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 28, 2015, 10:30 AM EDT
Apr 28, 2015, 9:50 AM EDT
Kidd jumped up and down to make sure to get the timeout he wanted.
Apr 28, 2015, 9:10 AM EDT
The Lillard we remembered from last year’s playoffs was back.
Apr 28, 2015, 8:30 AM EDT
Can Austin Rivers have another strong game?
Apr 28, 2015, 8:00 AM EDT
Houston needs to make adjustments to the new Dallas starting lineup.
Apr 28, 2015, 2:13 AM EDT
Without Mike Conley to check him Damian Lillard ran free.
Apr 28, 2015, 1:14 AM EDT
D-Will tied his career playoff high with this.
Apr 27, 2015, 11:23 PM EDT
Michael Carter-Williams and Khris Middleton combined for 43 points.
Apr 27, 2015, 9:56 PM EDT
Series is now tied at 2-2.
Apr 27, 2015, 9:01 PM EDT
Washington’s averaged defender distance to the Toronto shooter was 3.55 feet, the closest defense any team played in the first round of the playoffs.
Apr 27, 2015, 7:58 PM EDT
The doctor will decide if microfracture is needed while doing a scope.
Apr 27, 2015, 7:17 PM EDT
The Cavs will be without two starters for the first two games of next round.
Apr 27, 2015, 6:59 PM EDT
Davis was +35 when playing while Green sat, -55 while Green was on the court at the same time.
Apr 27, 2015, 6:22 PM EDT
He would have been key against the Bulls to help space the floor.
Apr 27, 2015, 5:45 PM EDT
Olynyk finds common ground with Clevelanders
Apr 27, 2015, 4:59 PM EDT
Stats show Boston defended LeBron well, he just hit the shots anyway.
Apr 27, 2015, 4:15 PM EDT
I say Smith should get at least three games.
Apr 27, 2015, 3:44 PM EDT
They need the swelling to go down to get a sense of his return,
Apr 27, 2015, 3:07 PM EDT
Preview socks for the Cavaliers, Heat, Spurs and Warriors
Apr 27, 2015, 2:29 PM EDT
Cavaliers gave him a chance to wait by sweeping Celtics
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