And the answer is... WE WIN!!!!!

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T

The Hammer

All-Star
#331
#331
Andriod_KiNg said:
I am bit confused about one thing, according to a bay area radio station, the City of Sacramento had excess funds from the parking revenue and they already put that in escrow towards the new arena ?
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Yeah there was a bit of confusion during the Stern presser, although I think this is the pertinent information:

And, to clarify about the escrow issue:

200 mil +/-, is 100% of what Maloofs will receive, and that is in escrow. Vivek group will absorb debt to NBA (and some of arena debt?).
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thingfish

thingfish

Bench
#333
#333
Quote Originally Posted by Padrino View Post
while the sentiment is likely true, as always, it will be about arena deals and public/private partnerships. if the league intends to add two more teams by way of expansion, the first will be seattle, and the second will be whoever comes up with a suitable arena plan first...
Tetsujin said:
San Diego would also have an advantage with the Jacobs family already being a vetted part of the Kings ownership group.
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Although, I'd love to see some NBA in SD (KINGS will always be my team) there has been no, nada, zero, zilch discussion of an arena being built around here. Hell, we can't even do anything about keeping the beloved Chargers in town.

Now...back to celebrating. Congrats again SACTOWN!
 
A

Andriod_KiNg

Starter
#335
#335
The Hammer said:
Yeah there was a bit of confusion during the Stern presser, although I think this is the pertinent information:

And, to clarify about the escrow issue:
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This was the quote i got from sonics site, they said this was said during the Stern presser.

"2. Per Stern: Sacramento’s contribution of 200 million for the Arena deal is in place, and in escrow, and Stern stated that it is further along than people had reported?? Not sure what that part meant. " Then this " All he said was the money was surplus from parking revenue and in escrow."
 
T

The Hammer

All-Star
#336
#336
Andriod_KiNg said:
This was the quote i got from sonics site, they said this was said during the Stern presser.

"2. Per Stern: Sacramento’s contribution of 200 million for the Arena deal is in place, and in escrow, and Stern stated that it is further along than people had reported?? Not sure what that part meant. " Then this " All he said was the money was surplus from parking revenue and in escrow."
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Yeah I think Stern was just a little tired and confused. He wasn't differentiating details to much in that sentence. Can't say for sure if the parking funds are in escrow. It would seem a little early to me for that.
 
Glenn

Glenn

Hall of Famer
#337
#337
KingsFanatic said:
Yea, Hansen obviously isn't the classy type. Sure he thanked the owners and the league, but he had to get his stab in at how much "significantly better" their plan was than ours...
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He never caught on that this was not the issue or if he had caught on, he just enjoys tooting his own horn. Of course their offer was better than ours. They have a bigger city and they have more money but they lacked one thing and that was timing. Where were they in 2008?
 
Kingsfan23

Kingsfan23

All-Star
#341
#341
Preliminary guess on the dissenting 8

Maloofs - idiots
Lacob - Even if Ranadive was third person in the organization, maybe he wanted all of Norcal
Allen - obvious, seattle guy
Sterling - unethical, money guy
Cuban - Already said something to the effect that owners should be able to do what they want in regards to Seattle situation
Buss - Big market person, probably wanted more of California market
Grousbeck - known to have connection with Hansen
Dolan - big market guy
 
T

The Hammer

All-Star
#342
#342
Kingsfan23 said:
Preliminary guess on the dissenting 8

Maloofs - idiots
Lacob - Even if Ranadive was third person in the organization, maybe he wanted all of Norcal
Allen - obvious, seattle guy
Sterling - unethical, money guy
Cuban - Already said something to the effect that owners should be able to do what they want in regards to Seattle situation
Buss - Big market person, probably wanted more of California market
Grousbeck - known to have connection with Hansen
Dolan - big market guy
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I highly doubt Buss voted against. Say what you want about the Lakers, but they've ALWAYS been supportive of the health of the League as a whole, above petty financial interests, and this was exactly a case of that. They always support league protocol, which was insulted by the process Hansen engaged in and the manner in which he did it.

I think more likely that it people ended up voting against not for personal reasons, but to present a non unanimous result. Who it was that ended up performing that role doesn't really matter.
 
Bricklayer

Bricklayer

Don't Make Me Use The Bat
#344
#344
The Hammer said:
I highly doubt Buss voted against. Say what you want about the Lakers, but they've ALWAYS been supportive of the health of the League as a whole, above petty financial interests, and this was exactly a case of that. They always support league protocol, which was insulted by the process Hansen engaged in and the manner in which he did it.

I think more likely that it people ended up voting against not for personal reasons, but to present a non unanimous result. Who it was that ended up performing that role doesn't really matter.
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Different Buss now though, so who knows.
 
A

Andriod_KiNg

Starter
#347
#347
The Hammer said:
I highly doubt Buss voted against. Say what you want about the Lakers, but they've ALWAYS been supportive of the health of the League as a whole, above petty financial interests, and this was exactly a case of that. They always support league protocol, which was insulted by the process Hansen engaged in and the manner in which he did it.

I think more likely that it people ended up voting against not for personal reasons, but to present a non unanimous result. Who it was that ended up performing that role doesn't really matter.
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She Buss's hubby wants a job in Seattle, I am sure sure he convinced her to vote for Seattle if nothing else.
 
R

Roch Royals Fan

G-League
#352
#352
Financial Details of Vivek's offer

Ryan Lillis had a good summary of how the deal is structured. I’m just going to put together his tweets on this: https://twitter.com/Ryan_Lillis

On Vivek offer to buy the Kings. Stern said over $200m placed in escrow, which is 100% of what would go to Maloofs.

$200m is based on 65% of $525m valuation. Ranadive would absorb NBA line of credit and Sleep Train loan, so take that $$ from $341m.

Point is: Maloofs have seen 100% of $525m valuation offer in escrow from Ranadive group. But there’s more…

Ranadive has shown NBA he has additional $40m to run the franchise, which is key. So, as Stern said, he secured $240m for offer.

Vivek can pay less out of pocket for the team because he can absorb the arena debt, which is $64 mill. http://www.sacbee.com/2013/01/27/5143673/if-kings-leave-what-about-owners.html

I'm sure that the Seattle group would have been required to pay that off.

This means that the Maloofs were using approximately $77 mill of the NBA's credit line. I wonder if that's a high amount, relative to other teams in the league?
 
R

Roch Royals Fan

G-League
#353
#353
Ryan Lillis had a good summary of how the deal is structured. I’m just going to put together his tweets on this: https://twitter.com/Ryan_Lillis

On Vivek offer to buy the Kings. Stern said over $200m placed in escrow, which is 100% of what would go to Maloofs.

$200m is based on 65% of $525m valuation. Ranadive would absorb NBA line of credit and Sleep Train loan, so take that $$ from $341m.

Point is: Maloofs have seen 100% of $525m valuation offer in escrow from Ranadive group. But there’s more…

Ranadive has shown NBA he has additional $40m to run the franchise, which is key. So, as Stern said, he secured $240m for offer.

These are my comments, not Ryan's....

Vivek can pay less out of pocket for the team because he can absorb the arena debt, which is $64 mill. http://www.sacbee.com/2013/01/27/5143673/if-kings-leave-what-about-owners.html

I'm sure that the Seattle group would have been required to pay that off.

This means that the Maloofs were using approximately $77 mill of the NBA's credit line. I wonder if that's a high amount, relative to other teams in the league?
 
VF21

VF21

Super Moderator Emeritus
SME
#354
#354
I started a thread about the tornados in the Lounge. A lot of Sacramento's reporters are still there. KJ's plane is sitting on the runway, waiting to take off.
 
VF21

VF21

Super Moderator Emeritus
SME
#355
#355
Roch Royals Fan said:
Ryan Lillis had a good summary of how the deal is structured. I’m just going to put together his tweets on this: https://twitter.com/Ryan_Lillis

On Vivek offer to buy the Kings. Stern said over $200m placed in escrow, which is 100% of what would go to Maloofs.

$200m is based on 65% of $525m valuation. Ranadive would absorb NBA line of credit and Sleep Train loan, so take that $$ from $341m.

Point is: Maloofs have seen 100% of $525m valuation offer in escrow from Ranadive group. But there’s more…

Ranadive has shown NBA he has additional $40m to run the franchise, which is key. So, as Stern said, he secured $240m for offer.

These are my comments, not Ryan's....

Vivek can pay less out of pocket for the team because he can absorb the arena debt, which is $64 mill. http://www.sacbee.com/2013/01/27/5143673/if-kings-leave-what-about-owners.html

I'm sure that the Seattle group would have been required to pay that off.

This means that the Maloofs were using approximately $77 mill of the NBA's credit line. I wonder if that's a high amount, relative to other teams in the league?
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Having Ranadive assume the NBA loans pretty much seals the deal.
 
HereWeBoogie

HereWeBoogie

Hall of Famer
#356
#356
i love how George said they tried to find a Sacramento buyer before Chris Hansen stepped up LOLOLOLOLO


and what is with his man crush on Chris Hansen? he said the name Chris at least 25 times in that interview.
 
R

Roch Royals Fan

G-League
#357
#357
VF21 said:
Having Ranadive assume the NBA loans pretty much seals the deal.
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And assuming the Sleep Train Debt. That's huge! After all, the arena location isn't worth anywhere near that amount anymore, so it's nice that Vivek stepped up and took care of that, rather than abandoning the debt, and leaving the collateral to the city.

"There is no way somebody is buying our team and moving it without making good on that loan," Sacramento Mayor Kevin Johnson vowed last week.

It's uncertain, however, if the team's prospective owners would agree

Read more here: http://www.sacbee.com/2013/01/27/5143673/if-kings-leave-what-about-owners.html#storylink=cpy
 
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