i've said it before: the maloofs will kick, scream, *****, and moan, but eventually they'll relent. george maloof saying "i can sell to whoever i want to" certainly falls into the category of childish petulance, as if the decision is his to make, and his alone. he's kicking and screaming, but it's no cause for worry. the guy has always had a Fredo complex, and he's as delusionally self-absorbed as they come. once 65% sale to HBN is voted down, the 20% sale to HBN will be swiftly voted down, as well. then, all that's left is a 65% sale to the sacramento group, at the same price as HBN's original offer. the maloofs will take it... eventually. it's just the pathway that's up for debate. will george and co. see the writing on the wall, or will the nba have to apply a series of pressures to force their hand? in the end, the result will be the same. tomorrow's a big day in determining how we get there...
Dominoes startng to fall and other latest news, rumors, etc.
- Thread starter VF21
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I don't get mad usually, but Grant needs to shut his mouth, he belittled, down-talked, and cut people off live on air when people were wondering and brought up concerns about if the Maloofs would not sell to the Sacramento group. He said 100% that the Maloofs would sell to Sacremtno group and anyone that say "maybe" he would just say stupid ****. This was the day of the recommendation vote. I hope he goes some where far, far, far, far away soon.
To clarify I have never thought that the Maloofs would hold on to the team in the long run. I also learned a long time ago that there is never any reason to trust anything they say for good or bad. I still suspect that this is more bluster and they will take the check and run even if that means breaking promises to Hanssen/Balmer. I just dread what amounts to the the nuclear and near nuclear options for Ballmer and Hansen. Remember once the Maloofs sell to Randive it's game over for them and they will likely never get another shot at a team.
In scenario 1. The BM read the writing on the wall as does H/B and they accept defeat sell the team to Vandiek and move on. (with or with out subsequent law suits)
in 2. The Maloofs refuse to sell and go back to Sacramento set on trying to get the courts to rule they are free to sell minority share with out NBA approval. Assuming they take more cash up front on the deal it is a low risk low likelihood of working for them and eventually after getting slapped down in court they will likely come around. (Call this the near nuclear option)
In 3. H/Bconvince or flat out pay the Maloofs to go completely off the REZ and move the team essentially daring the League to go nuclear in response. The only theory in operation here is that a WA court may bail them out and that as long as they don't relinquish the team they can act as they like, and ultimately sell to H/B. This is a VERY long and extreme scenario BUT If my suspicion that Hanssen is over a barrel on the SODO complex and HAS to break ground fast for one or more reasons stated elsewhere. (Again a course of action that will not work but in the mean time Sacramento Kings get no work done)
Again these are my nightmares, and I am fairly sure that after the relocation vote, and the back up offer go against them the Maloofs will take the Sac offer if not immediate with in days. I just have to keep my imagination in check. No more Grisham novels until this thing is completely over!
In scenario 1. The BM read the writing on the wall as does H/B and they accept defeat sell the team to Vandiek and move on. (with or with out subsequent law suits)
in 2. The Maloofs refuse to sell and go back to Sacramento set on trying to get the courts to rule they are free to sell minority share with out NBA approval. Assuming they take more cash up front on the deal it is a low risk low likelihood of working for them and eventually after getting slapped down in court they will likely come around. (Call this the near nuclear option)
In 3. H/Bconvince or flat out pay the Maloofs to go completely off the REZ and move the team essentially daring the League to go nuclear in response. The only theory in operation here is that a WA court may bail them out and that as long as they don't relinquish the team they can act as they like, and ultimately sell to H/B. This is a VERY long and extreme scenario BUT If my suspicion that Hanssen is over a barrel on the SODO complex and HAS to break ground fast for one or more reasons stated elsewhere. (Again a course of action that will not work but in the mean time Sacramento Kings get no work done)
Again these are my nightmares, and I am fairly sure that after the relocation vote, and the back up offer go against them the Maloofs will take the Sac offer if not immediate with in days. I just have to keep my imagination in check. No more Grisham novels until this thing is completely over!
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Meanwhile, the STOP people are still working on their lawsuit. Here's the latest from Twitter about that:
Aaron Bruski @aaronbruski 38m
...as necessary and do not believe this lawsuit has merit."
Aaron Bruski Aaron Bruski @aaronbruski 39m
...action to approve the preliminary term sheet is supported by substantial public benefit. We are prepared to defend the Council decision..
Aaron Bruski Aaron Bruski @aaronbruski 39m
Sacramento City Attorney James Sanchez: "We have reviewed a copy of the Soluri complaint and believe that the public record on the Council..
Aaron Bruski @aaronbruski 38m
...as necessary and do not believe this lawsuit has merit."
Aaron Bruski Aaron Bruski @aaronbruski 39m
...action to approve the preliminary term sheet is supported by substantial public benefit. We are prepared to defend the Council decision..
Aaron Bruski Aaron Bruski @aaronbruski 39m
Sacramento City Attorney James Sanchez: "We have reviewed a copy of the Soluri complaint and believe that the public record on the Council..
You're forgetting about Stern's nuclear option. He will invoke the "best interests of the league" clause and put the team into conservatorship. If the Maloofs do not voluntarily agree to accept the remaining offer on the table, the NBA can sell the team for them and funnel the money to them. Could it end up in court? Possibly. Do the Maloofs have the $$$ necessary for a prolonged court fight? Nope.
If the league takes over the team, as done with New Orleans, the Maloofs would also face the real possibility that the league would demand payment of all the loans they made to them, reducing their net profit on the sale of the Kings to an amount equal to a couple of Carl's Jr. cheeseburgers without the wine.
If the league takes over the team, as done with New Orleans, the Maloofs would also face the real possibility that the league would demand payment of all the loans they made to them, reducing their net profit on the sale of the Kings to an amount equal to a couple of Carl's Jr. cheeseburgers without the wine.
It's a matter of no difference. The offers aren't far apart. They are exactly the same. The seller's drafted up a contract and agreed to sell a 65% share of the team for $341.25M. That's the amount of money they stated would be enough to sign away their ownership rights. The Sacramento group has agreed to match that offer and the NBA has agreed that, offers being equal, they'd rather keep the team where it is rather than allow it to relocate.
All this subsequent nonsense involving voluntary increased offers is just smoke-filled, coffee-house crap. The agreement was for $341.25M. Without the Sacramento group's or the NBA's involvement, that's the amount of money they would have received and not one penny more. The seller can't have it both ways.
On one hand, they are angry and defiant over the 2 groups involvement yet they have no problem acknowledging and attempting to benefit from the side effect that resulted from that involvement, which is the Seattle group getting spooked into voluntarily increasing their original offer. The seller's knew going into this process that the NBA still reserved the right to decide who would eventually own the team. When there are multiple buyers vetted and willing to spend the same amount, the NBA gets to decide which of those groups is awarded the opportunity, not the seller. In the end, regardless what the NBA decides, the seller's will still end up with the same amount of money they agreed to from the very beginning.
If the seller's truly wanted a bidding war, they should have opted to announce to the entire world that their share of the team was for sale. But they didn't do that. They opted to try to sell on the down low because they had a larger agenda than simply making the most money out of the deal as possible. The wanted to stick it to Kevin Johnson and the City of Sacramento as best they could. Opting for that tactic, while having benefits to them if it worked, has seemingly backfired on them BIG TIME! While they did receive an outrageous offer, they didn't receive the out-of-this-universe offer that might have resulted had they allowed an open bidding war to commence. Doing so most likely would have priced any potential Sacramento group out of the bidding altogether. In the end, agreeing to a $525M valuation wasn't enough to do that.
C'est La Vie!
All this subsequent nonsense involving voluntary increased offers is just smoke-filled, coffee-house crap. The agreement was for $341.25M. Without the Sacramento group's or the NBA's involvement, that's the amount of money they would have received and not one penny more. The seller can't have it both ways.
On one hand, they are angry and defiant over the 2 groups involvement yet they have no problem acknowledging and attempting to benefit from the side effect that resulted from that involvement, which is the Seattle group getting spooked into voluntarily increasing their original offer. The seller's knew going into this process that the NBA still reserved the right to decide who would eventually own the team. When there are multiple buyers vetted and willing to spend the same amount, the NBA gets to decide which of those groups is awarded the opportunity, not the seller. In the end, regardless what the NBA decides, the seller's will still end up with the same amount of money they agreed to from the very beginning.
If the seller's truly wanted a bidding war, they should have opted to announce to the entire world that their share of the team was for sale. But they didn't do that. They opted to try to sell on the down low because they had a larger agenda than simply making the most money out of the deal as possible. The wanted to stick it to Kevin Johnson and the City of Sacramento as best they could. Opting for that tactic, while having benefits to them if it worked, has seemingly backfired on them BIG TIME! While they did receive an outrageous offer, they didn't receive the out-of-this-universe offer that might have resulted had they allowed an open bidding war to commence. Doing so most likely would have priced any potential Sacramento group out of the bidding altogether. In the end, agreeing to a $525M valuation wasn't enough to do that.
C'est La Vie!
IMO:
1. Most likely scenario. The spineless weasels will take the money and run, not even think twice about screwing HBN - after all, they got what they wanted out of them (drive the price up).
2. NBA rules of ownership stipulate that all sales are subject to league approval. They agreed to that when they bought the team. There's no way around that.
3. This is the one that worries me the most. Not because they'll move and play there, as Stern basically implied during the Anaheim debacle that the games would be scheduled in Sacramento. What worries me is that they may do it just to raise hell. However, HBN has nothing to win with this scenario. The city will not approve their deal until they have a team. And at that point they would still be the Sacramento Kings, even if their owners say they're in Seattle. The only thing this would lead to is a messy court battle and no games played by the Kings next year.
1. Most likely scenario. The spineless weasels will take the money and run, not even think twice about screwing HBN - after all, they got what they wanted out of them (drive the price up).
2. NBA rules of ownership stipulate that all sales are subject to league approval. They agreed to that when they bought the team. There's no way around that.
3. This is the one that worries me the most. Not because they'll move and play there, as Stern basically implied during the Anaheim debacle that the games would be scheduled in Sacramento. What worries me is that they may do it just to raise hell. However, HBN has nothing to win with this scenario. The city will not approve their deal until they have a team. And at that point they would still be the Sacramento Kings, even if their owners say they're in Seattle. The only thing this would lead to is a messy court battle and no games played by the Kings next year.
If I'm Stern I tell them that as far as the league is concerned they can take Vivek's $341M and keep Hansen's non-refundable $30M (since that deal was between them and does not involve the league). That's $371, or about a $575 valuation (smack in the middle of the first and last offers). Then sit back and watch Hansen go after them and DESTROY them in court.
Dead on, and I have NOT forgotten Sterns nuclear option, I expect at some point if they do push this Stern will have to use it and then there is one more thing to go to court over. Again I don't see how any scenario does not end with the Kings in Sacramento with new owners. It's just a question of how long and painful the process will be.
Has any league ever used their option to force an owner to sell for the best interests of the league against the owner's will? Is there any precedent? Have any other owners been as destructive to their team and its future as the Maloofs and have been left to own the team and run it into the ground? I want to know where this type of situation stands in sports history and I am uninformed.
Today on NBA.com
"The Hansen and Ballmer group elbowed its way back into the conversation using money and creativity. It started last Friday when Hansen increased his total valuation of the Kings from $550 million to $625 million. Hansen also announced on his website that he has guaranteed owners that the franchise would pay into the league's revenue-sharing system if it was in Seattle and not collect money as it has in Sacramento.
On Saturday, word leaked of a backup deal with the Maloofs to purchase a minority interest in the Kings with the Maloofs remaining the controlling party. The limited partnership would be a purchase of at least 20 percent of the Maloofs' stake in the franchise at a valuation of $600 million, but the Hansen/Ballmer group would retain a two-year option to purchase majority control. They were bold and aggressive moves by the Seattle group. And for fans, they were a needed boost."
http://www.nba.com/2013/news/05/14/kings-nearing-decision-on-fate.ap/index.html?ls=iref:nbahpts
"The Hansen and Ballmer group elbowed its way back into the conversation using money and creativity. It started last Friday when Hansen increased his total valuation of the Kings from $550 million to $625 million. Hansen also announced on his website that he has guaranteed owners that the franchise would pay into the league's revenue-sharing system if it was in Seattle and not collect money as it has in Sacramento.
On Saturday, word leaked of a backup deal with the Maloofs to purchase a minority interest in the Kings with the Maloofs remaining the controlling party. The limited partnership would be a purchase of at least 20 percent of the Maloofs' stake in the franchise at a valuation of $600 million, but the Hansen/Ballmer group would retain a two-year option to purchase majority control. They were bold and aggressive moves by the Seattle group. And for fans, they were a needed boost."
http://www.nba.com/2013/news/05/14/kings-nearing-decision-on-fate.ap/index.html?ls=iref:nbahpts
David Bienick @kcrabienick 1m
George Maloof says right now he has to stick with Hansen, has a signed agreement.
David Bienick @kcrabienick 2m
George Maloof says he's been talking with Sac group. Not sure if that means him personally or his lawyers. #nbakings
David Bienick @kcrabienick 1m
George Maloof tells #kcra he knows there will be at least one vote tomorrow. On the relocation issue.
George Maloof says right now he has to stick with Hansen, has a signed agreement.
David Bienick @kcrabienick 2m
George Maloof says he's been talking with Sac group. Not sure if that means him personally or his lawyers. #nbakings
David Bienick @kcrabienick 1m
George Maloof tells #kcra he knows there will be at least one vote tomorrow. On the relocation issue.
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What typifies the Maloofs being scumbags and deserving every ounce of hate that should come their way....
The 20% back up HBN plan is tantamount to clay bennet - where the Maloofs and HBN would scorch the earth and relocate the team in a couple years?
So that is nothing more than a willing motion by the Maloofs to pull a Clay Bennett here
The 20% back up HBN plan is tantamount to clay bennet - where the Maloofs and HBN would scorch the earth and relocate the team in a couple years?
So that is nothing more than a willing motion by the Maloofs to pull a Clay Bennett here
Tim Montemayer of teh The Monte show is tweeting some crazy stuff right now, if it is even half true the Sea folks may kill H/B. According to him the NBA has been talking expansion in 2014 and H/b were not interested, also the leage pretty much told them on Mon. to shu up and their chances of ever owning a team are dimming. I'll copy nad post in a few min.