Jan 14, 2013, 2:25 PM EDT
While many people in Sacramento continue to work to put together a package that can help keep the Kings in in the California capital, the machinery of a sale of the team to a Seattle group planning to move the franchise north continue to move forward.
It’s reached the point that members of the NBA Board of Governor’s relocation committee were briefed on the “non-binding deal points” of a potential sale of the Kings to the Chris Hansen/Steve Ballmer group of Seattle, reports Adrian Wojnarowski of Yahoo Sports and the NBC Sports Network.
The call took place on (January 8) – one day before Yahoo! Sports reported the finalizing of a deal – and informed several league owners that the Hansen-Ballmer Seattle group would purchase 65 percent of the Kings, sources said. The league office told members of the relocation committee that the non-binding agreement would constitute 53 percent of the franchise owned by the Maloof family and an additional 12 percent from minority owner Bob Hernreich….
It is unclear if the selling of 53 percent of the Maloof’s share would leave them with any future stake in the franchise, but sources have told Yahoo! Sports that there’s no circumstance where which the Maloofs would keep any real input or governance over day-to-day team operations.
The timeline here is really March 1 — that is when a new ownership group would have to apply for relocation (that could be pushed back a couple weeks, not much more). What everyone wants to avoid is another lame-duck year with the team in Sacramento owned by the Maloofs.
That this went so far as to be laid out for the relocation committee shows it is being taken seriously. The relocation committee — ironically headed by Oklahoma City owner Clay Bennett, the guy that moved the former Sonics out of town — would delve into the details of a request to move the team and make a recommendation to the full Board of Governors (all the owners).
That said, the deal is not done. And complex deals like this one — the Kings owe $77 million to the city of Sacramento if the franchise moves plus at least $125 million to the league’s credit program — can easily fall apart over the details.
What is new here is the $525 million is how much the franchise is being valued at, but if the new owners only get a controlling interest of the team at 65 percent they would only have to pay less than $350 million. Which for a group led by Hansen (a hedge fund guy), Ballmer (the current head of Microsoft and worth $14.7 billion) and with supporting players like the Nordstrom family is no problem.
In Sacramento, mayor Kevin Johnson is working hard to put together a group and plan looking for the right to match any reasonable Seattle offer to keep the team — they are talking to people who could buy the team as well as plan for a new arena in town (which would be done now were it not for the Maloofs in the first place). Johnson wants to make his pitch to NBA ownership when they meet All-Star weekend in Houston.
While both sides push ahead, the Maloofs remain the wild card. Nobody knows what their next move might be. It would be easier to guess what Jodie Foster might say at before the Golden Globes than to guess what the Maloof family will do next.
Apr 1, 2015, 12:50 AM EDT
Curry just dropped the best defensive point guard in the NBA.
Mar 31, 2015, 11:00 PM EDT
The deer is angrier
Mar 31, 2015, 10:00 PM EDT
Curry and Harden seem to be the frontrunners.
Mar 31, 2015, 9:00 PM EDT
“Not what I envisioned coming into this season. But I’m here and ready to conquer this journey.” —Kevin Durant
Mar 31, 2015, 7:59 PM EDT
Which is easier to insult, the Lakers or Justin Bieber?
Mar 31, 2015, 7:20 PM EDT
Harrell a potential lottery pick, Rozier a potential first rounder
Mar 31, 2015, 6:29 PM EDT
It’s impossible to ever really define and entire large city in one bit of writing. But this story comes as close to defining the intricate relationship of San Antonio with the Spurs as you are going to see.
Mar 31, 2015, 5:38 PM EDT
Redick, who once looked like a bust given oversized expectations, playing big role for surging Clippers
Mar 31, 2015, 4:56 PM EDT
This was fun frustration
Mar 31, 2015, 3:44 PM EDT
Knicks fans should be patient with this season. Optimistic… that’s a tough sell.
Mar 31, 2015, 2:59 PM EDT
LeBron names his three, and says after that he has ‘a bunch of teammates.’
Mar 31, 2015, 2:00 PM EDT
It had been hoped that Beverley might be available to return later in the postseason.
Mar 31, 2015, 1:20 PM EDT
Mar 31, 2015, 12:40 PM EDT
We already knew Durant was done for the season, but the Thunder have updated his status.
Mar 31, 2015, 12:00 PM EDT
Green is trying to downplay rivalry with Clippers coach, and is dealing with inflammation in his shins.
Kyrie Irving on his relationship with LeBron James: ‘I don’t want to say it’s not been rocky at all’
Mar 31, 2015, 11:20 AM EDT
Things are clicking now in Cleveland, but it wasn’t that way at the beginning of the season.
Flip Saunders (sort of) makes up with Jazz broadcaster after ripping him for saying Timberwolves were tanking
Mar 31, 2015, 10:40 AM EDT
Interaction ended with a handshake, but it seemed evident Saunders remained displeased.
Mar 31, 2015, 10:00 AM EDT
Hornets were fighting for a playoff spot, but their big free agent acquisition sat on the bench.
Mar 31, 2015, 9:20 AM EDT
Team has nothing left to play for, and Cousins has some nagging injuries.
Mar 31, 2015, 8:40 AM EDT
Great win — except for the fact that it may help cost the Lakers their draft pick this summer.
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