The Maloofs also owe the NBA over 100 million dollars. The conversation should look something like this: "The relocation and sale fail by unanimous vote, now we have the offer on the table from the local buyers, If you accept this offer there is a check for 200 mill waiting for you down stairs. We have deducted the money you owe the NBA and the city of Sac. If you do not accept the offer it is voided and will be remade at fair market value for your share in the team (about 200 mill) and we are now calling in your loan. By the way our next conversation will get nasty."
Cat out of bag and other latest news, rumors, etc.
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Exactly. When relocation is turned down, Hansen's offer is off the table (based on the reporting that the offer is only good if the team can relocate). After that, if they don't accept the bid from Sacramento that the NBA considers binding, value of the team plummets the next time an offer is made.
Maloofs will get their dollars, but the team stays.
Maloofs will get their dollars, but the team stays.
About the agreement for us to limit our share of the supplemental revenue sharing until we get into the new arena where we will take none at all - is this contractually enforcable? In other words did we just pledge verbally that is what we are aiming for as part of the presentation, or something that will legally bind this franchise?
I have a feeling that Vivek's word is as good as a contract. Major difference between BM and him. A breath of fresh air to the NBA and that point has not been missed by the other owners. Granted there is nothing like a contract but for once, this area will have an ownership we can trust. I trust them but I'm kinda easy.
The NBA isn't telling the Maloofs who to sell the team to, they are telling them that the other owners discussed it and they don't think moving the team to a different city at this time is in the best interest of the league. If they're serious about selling the team, they'd be dumb not to take an offer that is $16 million less but is already pre-approved by the league. If they are so spiteful that they'd rather go through this mess again, I suppose we'll see what's going to happen but I suspect David Stern is going to make it very clear to them that they do not want to take that option.
To be fair the dollar for dollar match to the BM may be considering the original $525 mill offer not the raised amount of $550 that H/B offered as soon as the locals agreed to the binding offer the NBA wanted. So the current offer from Randive may be $16 mill less to the Maloofs. If so they may have to decide between a $200 mill sure thing or a long shot at $216 mill in a few years after a long protracted court battle and likely having the team taken by the league, at the risk of having to accept market value which would leave them with about 40-50 mil after the NBA and city get paid back. Not a very difficult decision, I think even George can handle this one.
Seattle just upped their bid, again! New team valuation - $625 million!!!
http://www.king5.com/news/arena/Chris-Hansen-75-million-to-Kings-offer-206957551.html
Also:
http://www.sonicsarena.com/
Looks like they know the votes aren't there for Seattle and are just grasping at any straws they can. Won't do any good.
http://www.king5.com/news/arena/Chris-Hansen-75-million-to-Kings-offer-206957551.html
Also:
http://www.sonicsarena.com/
Looks like they know the votes aren't there for Seattle and are just grasping at any straws they can. Won't do any good.
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I wouldn't brush this off so lightly. This is $100 mill more than what Vivek is bringing to the table. It's very hard to ignore that...could be a potential game changer...they also agreed to be a revenue sharing payee, including their years in Key Arena. That's going to get owner's attention. I don't understand how to post twitter feeds, but he's the link to Chris Daniel's twitter account: https://twitter.com/ChrisDaniels5
hm. dunno what to make of this. the aggression of "upping the bid" to a total valuation of $625 million has to be viewed by the league as a poacher's mentality. at this point, it looks beyond desperate. things aren't going seattle's way, so they throw as much money at the problem as they can. not to mention, i have to assume that the nba is reviewing the proposed bids by seattle and sacramento, rather than these adjustments that hansen/ballmer are making to the sale price on the fly. that said, their "bid" is getting awfully steep. is this kinda money too much for the owners to turn down? i tend to believe they aren't for this level of over-inflation, but i just don't know anymore. i want it to be over...
I think that this move is the last grasp for anything on Seattle's part. They don't have the votes, they don't have the public backing from the NBA, and are now putting down the only thing they do have, money. It is a lot of money, but sometimes, the high bid doesn't win. It pales in comparison to what the NBA might gain by having a connection with India. It's just a rich guy who isn't used to losing, so he does what he knows and bids higher, not realizing that it isn't the point.
I believe this is key. The proposed, accepted bid for the team by Seattle has been matched by Sacramento. These last minute changes are not likely to sway anyone. The offers have been analyzed and recommendations given. And look again at the tweets regarding the recommendation. The decision isn't which offer has a higher $$$ amount, it is whether Sacramento has done enough to keep the team. It has.
Now if the Maloofs want to start holding out, then the NBA has to determine which actions it wants to take. But the Maloofs submitted a signed, "binding" agreement for evaluation. These "after the fact" price changes are meaningless. I doubt the BOG is giving them any consideration at all.
Now if the Maloofs want to start holding out, then the NBA has to determine which actions it wants to take. But the Maloofs submitted a signed, "binding" agreement for evaluation. These "after the fact" price changes are meaningless. I doubt the BOG is giving them any consideration at all.
Wrong all the way around.
IT ISN'T ABOUT THE MONEY. As Micky Arison made clear a couple of days ago, this is about Sacramento doing everything it has to do to keep the team. We've done that. Hansen raising the bid by $75 million is pure desperation and bravado - and it also makes it pretty clear he thinks the ONLY way he can win is by throwing more and more money at the Maloofs. It doesn't work that way.
IT ISN'T ABOUT THE MONEY. As Micky Arison made clear a couple of days ago, this is about Sacramento doing everything it has to do to keep the team. We've done that. Hansen raising the bid by $75 million is pure desperation and bravado - and it also makes it pretty clear he thinks the ONLY way he can win is by throwing more and more money at the Maloofs. It doesn't work that way.
Seattle's got nothing to lose right now. The money is coming from private investors. If they get voted down, they're no worse off than where they were 6 months ago -- a city without an NBA team. I don't much care what Seattle does anymore. It's still our team until it's not our team. And we're getting very close now to the final verdict. Less than a week away hopefully.