Deal announced - latest rumors, etc.

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Mojo

Mojo

G-League
#1
#1
NBA publicly recognizes the deal now:

“The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board’s committee process for review."
 
B

Brac-o-matic

G-League
#3
#3
kennadog said:
It is really making me angry that so many in the media are treating the move as a done deal to be rubber-stamped by the league. Its like they can't kiss off Sacramento fast enough.
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This is the case right now. Later in the week, hopefully, the big news story will be that KJ has found the "whale" who can compete with the offer, and resurrect the arena deal, and AEG is on board, etc etc. I think, or hope, that public sentiment will shift at that point, and the league will realize that, if this is approved, it will be Sonicsgate Part 2. They will be righting a wrong by creating another, equal wrong.

That is my hope...
 
Bricklayer

Bricklayer

Don't Make Me Use The Bat
#4
#4
Mojo said:
NBA publicly recognizes the deal now:

“The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board’s committee process for review."
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People PLEASE NOTE THE ABOVE LANGUAGE.

That is the situation. Not anything you've heard form national media dips. The above is where we are. The Maloofs are now out. Mere caretakers. But the deal HAS NOT BEEN APPROVED. Will not be until April. There is one last big fight at that time, winner take all. And either way Maloofs are gone.
 
L

Livinthedream

All-Star
#5
#5
Am I the only one not shocked by this news? I thought we all knew this is how the drama would unfold. Sac would have to submit a competing offer against Hansen. Until the NBA says its over, then nothing has changed. It was always an uphill battle with Sac being at the mercy of the BOG.
 
sidney

sidney

Starter
#6
#6
Brac-o-matic said:
This is the case right now. Later in the week, hopefully, the big news story will be that KJ has found the "whale" who can compete with the offer, and resurrect the arena deal, and AEG is on board, etc etc. I think, or hope, that public sentiment will shift at that point, and the league will realize that, if this is approved, it will be Sonicsgate Part 2. They will be righting a wrong by creating another, equal wrong.

That is my hope...
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If KJ does bring in a great buyer with a comparable offer, what would happen to Sacramento would be 10x worse than what happened in Seattle. Sac would have a willing buyer, a local government support, an NBA approved new arena plan that is favorable to the team, and a great fanbase. The NBA has no scapegoat to justify moving the team.
 
B

Brac-o-matic

G-League
#7
#7
sidney said:
If KJ does bring in a great buyer with a comparable offer, what would happen to Sacramento would be 10x worse than what happened in Seattle. Sac would have a willing buyer, a local government support, an NBA approved new arena plan that is favorable to the team, and a great fanbase. The NBA has no scapegoat to justify moving the team.
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Totally agree. I am hoping the NBA will have learned something from the Sonics debacle. This will be Stern's legacy.
 
funkykingston

funkykingston

Super Moderator
Staff member
#8
#8
sidney said:
If KJ does bring in a great buyer with a comparable offer, what would happen to Sacramento would be 10x worse than what happened in Seattle. Sac would have a willing buyer, a local government support, an NBA approved new arena plan that is favorable to the team, and a great fanbase. The NBA has no scapegoat to justify moving the team.
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And this is exactly the line of thought that I'm hanging my hope on. That and David Stern reaching out to AEG to reengage in talks. That's not a PR move or one designed to let Kevin Johnson save face. That's setting the wheels in motion for the team to stay in Sacramento and build the arena using the plan the NBA itself led negotiations on.

Yet another reason to hate the Maloofs is that they insisted that they wouldn't sell and then when they finally did relent, they didn't approach any of the local parties that had shown interest in the past or notify Kevin Johnson that the team was available. They went straight to screwing over the Kings fans (yet AGAIN) by starting talks with a group they knew would strip the team away from Sacramento.

Either way, the Maloofs will get a more than fair price for their share of the franchise and the team will be playing in an outdated, run down arena for the next two seasons before moving into a brand new building. Why the NBA would choose to move them to Seattle and eliminate the Kings/Royals completely instead of letting them stay put in a city that has done everything the NBA has asked of it I can't fathom.

I'm staying optimistic.
 
Warhawk

Warhawk

Give blood and save a life!
Staff member
#9
#9
funkykingston said:
Yet another reason to hate the Maloofs is that they insisted that they wouldn't sell and then when they finally did relent, they didn't approach any of the local parties that had shown interest in the past or notify Kevin Johnson that the team was available. They went straight to screwing over the Kings fans (yet AGAIN) by starting talks with a group they knew would strip the team away from Sacramento.
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I think this is because they got slapped down from moving to Anaheim due to KJ's interference and also because the team is worth more as a "mobile" franchise. I wonder if they really think the team will leave or if this is just another ploy to get a larger bid to keep it here.....

The shocking thing to me is that they actually signed anything constituting a formal agreement. Was it in disappearing ink? ;)

It sounds like the details of the deal are not going to be "revealed" based on what I have heard on the radio this morning. I wonder if/how that affects our attempt to put together a counteroffer.
 
Chupacabra

Chupacabra

Starter
#11
#11
This is all playing out according to the prophecy. This was expected. If you were confident before then theres no reason to feel any differently about it now. This team isnt going to move anywhere as long as KJ submits a competitive offer. A good football analogy would be that the ball is on the 20 and all we have to do is make the field goal. KJ doesnt miss often so seattle is going to have to block the kick.
 
kupman

kupman

Starter
#12
#12
sidney said:
If KJ does bring in a great buyer with a comparable offer, what would happen to Sacramento would be 10x worse than what happened in Seattle. Sac would have a willing buyer, a local government support, an NBA approved new arena plan that is favorable to the team, and a great fanbase. The NBA has no scapegoat to justify moving the team.
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This.; co-signed; patently true; /thread...and any other overly used, positive internet term you can think of.

It is hard to imagine the NBA would support the total screwing of one of the top fanbases and customers it has. But then again, I don't have expectations that the process will be fair.
 
Purple Reign

Purple Reign

Starter
#13
#13
Now that we have gotten to this point that the Maloofs are no longer in the NBA business, I begin to reflect on the state of NBA Basketball in the City of Sacramento by asking myself and asking you, "How Did We Get to this Point"? Where the existence of professional sports in a small market like Sacramento is hanging in the balance pending one final vote of approval from the NBA.

10 years ago, the Sacramento Kings was a model franchise in the NBA. 10 years later, the Kings are on the brink of relocation. Many may say that the Maloofs were dealt a very unfortunate set of circumstances in the collapse of the economy in 2008.

But in my opinion the fact that the Maloof Family exclusively negotiated the sale of this team to an investor with the intent to relocate this team without even attempting to negotiate locally; without even speaking any words to the fans of Sacramento speaks more of their character than anything else. Economy be damned, the fans of Sacramento deserve better than this. And it is my hope and prayer that the NBA will see this for what it is worth. A spiteful, malicious, underhanded transaction to finally stick it to the City and fans of Sacramento.

I hope David Stern realizes that if anybody was dealt a bad hand, it was the fans of the Sacramento Kings having to endure the inept, unmitigated failure of the Maloof Family as owners and caretakers of the Kings in Sacramento. No Rings, No Arena, Massive Debt and an attempt to cash out leaving Sac with nothing but memories. Fight the Power.
 
L

Larry David

Starter
#14
#14
I agree with what people said above about not freaking out. For the last two weeks, it’s been clear this announcement was coming and CM Dave said it was imminent all last week. I would guess the deal closed early last week, and they rolled it out after the football games to reduce the coverage. Whether you believe the team is gone or the team is staying with new owners, this announcement is on both of the timelines. So really, no news.

I think KJ will come up with a competitive bid for new owners and a new area.

The owners will vote. You can make a case for both cities. I think Sacramento has the stronger case. But I won’t get into all the pros/cons for the league. With all relevant points and concerns on the table, I think the owners will vote based upon their view of two competing concerns: (1) do I put a black eye on the league, where a city strongly supported a team until poor owners justifiability drove fans away, and yet, the city is still ready, willing, and able to fund a new arena for ANY owner, and several good owners want to keep the team in Sacramento; vs (2) while every sale and relocation is already subject to review, do I want to raise the level of scrutiny for both transactions … knowing that I might want sell my team or move my team at some point? With the one exception of Minnesota to New Orleans, the primary question always seems to be “Could the team work in the new city?” Not, in the big picture which city is best for the league (many of the moves seems to fail that test). At least, that’s how I see it. Here, KJ is asking the league to specifically weigh the merits of Sacramento v. Seattle and block the sale if Seattle doesn’t come out ahead. In theory you can say that’s always been the test, but I’m not sure that’s right. Regardless of what you or I think about the standard of review, the issue is whether 30 NBA owners view this as potentially raising the standard of review for not just a relocation, but a sale.

If the owners don’t view the relocation process as I said above, then I really like Sacramento’s chances.

If the standard of review is at issue, I have no guess. I would think / hope the vote is close.
 
P

Prince_XY

Starter
#15
#15
Bricklayer said:
People PLEASE NOTE THE ABOVE LANGUAGE.

That is the situation. Not anything you've heard form national media dips. The above is where we are. The Maloofs are now out. Mere caretakers. But the deal HAS NOT BEEN APPROVED. Will not be until April. There is one last big fight at that time, winner take all. And either way Maloofs are gone.
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This is as if there's still a great chance that the Kings would be staying in Sacramento Brick. And I hope you are right.

But, come on now. Read the news again. Nothing confusing and it is confirmed. The Kings moving to Seattle is nearing to reality more than ever. And it looks more that a fight that KJ and Sacramento fans will do will more likely than not be just an inevitable formality.

KJ and his negotiators failed already. They low-balled the Maloofs, painted them as evil owners, and they messed-up big-time! KJ gave the Maloofs too many BS, had bluff the Maloofs too much, knowing the citizens of Sacramento are behind them. It did not work and will not work on broke businessmen and Sacramento will end up without any NBA team!
 
T

theclash4u5

Starter
#16
#16
Bricklayer said:
People PLEASE NOTE THE ABOVE LANGUAGE.

That is the situation. Not anything you've heard form national media dips. The above is where we are. The Maloofs are now out. Mere caretakers. But the deal HAS NOT BEEN APPROVED. Will not be until April. There is one last big fight at that time, winner take all. And either way Maloofs are gone.
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Don't they have to put the relocation papers in and get approval before March 1st so that they can play in Seattle next year?
 
P

Peter_Gibbons

Starter
#17
#17
Section 101 said:
Uh, Bennett knows the crap the Maloofs pulled. I don't think he would vote for relocation if we have a viable group.
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That is what I meant by trying to avoid the sale being "finalized". We all know the BOGs have to vote on it to approve it, but once the Maloofs sign the contract, it makes it so much harder to win the battle. Because now we are officially fighting against not just the Maloofs, but Ballmer/Hansen as well.
 
P

Prince_XY

Starter
#18
#18
Purple Reign said:
But in my opinion the fact that the Maloof Family exclusively negotiated the sale of this team to an investor with the intent to relocate this team without even attempting to negotiate locally; without even speaking any words to the fans of Sacramento speaks more of their character than anything else. Economy be damned, the fans of Sacramento deserve better than this. And it is my hope and prayer that the NBA will see this for what it is worth. A spiteful, malicious, underhanded transaction to finally stick it to the City and fans of Sacramento.
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Come one now. Don't be too naive.

It is not as if KJ and company (and YOU) only knew it yesterday that the Sacramento Kings is for sale.

What do you want the Maloofs to do?

Go house to house begging the people of Sacramento to buy the Kings?

If there is anyone at fault here - it is the lazy leaders of Sacramento who failed to come-up with a better deal than the Seattle deal!
 
Section 101

Section 101

All-Star
#19
#19
Larry David said:
I agree with what people said above about not freaking out. For the last two weeks, it’s been clear this announcement was coming and CM Dave said it was imminent all last week. I would guess the deal closed early last week, and they rolled it out after the football games to reduce the coverage. Whether you believe the team is gone or the team is staying with new owners, this announcement is on both of the timelines. So really, no news.

I think KJ will come up with a competitive bid for new owners and a new area.

The owners will vote. You can make a case for both cities. I think Sacramento has the stronger case. But I won’t get into all the pros/cons for the league. With all relevant points and concerns on the table, I think the owners will vote based upon their view of two competing concerns: (1) do I put a black eye on the league, where a city strongly supported a team until poor owners justifiability drove fans away, and yet, the city is still ready, willing, and able to fund a new arena for ANY owner, and several good owners want to keep the team in Sacramento; vs (2) while every sale and relocation is already subject to review, do I want to raise the level of scrutiny for both transactions … knowing that I might want sell my team or move my team at some point? With the one exception of Minnesota to New Orleans, the primary question always seems to be “Could the team work in the new city?” Not, in the big picture which city is best for the league (many of the moves seems to fail that test). At least, that’s how I see it. Here, KJ is asking the league to specifically weigh the merits of Sacramento v. Seattle and block the sale if Seattle doesn’t come out ahead. In theory you can say that’s always been the test, but I’m not sure that’s right. Regardless of what you or I think about the standard of review, the issue is whether 30 NBA owners view this as potentially raising the standard of review for not just a relocation, but a sale.

If the owners don’t view the relocation process as I said above, then I really like Sacramento’s chances.

If the standard of review is at issue, I have no guess. I would think / hope the vote is close.
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How many current owners want to move their teams? 0

It would take a new ownership coming in to move the team. Same situation as this. Now there are a few teams that need new arena's now and few more in the near future. If the owners are looking to a new arena they should vote to keep the Kings here.
 
P

Peter_Gibbons

Starter
#20
#20
theclash4u5 said:
Don't they have to put the relocation papers in and get approval before March 1st so that they can play in Seattle next year?
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It means Seattle will file for relocation before March 1st, but the BOGs will have to vote on it in their next meeting. Which apparently will be the full meeting in April and not the brief one during all star break.
 
kennadog

kennadog

Dog On It!
#22
#22
Section 101 said:
The approval for relocation is voted on in April. The March 1 filing the papers has no bearing at this point.
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Since they are going to discuss both issues, they may not have a final vote in April. The league has 120 days for the relocation committee to review relocation requests and make a recommendation to the BoG. I suspect they won't actually vote then. Especially if that is when KJ and the proposed local owner will present a proposal.
 
L

Livinthedream

All-Star
#23
#23
Prince_XY said:
Come one now. Don't be too naive.

It is not as if KJ and company (and YOU) only knew it yesterday that the Sacramento Kings is for sale.

What do you want the Maloofs to do?

Go house to house begging the people of Sacramento to buy the Kings?

If there is anyone at fault here - it is the lazy leaders of Sacramento who failed to come-up with a better deal than the Seattle deal!
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No. If you're angry and wish to point the finger, then it needs to be pointed at the Maloofs. The city has no ability to make the Maloofs negotiate with them on selling the team. No matter how many times they were approached, the Maloofs stated the team was not for sale. KJ made it clear that he would like the opportunity to put together a group to buy the team if and when the Maloofs want to sell. That's all that could be done. That's not being lazy. That's having your hands tied.
 
HndsmCelt

HndsmCelt

Hall of Famer
#24
#24
On a tangential note if any Kings Fans still have money or finical ties to Wells Fargo it might not change much bu divesting fromthe Bank of Maloofs is still a good idea. ;)
 
Rockmeister

Rockmeister

All-Star
#25
#25
I really want the Kings to STAY. Really I do. Every media is stating the Kings are SOLD to Seattle. I have been reading that KJ is doing something in the background and we just need to be PATIENT. Sorry, my patient is running thin....I have not read anything.

Where is the group that wants to buy the Kings and have them stay HERE? I am starting to give up. I NEED proof and I just don't see it.
 
Mike0476

Mike0476

Starter
#27
#27
"We gotta stay positive. We gotta keep fighting. And we have to believe in Sacramento." - Mayor Kevin Johnson

 
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L

Larry David

Starter
#28
#28
Section 101 said:
How many current owners want to move their teams? 0

It would take a new ownership coming in to move the team. Same situation as this. Now there are a few teams that need new arena's now and few more in the near future. If the owners are looking to a new arena they should vote to keep the Kings here.
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But they are also being asked to block a sale. Not just in the NBA backroom "We like this buyer better" sense. Here, a current owner wants to sell his team to owners that seems to meet the NBA standard for a buyer. Thus, this isn't like keeping Larry Ellison out.

Morever, it's a third party wants a hearing of (buyer ____ in Sac) vs. the Seattle ownership group. So the question is not just "Do we want Balmer in the clubhouse." It's A v. B. I think Stern wants that as well, and I think it will happen. And I think KJ can win.

You may very well be right. If owners view this as, "We already pick and choose winners on every sale and move, this is the same" that would be great. But if they view this process as different, I think it's harder.

I'm not saying which way they vote, I think that's an issue. But who knows.
 
John Galt

John Galt

Starter
#29
#29
It is dark. The "call on the field" is "Kings sold to Seattle". It will take a hell of a lot to flip it imo. The default, the easier course, is to uphold the sale. So somehow KJ has to rally 16 guys to take a radical activist position and say no to the deal. Why would a typical NBA owner do that? Much easier to shrug at KJ and say "sorry man, tough break".

We're talking "down 4, at the free throw line with 2.5 seconds on the clock type of underdog now. I honestly can't see what story KJ can tell that will be compelling enough to get 16 no votes.

Please God let me be wrong.
 
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