Deal announced - latest rumors, etc.
- Thread starter Mojo
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I am not referring to how KJ and Co handled the arena deal, but they should have learned a lesson or two about the Maloofs. Also, if KJ and Co really did a good job finding a solution instead of maligning the Maloofs, this whole thing should not have reached this point where the Kings are on the verge of moving out of Sacramento.
I can still remember some fans (who does not have a reputation of being too smart in this board) mentioning the endgame in this saga:
THE MALOOFS WILL END-UP SELLING THE KINGS.
Wow. I don' know why KJ and Co wasn't able to forsee this when some random fans in this board were able to predict the times precisely.
And now we're learning KJ and Co. got beat by an outsider (Hansen group) in persuading the Maloofs to sell?
Can you say then that KJ and Co. really did everything to find a solution to this problem, especially that they can't even identify who this "big whale" upto now - and JUST NOW?
And six weeks. It will still take them six freaking weeks to gather.
Really?
Wow.
It sure doesn't look like KJ and Co know what was going on when some fans on this board already knew and the media were leaking the news already.
Good job KJ and Co.
I can still remember some fans (who does not have a reputation of being too smart in this board) mentioning the endgame in this saga:
THE MALOOFS WILL END-UP SELLING THE KINGS.
Wow. I don' know why KJ and Co wasn't able to forsee this when some random fans in this board were able to predict the times precisely.
And now we're learning KJ and Co. got beat by an outsider (Hansen group) in persuading the Maloofs to sell?
Can you say then that KJ and Co. really did everything to find a solution to this problem, especially that they can't even identify who this "big whale" upto now - and JUST NOW?
And six weeks. It will still take them six freaking weeks to gather.
Really?
Wow.
It sure doesn't look like KJ and Co know what was going on when some fans on this board already knew and the media were leaking the news already.
Good job KJ and Co.
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I think it was a ploy on Maloof's part to serve their bottom line. Say they come to Johnson and say "Hey, we believe this team is worth $525 million so we need 65% of that to go away". Natural reaction would be "Warriors sold for $450 million and they didn't have nearly as much debt". Maloofs counter with their 'flexibility" and get "we are not planning to move" back.
Now Maloofs got $340 million for sure, and can get even more if bidding war is started.
Now Maloofs got $340 million for sure, and can get even more if bidding war is started.
There is no bidding war... the Maloof's contract with the Seattle group is binding. Either the sale gets approved and the Kings move, or the sale gets shut down on the grounds of there being a local buyer and the Seattle group is down $30 million. Do you think that if they get shot down they'll want to (or be allowed to) get into a bidding war right away?
This is it... either the team goes to Seattle or the Maloofs are left with $30 million in their pocket and what basically amounts to a mandate from the NBA to sell to a local buyer. This was inevitable. Now we wait until April and find out.
If the sale gets shut down the Maloofs may be petty enough to "decide" to stay a while longer in Sac and announce in a year or so that the team is for sale, bids starting at $525M. THAT could lead to a bidding war, with the local group not being able to compete.
Either way, I'm pretty sure one thing is going to come out of all this: The Kings move and Sacramento is immediately granted an expansion team for 2015, or the Kings stay and Seattle is granted an expansion team.
This is it... either the team goes to Seattle or the Maloofs are left with $30 million in their pocket and what basically amounts to a mandate from the NBA to sell to a local buyer. This was inevitable. Now we wait until April and find out.
If the sale gets shut down the Maloofs may be petty enough to "decide" to stay a while longer in Sac and announce in a year or so that the team is for sale, bids starting at $525M. THAT could lead to a bidding war, with the local group not being able to compete.
Either way, I'm pretty sure one thing is going to come out of all this: The Kings move and Sacramento is immediately granted an expansion team for 2015, or the Kings stay and Seattle is granted an expansion team.
The league doesn't have to approve any sale. What would most likely happen is that the sale to Seattle would be turned down and then a separate vote would be taken to approve the sale to the Sacramento group. OR they might vote on the relocation petition first, and if that's turned down I'm pretty sure Hansen would back out of the sale deal.
Edited to remove one word that totally changed the meaning of what I was trying to say.
Edited to remove one word that totally changed the meaning of what I was trying to say.
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not really... unless there is something somewhere that dictates the NBA assumes ownership they can't force anything. (my understanding from what i've read)
the only thing "forcing" the maloofs to sell is their perilous finances, that said they could turn around once it's rejected and sell to a group from KC.
the only thing "forcing" the maloofs to sell is their perilous finances, that said they could turn around once it's rejected and sell to a group from KC.
Yeah, this can't work like this.
1. There is already a purchase agreement between a willing buyer and a willing seller. If the seller were to enter into another purchase agreement simultaneously with someone else, he would be legally exposed, possibly to both parties and in this case, even interested 3rd parties.
The technical way to deal with this is to reject the Seattle bid.
But I don't see it happening like that. The deal either goes through as is or there is a lot of heavy lifting in the back room of the NBA office in NYC to sort through this mess and find a solution workable for all.
Stern is quiet right now. I suspect he is trying to manage this CF. Good luck, guys.
1. There is already a purchase agreement between a willing buyer and a willing seller. If the seller were to enter into another purchase agreement simultaneously with someone else, he would be legally exposed, possibly to both parties and in this case, even interested 3rd parties.
The technical way to deal with this is to reject the Seattle bid.
But I don't see it happening like that. The deal either goes through as is or there is a lot of heavy lifting in the back room of the NBA office in NYC to sort through this mess and find a solution workable for all.
Stern is quiet right now. I suspect he is trying to manage this CF. Good luck, guys.
Stern is allowing KJ to make a presentation to the BOG, completely bypassing the Maloofs. Somewhere in the by-laws must be a way of doing this as it sounds very, very odd. Perhaps Stern is banking on KJ coming up with a group that gets them more money then from Hansen and they wouldn't be inclined to sue over a deal that netted them more cash. This one is for the lawyers.
Want to see how much the Maloofs treasure their employees?
http://fox40.com/2013/01/22/kings-release-letter-to-arena-employees/#QBCXUFJ3Pzm0auOp.99
http://fox40.com/2013/01/22/kings-release-letter-to-arena-employees/#QBCXUFJ3Pzm0auOp.99
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