Escrow money should be in today and other news, rumors, etc.

VF21

VF21

Super Moderator Emeritus
SME
#1
#1
I figured it was a good enough time to start a new thread since the other two are getting pretty long and unwieldy.

Chris Kelly has said that 1/2 of the purchase money will be deposited into escrow today, which should really tempt the Maloofs. My guess is that George is trying to figure a way to get Chris Hansen out of the picture quickly so all that nice money can head their way sooner rather than later.

I liked George Karl's comment to Voisin yesterday at the Warriors-Nuggets game. It warms my heart to know that other players and coaches are glad the Kings are staying where they belong.

Just as an aside, Bing Crosby was born this day - May 3 - in Tacoma, Washington in 1903. And, in 1993, "Kiss of the Spider Woman" opened at the Broadhurst in New York City. It would continue for 906 performances. I know those two things have absolutely nothing to do with the topic at hand...
 
A

apollo916

Bench
#5
#5
So that means seattle has paid for the controlling interest but paid a third party. Now Sacramento is doing the same thing but only half? If seattle gets the purchase, the nba has to approve it still rite? Its not like the kings are going anywhere this year anyways. This is to stressful I mite have to take a few days break.
 
John Galt

John Galt

Starter
#6
#6
apollo916 said:
So that means seattle has paid for the controlling interest but paid a third party. Now Sacramento is doing the same thing but only half? If seattle gets the purchase, the nba has to approve it still rite? Its not like the kings are going anywhere this year anyways. This is to stressful I mite have to take a few days break.
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ummmmmm.... what?
 
John Galt

John Galt

Starter
#7
#7
Monty's tweets have been great lately - a good follow. (read from bottom up).

Wow that would really be the seventh circle of hell... Hansen suing Georgie!! Would love to be a fly on the wall for their post-mortem. Maloofs get their money, Hansen gets nothing but grief :))


Tim Montemayor ‏@TheMontyShow 6m
…"stick it to #Sacramento …#Maloofs never had approval to select buyers for #NBAKings …left #NBA in the dark" #Sonics #Seattle
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Tim Montemayor ‏@TheMontyShow 6m
which says owners and principals cannot sue the league. "If seattle is upset w/ anyone it should be the #Maloofs who used them to …cont
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Tim Montemayor ‏@TheMontyShow 8m
…binding until #NBA approval is given. Also told again that litigation would all but eliminate H&B from consideration as owners per charter
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Tim Montemayor ‏@TheMontyShow 9m
I am told that H&B will not promise to keep the fight out of court, they feel wronged but sources say #Maloofs sales agreement can't be ...
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Tim Montemayor ‏@TheMontyShow 10m
I am told nothing new re: #Seattle / #Sonics …same effort being made to workout "a solution to bring the game back to Seattle" …cont.
 
HndsmCelt

HndsmCelt

Hall of Famer
#8
#8
Čarolija said:
Well according to Hansen they have moved the entire amount ($357 million) into the escrow so Maloofs would be ****ting bricks as we speak! :D
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I do the same thing in training my Beagle. If I show a treat and hold it out of reach I can get him to do anything for it. Little guy sits, shakes rolls up in his blankie, same theory holds with Maloofs except my beagle is adorable and faithful.
Miles Pose.jpg
 
J

Jose

Bench
#9
#9
John Galt said:
Wow that would really be the seventh circle of hell... Hansen suing Georgie!!
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Hansen sues the Clowns for signing a binding agreement to sell something they were not authorized to sell, misleading him to spend $130M in deposit and property, plus time, legal fees, etc...? LOVE IT!!!!
 
J

JB_kings

Starter
#10
#10
To be honest, it's not likely Chris Hansen put ALL of the money into escrow. He actually used some words that are little less clear and probably point to a percentage. Read his words here from sonicsarena.com:

As you are all well aware, we have a binding transaction to purchase the Kings for what would be a record price for an NBA franchise, have one of the best ownership groups ever assembled to purchase a professional sports team in the US, have clearly demonstrated that we have a much more solid Arena plan, have offered a much higher price than the yet to be finalized Sacramento Group, and have placed all of the funds to close the transaction into escrow.
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Based upon a number of reports about the Hansen/Ballmer offer, their offer to purchase the team was about half equity based and half financed. About minimum of what the NBA demands in any team purchase. So the transaction would probably have wording that indicated that half the money would be transferred upon close or all final approvals by all parties.

Unless Hansen is an idiot, he would not have borrowed money before getting final approval for team transfer. And for all the bleating that has been done about a binding transaction, the NBA approval also has to be included in the final approval of the transaction. Otherwise the transaction would be complete already, right?

So it is very probable that both Sac investors and Hansen have placed about the same amount of money in escrow accounts.
 
Kingsfan23

Kingsfan23

All-Star
#11
#11
Jose said:
Hansen sues the Clowns for signing a binding agreement to sell something they were not authorized to sell, misleading him to spend $130M in deposit and property, plus time, legal fees, etc...? LOVE IT!!!!
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Lets hope that **** loses all 130, and does not get that deposit back
 
Gary

Gary

All-Star
#12
#12
It makes no sense that Hansen would borrow money on something that still needed to be voted on. Also, was he not aware that KJ would have done everything in his power to stop this move from happening? They really did pick the wrong city to screw with, but he should have known this wasn't a sure thing. So buyer beware.
 
J

JB_kings

Starter
#13
#13
Gary said:
It makes no sense that Hansen would borrow money on something that still needed to be voted on. Also, was he not aware that KJ would have done everything in his power to stop this move from happening? They really did pick the wrong city to screw with, but he should have known this wasn't a sure thing. So buyer beware.
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Exactly. It looks like there is wording in the agreement that says 50% cash upon approval by all parties and the balance due with probably 60-90 days. Enough time to obtain financing for the rest. It's done that way in almost every team sale.
 
funkykingston

funkykingston

Super Moderator
Staff member
#14
#14
Sonics fans are now pinning their hopes on the NBA allowing Hansen to buy the team in Sacramento, trying "earnestly" to get an arena deal done and then moving it. I think they see some poetic justice in the notion of stealing a team the way Bennett did to them. The rationale being that Hansen has a binding agreement with the Maloofs and while the NBA might have cause to deny relocation, they have no reason to deny the H/B/N ownership group.

But it is a grasping at straws approach. Relocation has been recommended against and will be voted down. So binding agreement or not, the fact remains that the Sacramento group has an agreement on a new arena and the Hansen group does not.

I honestly think the only questions now are whether the NBA expands (or promises expansion) and if the H/B/N group sues.

And quite honestly, for everyone saying that they should "play nice" with the NBA and that if they sue they'll never get a team, I honestly disagree. What does Seattle have to lose? They were giving a wink and an nod in 2008 when the Sonics left that if they went along and did things right they'd get a team back at some point. If the NBA doesn't promise expansion now, then what would they have to lose by suing? Nothing. They have no team now, and I don't see one becoming available to move any time soon.

Without expansion this will get messy. But I think the Kings will be out of this drama in a few weeks and it will be up to H/B/N and the NBA/BOG to sort it out.
 
Padrino

Padrino

All-Star
#15
#15
funkykingston said:
Sonics fans are now pinning their hopes on the NBA allowing Hansen to buy the team in Sacramento, trying "earnestly" to get an arena deal done and then moving it. I think they see some poetic justice in the notion of stealing a team the way Bennett did to them. The rationale being that Hansen has a binding agreement with the Maloofs and while the NBA might have cause to deny relocation, they have no reason to deny the H/B/N ownership group.

But it is a grasping at straws approach. Relocation has been recommended against and will be voted down. So binding agreement or not, the fact remains that the Sacramento group has an agreement on a new arena and the Hansen group does not.

I honestly think the only questions now are whether the NBA expands (or promises expansion) and if the H/B/N group sues.

And quite honestly, for everyone saying that they should "play nice" with the NBA and that if they sue they'll never get a team, I honestly disagree. What does Seattle have to lose? They were giving a wink and an nod in 2008 when the Sonics left that if they went along and did things right they'd get a team back at some point. If the NBA doesn't promise expansion now, then what would they have to lose by suing? Nothing. They have no team now, and I don't see one becoming available to move any time soon.

Without expansion this will get messy. But I think the Kings will be out of this drama in a few weeks and it will be up to H/B/N and the NBA/BOG to sort it out.
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well, i think the discrepancy here is in the order of events. you do not sue prior to an honest discussion about the possibility of expansion, which, as david stern has noted on numerous occasions, is not a sensible discussion to have until at least after the next tv deal is negotiated. essentially, stern has positioned himself as champion of sacramento in his final year as commissioner, and is leaving the seattle question to adam silver and the league's owners. hansen/ballmer are at the mercy of the league's future decision on expansion, and, if they're serious about bringing a professional basketball team back to the city of seattle, they're going to have to be more patient than they'd like...

expansion is not off the table, but, despite the rumors and whispers, i imagine it's not being legitimately considered by the nba at this time. however, if they rule out expansion down the line, hansen/ballmer can feel free to sue the league's *** off. and good luck with that, by the way. the nba has a cadre of top flight attorneys at their disposal well-versed in anti-trust laws. hansen/ballmer have a better case to lay out against the maloofs, though, and that'd be one hell of an interesting lawsuit to follow, if it ever came to pass...
 
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J

Jose

Bench
#16
#16
funkykingston said:
...while the NBA might have cause to deny relocation, they have no reason to deny the H/B/N ownership group.
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They do. There is a bid from an ownership group that has been working together with the city and has an approved arena plan. HBN doesn't have an approved arena plan. Approved plan >>>> "earnest effort" ...
 
funkykingston

funkykingston

Super Moderator
Staff member
#17
#17
Jose said:
They do. There is a bid from an ownership group that has been working together with the city and has an approved arena plan. HBN doesn't have an approved arena plan. Approved plan >>>> "earnest effort" ...
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Oh, I agree completely, as I outlined later in my post. I'm just showing their line of thought. The Seattle group has more money, a "binding" agreement with the Maloofs, a higher offer (after their bump), all the necessary funds in escrow and Ballmer, who Stern called a "perfect and prototypical owner". They think the sale should still go through, even without relocation. But it's ignoring the reality of the situation.

I can't blame them - they are passionate fans who want their team back, of course they'll grab onto any angle they can to keep that hope alive.
 
G

Gilles

Starter
#18
#18
Theoretically "sale with clear intent to relocate" can be rejected with a reason of "we decided to avoid relocation so upholding such an agreement when we have a group committed to keeping the team in town doesn't make sense". If HBN group wants to replace Sac group in arena agreement, then...
P.S. Don't think Seattle group has great chance of prevailing in court, but they can really hurt NBA owners during discovery process if NBA books get to NBAPA.
P.S.2 If initial report by Woj is correct, and Stern advised Hansen to contact Maloofs, this process may be a long game of Stern to keep Kings in Sacramento, while sending Maloofs on their way out, and at the same time to get expansion team to Seattle despite some owner opposition before his retirement.
 
Kingsfan23

Kingsfan23

All-Star
#19
#19
funkykingston said:
Sonics fans are now pinning their hopes on the NBA allowing Hansen to buy the team in Sacramento, trying "earnestly" to get an arena deal done and then moving it. I think they see some poetic justice in the notion of stealing a team the way Bennett did to them. The rationale being that Hansen has a binding agreement with the Maloofs and while the NBA might have cause to deny relocation, they have no reason to deny the H/B/N ownership group.

But it is a grasping at straws approach. Relocation has been recommended against and will be voted down. So binding agreement or not, the fact remains that the Sacramento group has an agreement on a new arena and the Hansen group does not.

I honestly think the only questions now are whether the NBA expands (or promises expansion) and if the H/B/N group sues.

And quite honestly, for everyone saying that they should "play nice" with the NBA and that if they sue they'll never get a team, I honestly disagree. What does Seattle have to lose? They were giving a wink and an nod in 2008 when the Sonics left that if they went along and did things right they'd get a team back at some point. If the NBA doesn't promise expansion now, then what would they have to lose by suing? Nothing. They have no team now, and I don't see one becoming available to move any time soon.

Without expansion this will get messy. But I think the Kings will be out of this drama in a few weeks and it will be up to H/B/N and the NBA/BOG to sort it out.
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How so? Is there any proof the NBA cared if they ever had a team again? The NBA doesn't want expansion, they go away quietely because it will be the only way they are able to poach another team in the next decade or two
 
VF21

VF21

Super Moderator Emeritus
SME
#20
#20
funkykingston said:
Oh, I agree completely, as I outlined later in my post. I'm just showing their line of thought. The Seattle group has more money, a "binding" agreement with the Maloofs, a higher offer (after their bump), all the necessary funds in escrow and Ballmer, who Stern called a "perfect and prototypical owner". They think the sale should still go through, even without relocation. But it's ignoring the reality of the situation.

I can't blame them - they are passionate fans who want their team back, of course they'll grab onto any angle they can to keep that hope alive.
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This is the argument that always galls the crap out of me.

The Kings AREN'T THE SONICS. The Sonics are gone, with their trophies and retired jerseys packed in boxes somewhere in storage. They do not exist and stealing the Kings will not bring them back.

They can get a new team and resurrect the brand by getting back all the Sonics history from Clay Bennett, but I believe there was some kind of deadline on that. I don't remember the specifics but I think it was that Bennett would turn over everything if Seattle got another team within 5 years but if it took longer they would have to purchase the rights to the name, all the history, etc. This could be another reason Hansen is loathe to give up. This is the 5th year. I have to wonder what kind of price Hansen would be willing to pay and how much Bennett would ask.

Seattle fans may be passionate but they're also hypocrites. They detest Bennett for stealing their team and its identity but they have no problem in doing the same to us. I know this may not be the politically correct opinion, but I don't feel sorry for the Seattle fans. They do not deserve a team more than we do and I'm beyond tired of hearing about how they were jobbed by the NBA. They had every opportunity to step up but for whatever reason were unable to do so. It's not our fault their leadership wasn't as passionate as Kevin Johnson. And it's certainly not our fault that we have more resolve than they apparently did.

If we do, in fact, end up keeping our beloved Kings it's because of so many people who stepped up and put their efforts where their mouths are and committed themselves to fighting the good fight. Guys like Mike Tavares and Crown Downtown, Carmichael Dave, the HereWeStay and Think Big groups, etc. AND THE FANS, not to mention politicians like Darrell Steinberg, all joined in to support Kevin Johnson in his battle to keep our team AND revitalize our downtown. Seattle didn't do it so they lost their team.
 
T

The Hammer

All-Star
#21
#21
VF21 said:
This is the argument that always galls the crap out of me.

The Kings AREN'T THE SONICS. The Sonics are gone, with their trophies and retired jerseys packed in boxes somewhere in storage. They do not exist and stealing the Kings will not bring them back.

They can get a new team and resurrect the brand by getting back all the Sonics history from Clay Bennett, but I believe there was some kind of deadline on that. I don't remember the specifics but I think it was that Bennett would turn over everything if Seattle got another team within 5 years but if it took longer they would have to purchase the rights to the name, all the history, etc. This could be another reason Hansen is loathe to give up. This is the 5th year. I have to wonder what kind of price Hansen would be willing to pay and how much Bennett would ask.

Seattle fans may be passionate but they're also hypocrites. They detest Bennett for stealing their team and its identity but they have no problem in doing the same to us. I know this may not be the politically correct opinion, but I don't feel sorry for the Seattle fans. They do not deserve a team more than we do and I'm beyond tired of hearing about how they were jobbed by the NBA. They had every opportunity to step up but for whatever reason were unable to do so. It's not our fault their leadership wasn't as passionate as Kevin Johnson. And it's certainly not our fault that we have more resolve than they apparently did.

If we do, in fact, end up keeping our beloved Kings it's because of so many people who stepped up and put their efforts where their mouths are and committed themselves to fighting the good fight. Guys like Mike Tavares and Crown Downtown, Carmichael Dave, the HereWeStay and Think Big groups, etc. AND THE FANS, not to mention politicians like Darrell Steinberg, all joined in to support Kevin Johnson in his battle to keep our team AND revitalize our downtown. Seattle didn't do it so they lost their team.
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I COMPLETELY agree with this. I don't feel sorry for them one bit. Being politically correct is usually just a way of not saying hard truths or calling out someone trying to paint themselves as a victim. And seattle is displaying classic victim mentality, distorting facts, leaving out facts, not learning about Sac facts, all to suit the story they've built up about why they deserve to "accidentally on-purpose" end up with our team. Makes me wanna puke, and they need to be called on it, not re-inforced by receiving sympathy or pity.

It's pretty simple to understand A) why their team left and B) why our team is staying. For the most part they've shown zero interest in that information.

A) They passed I-91, and also Speaker Frank Chopp's comments.

B) Steinberg with his legislation, which affects all other NBA teams in California, and KJ getting the arena plan together, with municipal funds. (And our market is still viable, yada yada yada...)

This is so simple, yet Seattle fans are so forcibly ignorant. And you see the result of that mentality in Hansen's obstinance. If you truly believe the story they are telling themselves, then yes, you can almost justify how Hansen went about the deal and the whispers/hints to sue. If you know what really happened, he seems so foolish!
 
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Kingsfan23

Kingsfan23

All-Star
#27
#27
I think I was trying to be polite to Glenn's first post on Sonics fans... As someone who has avidly read Sonicsfalling and other boards, they have struck me as particularly egotistical and somewhat callous. It's like many of them outright dismiss Sacramento as a market, and its fans, and felt entitled to the team with not the proper empathy or remorse for anyone on the other end. I can't imagine the community of folks on here behaving the same way if we were poaching another city's baseball team from its fans. I want to make clear that there are good people everywhere, its just the % was not what I would have liked to have seen from the Seattle market during this saga
 
N

NewKingsFan916

G-League
#30
#30
It's really sad to watch all of the trolls frailing at SR. Yesterday most posters were saying "I bet Sac's broke partnership group can't even cover the %50 deposit", now all of the trolls are saying "We never doubted they could cover 50%, but where is the rest???? They're broke and don't have it!"
 
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