Skip to content

Sources: Sacramento Kings to Seattle not a done deal just yet

Jan 9, 2013, 3:09 PM EDT

George Maloof

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.

Latest Posts
  1. ProBasketballTalk 2014-15 Preview: New York Knicks

    Sep 16, 2014, 10:00 AM EDT

    Derek Fisher Derek Fisher

    Plenty of changes, but enough to make the playoffs?

  2. Report: Spurs open to signing-and-trading Aron Baynes

    Sep 16, 2014, 9:30 AM EDT

    Patty Mills Foot Locker In Store Appearance Patty Mills Foot Locker In Store Appearance

    San Antonio already has 17 players, qualifying offer out to Baynes

  3. Klay Thompson’s agent: Thompson better two-way shooting guard than Kobe Bryant

    Sep 16, 2014, 9:00 AM EDT

    Golden State Warriors v Los Angeles Lakers Golden State Warriors v Los Angeles Lakers

    Bill Duffy: ‘Klay Thompson right now is the top two-way, two-guard in basketball’

  4. Deron Williams says after surgery his ankles feel the best they have in years

    Sep 16, 2014, 8:30 AM EDT

    Deron Williams AP

    Deron Williams opening the season healthy would be huge… but just the start of what they need from him.

  5. Clippers sign Australian forward Joe Ingles

    Sep 16, 2014, 8:00 AM EDT

    BASKET-EURL-BARCELONA-PANATHINAIKOS BASKET-EURL-BARCELONA-PANATHINAIKOS

    Ingles excelled in World Cup, completes dominoes set in motion by Jared Dudley trade

  6. Serbia holds impassioned celebration for World Cup silver medal

    Sep 16, 2014, 12:30 AM EDT

    2014 FIBA Basketball World Cup - Day Fourteen Getty Images

    You won’t see this for the Americans’ gold medal

  7. Report: Greg Oden’s drinking an issue during season, alleged domestic assault

    Sep 15, 2014, 10:40 PM EDT

    New details about incident in which he allegedly punched ex-girlfriend in the face

  8. Cavaliers work out Lou Amundson

    Sep 15, 2014, 9:45 PM EDT

    Cleveland Cavaliers v New Orleans Hornets Cleveland Cavaliers v New Orleans Hornets

    Amundson’s best days are behind him, but maybe he can find a niche in Cleveland

  9. Report: Wizards close to signing Damion James

    Sep 15, 2014, 7:55 PM EDT

    New Jersey Nets v Washington Wizards New Jersey Nets v Washington Wizards

    Washington building up competition for open 15th spot

  10. Wizards sign shooting guard Xavier Silas

    Sep 15, 2014, 5:10 PM EDT

    Xavier Silas Xavier Silas

    Silas appears to have real chance of making the team

  11. PBT Extra: What players looked good at World Cup?

    Sep 15, 2014, 4:26 PM EDT

    Derrick Rose stayed healthy but never shook the rust fully off his shot.

  12. Time for FIBA/NBA to adopt soccer model: Only one major tournament every four years

    Sep 15, 2014, 3:35 PM EDT

    James Harden James Harden

    Soccer already has the right model, it’s just going to be hard to get FIBA on board.

  13. Tobias Harris, eligible for contract extension, wants to stay with Magic

    Sep 15, 2014, 2:04 PM EDT

    David Lee, Tobias Harris David Lee, Tobias Harris

    Harris unsure whether Orlando will let him hit restricted free agency

  14. Blake Griffin doing slam poetry about tearaway pants? We got that. (VIDEO)

    Sep 15, 2014, 1:25 PM EDT

    Take Flight Media Event 2013 Getty Images

    Blake Griffin has done some brilliant marketing campaigns.

  15. Mavericks sign Dominican guard Victor Liz

    Sep 15, 2014, 12:48 PM EDT

    Victor Liz Victor Liz

    Liz shot 49 percent on 3-points in World Cup

Featured video

What players stood out at World Cup?
Top 10 NBA Player Searches
  1. D. Rose (3174)
  2. D. Ferry (2760)
  3. L. James (2565)
  4. J. Valanciunas (2373)
  5. K. Irving (2255)
  1. K. Bryant (2186)
  2. P. George (2027)
  3. G. Monroe (1711)
  4. C. Anthony (1693)
  5. C. Billups (1626)