Skip to content

Report: Details of Kings sale to Seattle laid out for relocation committee

Jan 14, 2013, 2:25 PM EDT

Seattle_Sonics

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.

Latest Posts
  1. Stephen Curry drops Chris Paul with behind-the-back move (VIDEO)

    Apr 1, 2015, 12:50 AM EDT

    Stephen Curry, Chris Paul Stephen Curry, Chris Paul

    Curry just dropped the best defensive point guard in the NBA.

  2. Anthony Davis says James Harden should be MVP

    Mar 31, 2015, 10:00 PM EDT

    New Orleans Pelicans v Houston Rockets Getty Images

    Curry and Harden seem to be the frontrunners.

  3. Kevin Durant posts picture from hospital bed, thanks fans, “NBA brothers”

    Mar 31, 2015, 9:00 PM EDT

    2015 NBA All-Star Game Getty Images

    “Not what I envisioned coming into this season. But I’m here and ready to conquer this journey.” —Kevin Durant

  4. Shaq takes shots at Lakers, Clippers during Justin Bieber roast

    Mar 31, 2015, 7:59 PM EDT

    Shaquille O'Neal AP

    Which is easier to insult, the Lakers or Justin Bieber?

  5. Louisville’s Montrezl Harrell, Terry Rozier declare for NBA draft

    Mar 31, 2015, 7:20 PM EDT

    Northern Iowa v Louisville AP

    Harrell a potential lottery pick, Rozier a potential first rounder

  6. Celebrating the bond between Spurs, San Antonio

    Mar 31, 2015, 6:29 PM EDT

    Lupe Lemos Lupe Lemos

    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.

  7. Stop judging J.J. Redick by his Duke days if you haven’t already

    Mar 31, 2015, 5:38 PM EDT

    J.J. Redick, Avery Bradley AP

    Redick, who once looked like a bust given oversized expectations, playing big role for surging Clippers

  8. Phil Jackson asks Knicks fans to “remain optimistic”

    Mar 31, 2015, 3:44 PM EDT

    New York Knicks v Los Angeles Lakers Getty Images

    Knicks fans should be patient with this season. Optimistic… that’s a tough sell.

  9. LeBron says he’s ‘got three very good friends in this league,’ none play for the Cavaliers

    Mar 31, 2015, 2:59 PM EDT

    Lebrion James, Dwyane Wade AP

    LeBron names his three, and says after that he has ‘a bunch of teammates.’

  10. Report: Rockets’ Patrick Beverley to need four months of recovery following season-ending surgery

    Mar 31, 2015, 2:00 PM EDT

    Patrick Beverley AP

    It had been hoped that Beverley might be available to return later in the postseason.

  11. Thunder say Kevin Durant underwent successful bone graft surgery, will return in 4-6 months

    Mar 31, 2015, 12:40 PM EDT

    Kevin Durant AP

    We already knew Durant was done for the season, but the Thunder have updated his status.

  12. Draymond Green no longer selling ‘Cool story, Glenn’ shirts, may miss next game vs. Clippers

    Mar 31, 2015, 12:00 PM EDT

    Draymond Green AP

    Green is trying to downplay rivalry with Clippers coach, and is dealing with inflammation in his shins.

  13. 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

    Golden State Warriors v Cleveland Cavaliers Getty Images

    Things are clicking now in Cleveland, but it wasn’t that way at the beginning of the season.

  14. Flip Saunders (sort of) makes up with Jazz broadcaster after ripping him for saying Timberwolves were tanking

    Mar 31, 2015, 10:40 AM EDT

    Flip Saunders AP

    Interaction ended with a handshake, but it seemed evident Saunders remained displeased.

  15. Lance Stephenson receives DNP-CD in Hornets’ loss to Celtics

    Mar 31, 2015, 10:00 AM EDT

    Charlotte Hornets v Sacramento Kings Charlotte Hornets v Sacramento Kings

    Hornets were fighting for a playoff spot, but their big free agent acquisition sat on the bench.

  16. Kings considering shutting down DeMarcus Cousins for remainder of season

    Mar 31, 2015, 9:20 AM EDT

    DeMarcus Cousins AP

    Team has nothing left to play for, and Cousins has some nagging injuries.

  17. Jordan Clarkson hits game-winner to give Lakers overtime win over Sixers (VIDEO)

    Mar 31, 2015, 8:40 AM EDT

    Philadelphia 76ers V Los Angeles Lakers Philadelphia 76ers V Los Angeles Lakers

    Great win — except for the fact that it may help cost the Lakers their draft pick this summer.

Featured video

Clippers playoffs? MCW shooting? Your twitter questions answered.
Top 10 NBA Player Searches
  1. H. Whiteside (6055)
  2. K. Durant (5330)
  3. D. Wade (5227)
  4. K. Martin (5112)
  5. K. Lowry (5018)
  1. G. Monroe (5011)
  2. D. Rose (4841)
  3. P. George (4688)
  4. B. Knight (4656)
  5. R. Rubio (4613)