes before, Cedric Maxwell had stood next to one of the people killed in the Boston Marathon bombing, but he decided to go inside and get warm.
Apr 15, 2014, 4:41 PM EDT
With nothing on line Pacers going to rest key guys… except Hibbert.
Apr 15, 2014, 3:46 PM EDT
It’s not something you could ever prove (and the Nets may not even do it), but they could rest guys in hopes of falling into a first-round matchup with Toronto.
Apr 15, 2014, 2:59 PM EDT
Damian Lillard doesn’t want to end up like all those players without rings. The ones sitting in his living room.
Apr 15, 2014, 2:17 PM EDT
Two general managers make all three ballots, one tops each
Apr 15, 2014, 1:40 PM EDT
Award honors ‘outstanding service and dedication to the community’
Apr 15, 2014, 1:07 PM EDT
It was just a fender bender, the good news is nobody got hurt. However, Chandler Parsons was delayed getting to the Toyota Center for the Rockets game Monday when he got into an accident. And then the other driver found out who he was and… I will let Jonathan Feigen of the Houston Chronicle tell…
Apr 15, 2014, 12:30 PM EDT
And Burke is one of the best rookies in this class….
Carmelo Anthony questionable against Nets tonight, but not if Mike Woodson has anything to say about it
Apr 15, 2014, 11:44 AM EDT
Melo, a pending free agent, could be done playing for Knicks
Apr 15, 2014, 11:03 AM EDT
We know for sure the Pacers play the Hawks in the first round, and we know the Rockets and Blazers will meet. After that all the matchups are still up in the air.
Apr 15, 2014, 10:33 AM EDT
Knicks forward come become free agent this offseason
Apr 15, 2014, 9:55 AM EDT
Rockets guard known for defense, anyway, right?
Apr 15, 2014, 9:22 AM EDT
Noah’s good feelings end in 3, 2, 1…
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