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 12, 2013, 2:21 AM EST
Our quick look around the association on a busy Wednesday night. Amar’e Stoudemire, New York Knicks. Stoudemire played 30 minutes. Stoudemire was clutch, hitting a key jumper with less than 3 minutes to go after the Bulls had stormed from 23 points back to tie the game. Stoudemire played good interior defense. Stoudemire showed a…
Dec 12, 2013, 2:02 AM EST
Dallas had a 10-point lead with 8 minutes left and still were up 6 with less than two minutes to go, but no lead is safe when Golden State is at home. No lead is safe against Stephen Curry Curry had a four-point play a minute before that allowed Golden State to get back from…
Dec 12, 2013, 12:34 AM EST
Very classy Boston. Doc Rivers returned to Boston Wednesday night as the coach of the Los Angeles Clippers. He’d been in Boston nine seasons and won a ring, but there was some question about how he would be received after a rocky split this summer between the sides. Wednesday night it was all love, there…
Dec 11, 2013, 11:33 PM EST
Tom Chambers, the popular former Suns star player and current broadcaster, has been arrested on suspicion of driving under the influence, reports the Arizona Republic. Chambers has issued an apology to the Suns organization and its fans. The Arizona Republic has all the details, and they are not pretty. Chambers, 54, was pulled over about 9:45…
Dec 11, 2013, 10:28 PM EST
Jeff Van Gundy is a lead analyst for ESPN, and would normally have been the color commentator on the national broadcast of the Knicks-Bulls contest aired on ESPN Wednesday night. But due to a complicated set of circumstances, Van Gundy didn’t participate. Jeff Zillgitt of USA Today has the details: ESPN executives and analyst Jeff…
Dec 11, 2013, 9:03 PM EST
Chris Paul finding DeAndre Jordan for an alley-oop slam should be simply another chapter in the ongoing Lob City saga that the Clippers players have no interest in embracing. But whether the end result is a dunk or something else entirely, it seems destined to end up on highlight reels nonetheless. Early on in the…
Dec 11, 2013, 7:46 PM EST
Carmelo Anthony has been with Jordan Brand for 10 years now, and as he explains in the video clip above, there’s a nod to the past within the design of his latest signature shoe, the Melo M10. From the official release: “If you see this shoe from afar, the chrome statement piece is the first…
Dec 11, 2013, 7:23 PM EST
We told you this was coming and now a real has been reached: D.J. Augustin is about to be a Chicago Bulls. Augustin cleared waivers on Wednesday and has reached a deal as a free agent with Chicago, reports Adrian Wojnarowski of Yahoo Sports. Augustin needs to pass a physical with the Bulls on Thursday.…
Dec 11, 2013, 6:55 PM EST
We told you already Justin Timberlake was in Indianapolis last night, sitting courtside to watch the Pacers beat the Heat then playing a little H-O-R-S-E with Paul George. As an in-arena promotion, the Pacers have a bit where Danny Granger sings a long with a song in his headphones — and he can’t sing —…
Dec 11, 2013, 5:43 PM EST
Omer Asik wants to get traded. He’s said that since this summer, but it hasn’t happened as Rockets GM Daryl Morey isn’t going to move until he thinks he has a good deal. That’s not fast enough for Asik, who made a move and changed agents to one known for helping guys get moved. So…
Dec 11, 2013, 4:37 PM EST
In the latest edition of PBT Extra, Kay Adams asks about the Pacers win over the Heat Tuesday — I don’t read much into any regular season meeting between these games. That said, I still stand by my pick of the Pacers to win the NBA title this year. Then we shift our focus to…
Dec 11, 2013, 4:12 PM EST
Dwight Howard improved after after the All-Star break last season – before All-Star break: 16.3 points and 11.8 rebounds per game; after All-Star break: 18.4 points and 13.6 rebounds per game – and the reason is no secret: His back got healthier. But that wasn’t the only factor. Howard told Ken Berger of CBSSports.com he…
Dec 11, 2013, 3:39 PM EST
The Charlotte Bobcats’ outlook is changing. When they signed Al Jefferson this summer, the theory was they would rather be pedestrianly bad rather than historically bad – even if that meant lower lottery odds. I argued Charlotte should go all-in to be totally bad for another season, and that pulling in itself in opposite directions…
Dec 11, 2013, 2:36 PM EST
The Warriors need big-man depth. Festus Ezeli has been out all season. Jermaine O’Neal and Draymond Green are banged up. Marreese Speights can’t gain Mark Jackson’s trust. Andre Iguodala is injured, too, and although he mostly plays on the wing, his absence the number of minutes he and Harrison Barnes can soak up as a…
Dec 11, 2013, 2:00 PM EST
From the frivolous lawsuit file here at PBT… A Clippers fan is suing he team for $5 million claiming they are spamming his phone with unwanted texts. TMZ got ahold of the lawsuit and has some details. The guy behind the lawsuit is Ari Friedman — who claims he went to a game at Staples…
Dec 11, 2013, 1:30 PM EST
In case you needed a good laugh today — Jason Kidd says he is reading the “reports” that reassigned assistant coach Lawrence Frank is writing. That’s what he told the New York Post. “I’ve been reading the reports [Frank is filing], and that’s as far as it’s going.” Riiiight. Now, if it the reports read…
Dec 11, 2013, 12:41 PM EST
That’s bloody brilliant. It’s my new favorite NBA Christmas video. The Bulls had kept the band together to make one more run at a title with Derrick Rose leading them, but when Rose went down that dream was dashed and it was time to talk retooling the roster. You can bet Luol Deng will be…
Dec 11, 2013, 12:08 PM EST
Boston fans felt jilted by Doc Rivers — they thought he would stay with them through the pain of rebuilding, instead he took off for the hot young thing in Los Angeles. Outside Boston few blamed him, in Boston fans felt dumped. Rivers kept saying it was mutual, Celtics fans were having none of it.…
Dec 11, 2013, 11:44 AM EST
.@Paul_George24 and @jtimberlake playing H-O-R-S-E now. Notice coach Vogel and Burke watching in the corner. http://t.co/fThtkA6AXb— Scott Agness (@ScottAgness) December 11, 2013 If you watched the Pacers come-from-behind win over the Heat Tuesday night you probably saw the shots of Justin Timberlake in the crowd. Somehow he was able to swing court side seats, hope…
Dec 11, 2013, 10:49 AM EST
Kyrie Irving just hasn’t been himself this season — his shot has been off and with that the entire Cavaliers offense has been easier to defend. But nothing can help a guy out of a slump like facing the Knicks “defense.” Irving was able to get the rim but the key is he finished —…
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