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.
Report: Tim Duncan, Tony Parker part of Spurs pitch to LaMarcus Aldridge (and they may be favorites)
Jun 30, 2015, 1:01 AM EDT
The Spurs are right at the front of the line with the Lakers to win Aldridge over.
Jun 29, 2015, 11:45 PM EDT
We knew Korver would need ankle surgery, but this is a bit of a surprise.
Jun 29, 2015, 10:45 PM EDT
Aldridge is expected to leave Portland, and the most recent report has the Lakers as the frontrunners to retain his services.
Jun 29, 2015, 9:45 PM EDT
Clippers remain frontrunners to retain Jordan’s services; Lakers, Mavericks also in the mix.
Jun 29, 2015, 8:45 PM EDT
Antic was with the Hawks the last two seasons.
Jun 29, 2015, 7:45 PM EDT
Davis is looking for a multi-year deal.
Jun 29, 2015, 6:50 PM EDT
The bottom line is this: Butler is going to be a Bull next season.
Jun 29, 2015, 6:16 PM EDT
The first rule of trading a player is to not look like you want to trade that player.
Jun 29, 2015, 5:20 PM EDT
Kind of hard to picture him going to the Raptors considering the other options on the table.
Jun 29, 2015, 4:31 PM EDT
The real question for Wade and his effort to leverage the Heat: Who is going to give him more money than Miami?
Jun 29, 2015, 3:44 PM EDT
The report says $12 million a year for Afflalo, that price seems steep.
Jun 29, 2015, 3:18 PM EDT
They are trying to keep those two while dealing Joe Johnson and Deron Williams.
Jun 29, 2015, 2:46 PM EDT
Expect the Bledsoe drama to play out through the summer. Again.
Jun 29, 2015, 1:55 PM EDT
He has more leverage this way, can get a longer deal.
Jun 29, 2015, 1:24 PM EDT
Doesn’t Butler strike you as the kind of veteran the Spurs bring in and he’s rejuvenated?
Jun 29, 2015, 12:44 PM EDT
The question is only what length of contract Love will sign.
Jun 29, 2015, 11:50 AM EDT
Where is Wade going to find a better deal on the open market?
Jun 29, 2015, 11:10 AM EDT
Stan Van Gundy’s offense doesn’t really fit two traditional bigs.
Jun 29, 2015, 10:37 AM EDT
There is interest in Joe Johnson out there, but his $24.9 million salary limits it.
Jun 29, 2015, 9:57 AM EDT
The Wizards would like to find a stretch four this summer then play Nene more as a backup to Gortat.
- Report: Chicago Bulls give Jimmy Butler max qualifying offer 17
- Report: Dwyane Wade will not opt-in with Heat, to become free agent (as expected) 25
- Report: Knicks front runner to land Arron Afflalo (and Greg Monroe, too) 27
- Report: Luol Deng surprises Miami, opts in for 2015-16 season 30
- Report: Sense around league is Kevin Love will re-sign with Cavaliers 31
- Report: As deadline nears, signs still point to Dwyane Wade opting out, becoming free agent 40
- Report: Dallas most likely team to lure DeAndre Jordan from Clippers, Chandler Parsons already recruiting 24
- Report: Lakers would still trade D’Angelo Russell for DeMarcus Cousins straight up. Kings wouldn’t. 30