Seattle rumors/comments - post them here!

[Mojo]

Aaron Bruski ‏@aaronbruski

In other words, assuming all of that is true, then the Maloofs were offered about $350M for their team by Hansen.

That makes more sense. It was hard to figure out why they would be offering $500 mil straight up without even including the debts that Maloofs have racked up.

Call me hopeful, but I think that number could be easily matched and possibly even succeded. I guess it comes down to how big of a bidding war the Hansen group is willing to get into and if the potential local owner would have the $$$ to keep up.

 

[Chupacabra]

Im still not buying the hype. As a matter of fact im not even surprised. This was a likely situation all along. After ALL parties have had their say its going to cost the Seattle group WAYYY too much money to beat the local buyer. I like Sacramento's odds.

 

[Mojo]

Im still not buying the hype. As a matter of fact im not even surprised. This was a likely situation all along. After ALL parties have had their say its going to cost the Seattle group WAYYY too much money to beat the local buyer. I like Sacramento's odds.

The only concern I have is that the Seattle group has the money if they want it bad enough. Plus, we don't even know who this theoretical local buyer will be yet and how much they will be able to bring in.

The bottom line is that this isn't over yet. We're close, but anybody that is handing the keys to Seattle needs to slow down.

 

[Jkbiker]

https://twitter.com/aaronbruski/status/289174905017229313



**** ME!!!!

Just how incompetent are these clowns?!

Ok I dont understand the math at all!!!


MSE is a partnership that is owned 53% by the Maloofs?

MSE Owns the team and Sleep Train
MSE owes NBA $219 mil
MSE owes Sact 77mil on loan


So Net value is

Team 500 mil (team sold to Seattle)
old arena 30 mil

Less NBA loan (219 Mil)
Less sacto loan ( 70 Mil)

net value after debt 241 Mil

Maloofs 53% 128 Mil

So assuming Seatle pays there own relocate fee

Maloofs will still only net 128 Mil on the sale?

How much did they pay for their 53% interest originally

No wonder they need 500 Mil for the team

 

[PurpleHaze]

Ok I dont understand the math at all!!!


MSE is a partnership that is owned 53% by the Maloofs?

MSE Owns the team and Sleep Train
MSE owes NBA $219 mil
MSE owes Sact 77mil on loan


So Net value is

Team 500 mil (team sold to Seattle)
old arena 30 mil

Less NBA loan (219 Mil)
Less sacto loan ( 70 Mil)

net value after debt 241 Mil

Maloofs 53% 128 Mil

So assuming Seatle pays there own relocate fee

Maloofs will still only net 128 Mil on the sale?

How much did they pay for their 53% interest originally

No wonder they need 500 Mil for the team

It's actually bit harder to understand the math when you consider this. MSE while said to own 53% of Kings actually owns 43% since their very close friend and minority owner Bob Heinreich pledged his 10% to them at the start to give the family majority voting rights and control.

The breakdown is approximately this, rounding off and noting that minority shares are sold, exchanged from time-to-time:

43% - Maloofs
30% - Benvenuti family estate
10% - Bob Heinreich
7% - John Kehriotis
6% - Bob Cook (apparently soon to be auctioned off in bankruptcy court)
2% - Dave Luchetti
2% - Fred Anderson family estate

 

[Section 101]

Ok I dont understand the math at all!!!


MSE is a partnership that is owned 53% by the Maloofs?

MSE Owns the team and Sleep Train
MSE owes NBA $219 mil
MSE owes Sact 77mil on loan


So Net value is

Team 500 mil (team sold to Seattle)
old arena 30 mil

Less NBA loan (219 Mil)
Less sacto loan ( 70 Mil)

net value after debt 241 Mil

Maloofs 53% 128 Mil

So assuming Seatle pays there own relocate fee

Maloofs will still only net 128 Mil on the sale?

How much did they pay for their 53% interest originally

No wonder they need 500 Mil for the team

No, the $500 included the recloation fee too. It's been reported the actual sale price is around $350 mil. They added the fees to make the number look bigger and scare off other bidders.

 

[pdxKingsFan]

Dare I ask what this sentiment comes from?

It is the PacNW equivalent of any other regional rivalry, though we actually have a 3-way rivalry with Vancouver. Seems Seattle gets most of the hate from both cities though. Their fans aren't very highly regarded, perceived to be both fair-weather and following whatever is trendy. To be fair Portland really isn't all that different, I attended some very empty Blazer games when I arrived up here.

While the Sonics/Blazers rivalry lay dormant, the Sounder-Timbers rivalry built a great deal of steam as both teams were "promoted" to MLS. Additionally there is a lot of local competition between rec-leagues, that have Portland vs. Seattle type events, etc.

 

[Capt. Factorial]

It's actually bit harder to understand the math when you consider this. MSE while said to own 53% of Kings actually owns 43% since their very close friend and minority owner Bob Heinreich pledged his 10% to them at the start to give the family majority voting rights and control.

Actually, that 10% was originally MSE (bought from Jim Thomas) which was later sold to Heinreich six months after the [redacted]s took control with 53%. They already had the majority.

 

[Jkbiker]

No, the $500 included the recloation fee too. It's been reported the actual sale price is around $350 mil. They added the fees to make the number look bigger and scare off other bidders.

Well if you mean this from the Aaron Bruski article:

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.


Yes a Sacto group would not have to come up with a Relocation costs and the NBA relocation fee, but that would mean to mean there is one advantage to the Sacto group

But I have not seen anything that the $500 mil includes a deduction for relocate costs or that Hanson would have to pay the 77mil to the city

Again my guess is the 500 mil is for "the team or franchise" the Kings partnership would have to pay the 77 mil loan and the 219 mil to nba out of the 500 and again Maloofs share is 128 mil if you use the 53% or less if only 43%

Oh also I read in Seattle article Maloofs paid around 158 mil when they bought controlling interest in the Kings back in 1999 so sounds like they might be lucky to just get their money back?

 

[Section 101]

Well if you mean this from the Aaron Bruski article:

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.


Yes a Sacto group would not have to come up with a Relocation costs and the NBA relocation fee, but that would mean to mean there is one advantage to the Sacto group

But I have not seen anything that the $500 mil includes a deduction for relocate costs or that Hanson would have to pay the 77mil to the city

Again my guess is the 500 mil is for "the team or franchise" the Kings partnership would have to pay the 77 mil loan and the 219 mil to nba out of the 500 and again Maloofs share is 128 mil if you use the 53% or less if only 43%

Oh also I read in Seattle article Maloofs paid around 158 mil when they bought controlling interest in the Kings back in 1999 so sounds like they might be lucky to just get their money back?

It was from his tweet. The actual bid was about $350 for the team meaning a local bidder would have to beat $350 not $500.

Don't forget they have to pay taxes too on the sale.

 

[kennadog]

They have to pay taxes on capital gains, if any.

I won't give up until the deal is announced as done and the BoG approves it. Still. I don't have a good feeling. If the Maloofs had decided to sell, they apparently made sure that no buyer wanting to keep the team here knew about it. This deal did not come up over night. Obviously, talks have been ongoing. Maybe with prodding from Stern? I don't know what to think about that.

If Sacramento comes up with a buyer to keep the team here, who can match the net profit to the Maloofs and the league approves a sale to Seattle instead, then I am definitely through with the league. I hate both the Warriors and the Lakers, so that's not an alternative for me.

I can't really be mad at Sonics fans as they just want their Sonics back. Although, in their case it was the city not the league that cost them the Sonics. Having lost their team, I expect they have a lot more sympathy for us than we had when we took the Kings away from Kansas City.

I do hate the Maloofs. They are self-centered, egotistical, celebrity gawking juveniles. They are swindlers who couldn't hold onto anything their dad left to them, because chasing the shiny bauble of celebrity is more important than running a good, sound business. They are lying swindlers, at best.

Their actions have shown nothing but scorn for Sacramento for a long time now. A scorn the fans never deserved. I also think they have tarnished the league by creating such a horribly run franchise over the last 8 or 9 years.

If the world was actually fair, it would be them eating dirt and Sacramento fans keeping their beloved team.

 

[jalfa]

Let me correct you then. There is PRIVATE funding in place for the new Seattle arena. If they buy the Kings, the arena deal will go forward without a problem.

This team is moving, sorry guys. Seattle has a team willing to invest 1 billion+ for the team and arena, no way KJ will be able to find a local group who will do that.

that's kind of what I meant though. to get the Kings to Seattle, Hansen and his group would have to pay about a billion. as deep as their pockets may be that would be a whole of a lot of money to commit. nevermind what others have been saying about pending lawsuits (even more money down the drain).

 

[kennadog]

Seattle's arena deal is a combination of public/private financing.

 

[SacTownKid]

They have to pay taxes on capital gains, if any.

I won't give up until the deal is announced as done and the BoG approves it. Still. I don't have a good feeling. If the Maloofs had decided to sell, they apparently made sure that no buyer wanting to keep the team here knew about it. This deal did not come up over night. Obviously, talks have been ongoing. Maybe with prodding from Stern? I don't know what to think about that.

If Sacramento comes up with a buyer to keep the team here, who can match the net profit to the Maloofs and the league approves a sale to Seattle instead, then I am definitely through with the league. I hate both the Warriors and the Lakers, so that's not an alternative for me.

I can't really be mad at Sonics fans as they just want their Sonics back. Although, in their case it was the city not the league that cost them the Sonics. Having lost their team, I expect they have a lot more sympathy for us than we had when we took the Kings away from Kansas City.

I do hate the Maloofs. They are self-centered, egotistical, celebrity gawking juveniles. They are swindlers who couldn't hold onto anything their dad left to them, because chasing the shiny bauble of celebrity is more important than running a good, sound business. They are lying swindlers, at best.

Their actions have shown nothing but scorn for Sacramento for a long time now. A scorn the fans never deserved. I also think they have tarnished the league by creating such a horribly run franchise over the last 8 or 9 years.

If the world was actually fair, it would be them eating dirt and Sacramento fans keeping their beloved team.

Don't be so sure, how do you think every move the Maloofs have made in regards to the potential sale or moving of the team got leaked? There's only one party involved in each situation and they ALL got leaked to the public.

 

[Entity]

Seattle in King County Washington

Seems rather erie doesn't it.

 

[gatoradeSD]

I thought Seattle had a press conference this morning?

 

[Mr. S£im Citrus]

It is the PacNW equivalent of any other regional rivalry, though we actually have a 3-way rivalry with Vancouver. Seems Seattle gets most of the hate from both cities though. Their fans aren't very highly regarded, perceived to be both fair-weather and following whatever is trendy. To be fair Portland really isn't all that different, I attended some very empty Blazer games when I arrived up here.

While the Sonics/Blazers rivalry lay dormant, the Sounder-Timbers rivalry built a great deal of steam as both teams were "promoted" to MLS. Additionally there is a lot of local competition between rec-leagues, that have Portland vs. Seattle type events, etc.

Fascinating.

 

[VF21]

Fascinating.

It's akin to the Northern California/Southern California ... Sacramento/LA dynamic.

 

[macadocious]

Interesting fact/trivia - If we lose the Kings, we will be not only the only top 20 television market with out one professional sports franchise (NBA/NFL/MLB/NHL), we will be the only one without two.

 

[HereWeBoogie]

http://aroyalpain.com/2013/01/10/maloof-family-split-on-selling-the-sacramento-kings/

Maloof Family is split on wanting to sell the team. i wonder who's the one wanting to sell to Seattle hmmmmmmm. George you dirtbag

 

[JB_kings]

From the horse's ...:

Bryan May ‏@BMayNews10
George Maloof tells News10 a deal to sell the Kings to Seattle group is not close.

 

[Circa_1985_Fan]

From the horse's ...:

And we should believe him...why??

 

[HereWeBoogie]

ya im sick of this back and forth crap. within 24 hours the deal was done, deal was rejected, deal isnt close

 

[JB_kings]

And we should believe him...why??

Because he commented as opposed to not commenting. So probably means that they want to see a bidding war.

 

[HereWeBoogie]

Because he commented as opposed to not commenting. So probably means that they want to see a bidding war.

best case scenario is that this Seattle thing was leaked because the Maloofs wanted it leaked so a bidding war leads to overpaying for the team.

 

[Jkbiker]

There is another little tidbit hiding in the current breakdown of Kings ownership that might come into play. According to our research, the Maloofs own 43 percent of the Kings and another 10-percent is controlled by their friend Bob Hernreich. They have a 53-percent voting block, which is strong enough to block any attempt by minority owners to seize control.

But the minority owners that make up the other 47 percent are locals, some of which have owned a stake in the club since the beginning. So does Kevin Johnson need to come up with $500 million or more to match/beat the Seattle offer? Or can the majority interest in the Kings be bought by itself?

The team carries a ton of debt. $77 million is still owed to bond holders for the 1997 loan that saved the Kings from leaving for Nashville. There are also loans with the NBA that have to be accounted for and the numbers on them vary from between $100 million and $150 million. So the Maloofs take of this prize really isn’t $500 million. It is 43-percent of the remaining money once the bills have been paid.

That makes the figure to purchase the Maloofs portion of the Kings somewhere between $117-$139 million upfront and another $75-$100 million in long-term, but low-interest debt. Add in another $50 million for Hernreich’s portion or even less for Bob Cook’s 7 percent sitting in bankruptcy and you own yourself controlling interest in the Sacramento Kings. Now I don’t have that kind of cash hiding under my pillow, but for a billionaire trying to get into the high-stakes game of the NBA, it’s not a huge pull.

Per Article at:

http://www.cowbellkingdom.com/2013/...ings-relocation-rumors-weve-been-here-before/

Maybe my figures were not so far off at all?

So maybe the right path is to cut out the "Poisoned owners" and get back to business!!!

 

[Hoovtrain]

From the horse's ...:

Unfortunately that horse is a damn liar

 

[Mr. S£im Citrus]

It's akin to the Northern California/Southern California ... Sacramento/LA dynamic.

Yeah, I don't really grok that, either. I don't hate LA because of a Kings/Lakers rivalry, I hate LA because it's major metropolitan area, and I hate all major metropolitan areas. That's not exclusive to LA, or even California: I hate every city on the globe that has more than five million people in it. Spread out, you ****ers!

 

[JB_kings]

Unfortunately that horse is a damn liar

Of course. But if a deal was close, he would say nothing. By him commenting, it means that he wants to see a bidding war. A smart move if all he cares about is more money in his pockets. Maybe we still end up losing, but I really don't care if Hansen and his billionaires have to go deeper into their pockets to come out on top. George knows that Seattle has a short window on the next 50 days for getting the team up there this coming season. He is going to drag his feet until he milks them out of their best bid.

More time does not hurt Sacramento's chances. Finished deal now is sudden death.

 

[HereWeBoogie]

http://seattletimes.com/html/sports/2020104985_kings11.html?cmpid=2727

Maloofs want to maintain partial control