Deal announced - latest rumors, etc.

[Section 101]

Predictions, speculation, odds are all based on probability. They're just speaking to that probability. And the probability right now is exactly what you've been hearing. The odds of a 25 fadaway 3 pointer to win the game are always against you. Odds are you will lose. Does that mean you will always lose? No, but the ODDS are against you.

No one is saying it's done. They're all saying its basically and probably done. We are not the favored here. I'm not saying not to fight and not to find ways, but the odds ARE against us, and most prudent people in real life usually use favorable odds when making a prediction. Just because the outcome doesn't go according to the probability every time does not change the inherent odds beforehand.

The problem is the odds makers haven't been following along. They don't understand that Stern is PO'ed at the Maloofs and they have run the franchise into the ground lying all the way. Good time to take the underdog when it's being neglected.

 

[UK_King]

KJ with major announcement today.

Wonder who these "Whales" are.

 

[Prince_XY]

Because the Maloofs wanted to be handed a free arena on a silver platter and keep the profits all for themselves. They wanted to have their cake and eat it too. That's why the Kings are on the verge of relocating.

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.

 

[macadocious]

Just to confirm how bad the media is covering this. Jason Jones retweeted the RE Graswhich tweet on minority ownership having first right of refusal, a full 7 hours after it was debunked in this thread.

And he is a Kings beat writer!!

 

[Gilles]

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 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.

 

[Kingsguy881]

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.

You might want to just stop posting. Each new post shows just how ignorant you are of the whole situation. If you want to continue looking like the biggest dumbass on this board feel free to keep it up. My advice would be to just shut it and do a little bit of research.

 

[Ryan]

You might want to just stop posting. Each new post shows just how ignorant you are of the whole situation. If you want to continue looking like the biggest dumbass on this board feel free to keep it up. My advice would be to just shut it and do a little bit of research.

I second this.

 

[Jose]

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.

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.

 

[NoBonus]

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.

I am sure that is what they were saying in Seattle in 2008, too. But no expansion team ever materialized. So, if Sac DOES get an expansion team, does Sac get the jerseys back for the rafters?

 

[Ryan]

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.

I'm sorry, does anyone have any proof that the league can do this?

 

[VF21]

I'm sorry, does anyone have any proof that the league can do this?

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.

 

[macadocious]

I'm sorry, does anyone have any proof that the league can do this?

In the end, NBA teams are franchises not individual businesses. An owner of McDonalds franchise cannot sell to whomever they want, nor move the restaurant where ever they want.

NBA is similar.

 

[VF21]

Does anybody have a link to an online broadcast or stream of the upcoming press conference?

 

[Ryan]

The league doesn't have to approve any sale. What would most likely happen is that the sale to Seattle would not 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.

Sorry if I'm not understanding this correctly, but will the BOG be presented with both Hansen and KJ plan?

 

[UK_King]

It's still not clear to me that the NBA can force any sale.

the presser will be on 1140 the fan btw.

 

[NoBonus]

It's still not clear to me that the NBA can force any sale.

Not overtly, probably not... but there is an element of NBA ownership that appears to take place in the sauna at the private resort for NBA owners where things are said, threats are made, kickbacks are given, all unofficially and off the record, but they are binding and as real as anything.

 

[UK_King]

I just don't think it's as easy as "we reject the Seattle deal and now the team is owned by so and so from sac"

If they reject the Seattle deal i expect all this to end up in a court.

 

[NoBonus]

I just don't think it's as easy as "we reject the Seattle deal and now the team is owned by so and so from sac"

If they reject the Seattle deal i expect all this to end up in a court.

Yup... lawyers will be all over this like ants on lollipop.

 

[PurpleHaze]

I just don't think it's as easy as "we reject the Seattle deal and now the team is owned by so and so from sac"

If they reject the Seattle deal i expect all this to end up in a court.

If you believe that inviting litigation hornets nest, then much easier for BoG to just sign off on Kings move and sale to Hansen group.

 

[Capt. Factorial]

It's still not clear to me that the NBA can force any sale.

But it's pretty clear they can reject one. It's not the same thing, but close enough.

 

[PurpleHaze]

KHTK reporting up to ten local investors with David Taylor (developer) and Phil Oates (Buzz Oates Enterprises) part of the Sac group.

 

[UK_King]

But it's pretty clear they can reject one. It's not the same thing, but close enough.

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.

 

[Section 101]

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.

But in this instance as long as there is an ownership group here willing to buy it will get denied to KC too.

 

[twosomeca]

The league doesn't have to approve any sale. What would most likely happen is that the sale to Seattle would not 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.

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.

 

[bajaden]

How does him working in california and microsoft being in california affect the situation? Somebody fill me in..

Goverment contracts!

 

[Glenn]

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.

 

[VF21]

Sorry if I'm not understanding this correctly, but will the BOG be presented with both Hansen and KJ plan?

Crap. I mistyped.

It should read:

"What would most likely happen is the sale to Seattle WOULD BE turned down..."

Sorry for the confusion. I'm editing my post.

 

[bajaden]

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.

There's an old saying. "Sometimes its better to appear stupid, than to open one's mouth and confirm it."

 

[VF21]

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.

I made a crucial one word error in my initial post. It should have said "What would most likely happen is that the sale to Seattle would be turned down..." The word "not" should not have been included.

 

[VF21]

Want to see how much the Maloofs treasure their employees?

SACRAMENTO—

FOX40 has obtained a letter supposedly sent out late Tuesday morning to Sleep Train Arena employees.

Chris Clark, a Kings media relations representative, said that no one has been let go as of Tuesday. Events are still booked at the arena, with Clark noting that there is no reason for staff to be let go at this time.

Below is the full text of the letter-

Dear Team Member,

After a memorable journey, we have made the decision to sell our interest in the Sacramento Kings organization to an investor group led by Chris Hansen. Your dedication and professionalism as a Kings team member is one of the greatest reflections we take away from our treasured experience.

Due to the fact that this transaction requires approval by the league’s Board of Governors we are unable to go into further details of the agreement at this time, but our leadership team will be there to assist you during the transition.

We appreciate your sincere efforts with Maloof Sports and Entertainment. Thank you again for everything you have done in servicing the wonderful fans of Sacramento.

http://fox40.com/2013/01/22/kings-release-letter-to-arena-employees/#QBCXUFJ3Pzm0auOp.99