Deal announced - latest rumors, etc.

[bajaden]

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

Since Stern announced that Sacramento would be allowed to plead its case at the BOG meeting, it appears that yes, thats the case. The BOG will hear from both parties.

 

[Bricklayer]

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 difference here is that the willing seller does not actually have the right to sell without approval. He's a franchisee. So that contract will have "pending NBA approcal" stamped all over it. If the NBA does not approve, the contract will be cancelled without prejudice to the Maloofs.

But it would still be unwise to sign anything else while that's pending obviously unless possibly you styled it a contingency "only if the other deal falls through" thing. If it works its Maloofs go to BOG, BOG says no, but you can have the equal Sacto offer. Seattle contract gets cancelled. Maloofs sign Sacto contract. End of ugly era.

 

[LWP777]

Want to see how much the Maloofs treasure their employees?



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

What do you expect them to say? This is a pretty standard letter IMO. I didn't find it disrespectful to the employees or the fans in any way.

 

[sdballer]

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

Really hoping these aren't our whales

 

[xrzn]

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

Carmichael retweeted this:

Sactown Royalty ‏@sactownroyalty
RT “@BMayNews10: Reminder, @KJ_MayorJohnson 2pm press conference will be carried live both on News10 and on http://News10.net ”

 

[Bricklayer]

Really hoping these aren't our whales

Indeed, there needs to eb some big money or big faces (Webber?) to provide some flash to counter the Ballmer billions.

 

[HereWeBoogie]

Really hoping these aren't our whales

Its not. Carmichael Dave said the mayor isnt announcing the whale today, he said today is just a nother small piece to the puzzle

 

[VF21]

Just a heads up. We'll be starting another chapter of this thread right before the press conference. (It's hard on the server to have long threads be so active.)

 

[Jose]

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?

The difference is there was no arena deal in Seattle, and no local ownership group interested in buying the team.

 

[VF21]

Carmichael retweeted this:

Sactown Royalty ‏@sactownroyalty
RT “@BMayNews10: Reminder, @KJ_MayorJohnson 2pm press conference will be carried live both on News10 and on http://News10.net ”

I've found out it will also be carried on fox40.com and kcra.com

 

[twosomeca]

The difference here is that the willing seller does not actually have the right to sell without approval. He's a franchisee. So that contract will have "pending NBA approcal" stamped all over it. If the NBA does not approve, the contract will be cancelled without prejudice to the Maloofs.

But it would still be unwise to sign anything else while that's pending obviously unless possibly you styled it a contingency "only if the other deal falls through" thing. If it works its Maloofs go to BOG, BOG says no, but you can have the equal Sacto offer. Seattle contract gets cancelled. Maloofs sign Sacto contract. End of ugly era.

And this is where the $30M comes in. It becomes a damages lawsuit. I happen to believe that the $30M was inserted so that either the Maloofs or the Hansen group could sue should something go wrong with the deal. It's just a fast track to court.

Stern's silence is deafening. He has to find a way to pull the NBA's *** out of the fire yet again. Nobody wants expansion, but it may come to that as a bone thrown to the "losing" entity.

 

[Fear the Putin]

Really hoping these aren't our whales

David Taylor and Phil Oates will be one of the local investors who will partner with the "big whale"

http://blogs.sacbee.com/city-beat/2...l-faces-of-proposed-kings-ownership-team.html

Those local owners would partner with a deep-pocketed investor when Johnson presents the team to the NBA as a counter-offer to the Seattle group that has agreed to buy the Kings.

Among the group of local investors seeking to buy a part of the team are developers David Taylor and Phil Oates.

 

[VF21]

What do you expect them to say? This is a pretty standard letter IMO. I didn't find it disrespectful to the employees or the fans in any way.

Sorry, but we'll just have to agree to disagree.

 

[KingsFanSince85]

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

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

the presser will be on 1140 the fan btw.

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.

How about past precedent? See below;

http://www.sacbee.com/2013/01/20/5126810/nba-rarely-blocks-teams-from-moving.html#storylink=misearch

As Mayor Kevin Johnson tries to keep the Sacramento Kings from moving to Seattle, he can take heart from the story of the Minnesota Timberwolves. The NBA prohibited the team from moving to New Orleans in 1994. It's believed to be the last time the NBA rejected a formal relocation request.

The NBA even sued the Timberwolves to make sure they stayed put. The team eventually sold to local owners.

"The NBA told them, 'Look for other buyers,' and they did," said attorney Elliott Kaplan, who represented the NBA in the case.

On June 15, 1994, the NBA's relocation committee, an enormously influential group consisting of six team owners, voted unanimously to block the sale.

The committee's vote was enough for Stern to declare the Timberwolves weren't moving. The full board of governors ratified the panel's recommendation a week later. To make sure, the NBA sued the Timberwolves and Top Rank to get an injunction blocking relocation.

"Sometimes we have lawsuits in a drawer for special occasions – birthdays, weddings and franchise transfers," Stern said at the time.

It got messy for a while. Top Rank filed its own lawsuit in a Louisiana court. But the NBA prevailed, and the team was sold to a local owner.

 

[sdballer]

David Taylor and Phil Oates will be one of the local investors who will partner with the "big whale"

http://blogs.sacbee.com/city-beat/2...l-faces-of-proposed-kings-ownership-team.html

Thanks. Unless they haven't found the big investor yet or they asked to remain out of the story for now, I wonder if today is more about demonstrating activity than anything else. Which is ok but with this short timeline and the need to start pressuring public and BOG opinion now, he needs to get the big offer lined up fast.

 

[Circa_1985_Fan]

David Taylor and Phil Oates will be one of the local investors who will partner with the "big whale"

http://blogs.sacbee.com/city-beat/2...l-faces-of-proposed-kings-ownership-team.html

Indeed...I fully expect 'the whale' will be one of 2 guys: Eli Broad(only worth about $7 billion ) or Larry Ellison(he would be the ULTIMATE 'whale')...I do think Ron Burkle is on board with KJ in some way or fashion that ties the deal together, too.

 

[twosomeca]

How about past precedent? See below;

The NBA claimed that the New Orleans group was not financially sound. What are they going to claim about the Hansen group? I agree that this is the place to kill the deal - at the point of sale. As mentioned above, the Maloofs are not per se entitled to do the sale. It would be easier for them to move the franchise themselves rather than sell it and see it moved. But the NBA will likely not be able to claim that the Hansen group isn't financially viable. Also instructive is that the NBA made no overtures to the failed potential owners in New Orleans to get a team. Stern ran the joint then. Is he going to leave Hansen and Seattle without a team in this scenario? Is he going to leave Sacto without a team if the deal goes through after all the area has done to keep the team?

Stern is in a very tight spot. IMHO, his league sucks. Teams are constantly moving or are under threat of moving, among several other problems. Still, you gotta protect your civic assets.

 

[Circa_1985_Fan]

Thanks. Unless they haven't found the big investor yet or they asked to remain out of the story for now, I wonder if today is more about demonstrating activity than anything else. Which is ok but with this short timeline and the need to start pressuring public and BOG opinion now, he needs to get the big offer lined up fast.

We will see 'the whale' by Friday...and it will be well worth the wait.

 

[sdballer]

We will see 'the whale' by Friday...and it will be well worth the wait.

Is this a guess or do you have info?

 

[Circa_1985_Fan]

Patience Grasshoppers.

 

[VF21]

Stern is in a very tight spot. IMHO, his league sucks. Teams are constantly moving or are under threat of moving, among several other problems. Still, you gotta protect your civic assets.

I didn't actually check, but haven't more teams moved in the NFL than in the NBA?

 

[HereWeBoogie]

Well the Whale better be big. And same with everything else KJ does. He needs to blow the NBA away, if it goes to the BOG a tight race, I dont like our odds

 

[Circa_1985_Fan]

Is this a guess or do you have info?

No specific days/times, but I know there is a timeline for the reveals this week...and that everyone will know who's on 'our team' this week.

 

[HereWeBoogie]

I didn't actually check, but haven't more teams moved in the NFL than in the NBA?

I would definitely think so.

 

[Section 101]

And this is where the $30M comes in. It becomes a damages lawsuit. I happen to believe that the $30M was inserted so that either the Maloofs or the Hansen group could sue should something go wrong with the deal. It's just a fast track to court.

Stern's silence is deafening. He has to find a way to pull the NBA's *** out of the fire yet again. Nobody wants expansion, but it may come to that as a bone thrown to the "losing" entity.

You can't claim damages when you knew going in it had to be approved by the BoG.

 

[HereWeBoogie]

No specific days/times, but I know there is a timeline for the reveals this week...and that everyone will know who's on 'our team' this week.

Do u know who some of the people are? Not asking u to tell us who they are, cause I know u wont, but do u personally know exactly who it is?

 

[Circa_1985_Fan]

you can't claim damages when you knew going in it had to be approved by the bog.

ding ding ding!!

 

[PurpleHaze]

80+ year old Buzz Oates who now mostly lets his son Phil run the long-time family commercial real estate biz is generally regarding as "richest man" in Sacramento with net worth between $900M and slightly over $1B. Together with another weathly local, developer David Taylor, plus several other rich local investors it's a very good team that Mayor KJ is enlisting. Oates on Forbes list here:

http://www.forbes.com/lists/2005/54/EFWQ.html

 

[VF21]

Do u know who some of the people are? Not asking u to tell us who they are, cause I know u wont, but do u personally know exactly who it is?

Dude, sometimes you have to just not ask that kind of questions. You put people in awkward positions. Some of us at times are lucky enough to be in the know about a specific thing but cannot under any circumstances say too much or risk losing the source of that information in the future. Know what I mean?

 

[Section 101]

The NBA claimed that the New Orleans group was not financially sound. What are they going to claim about the Hansen group? I agree that this is the place to kill the deal - at the point of sale. As mentioned above, the Maloofs are not per se entitled to do the sale. It would be easier for them to move the franchise themselves rather than sell it and see it moved. But the NBA will likely not be able to claim that the Hansen group isn't financially viable. Also instructive is that the NBA made no overtures to the failed potential owners in New Orleans to get a team. Stern ran the joint then. Is he going to leave Hansen and Seattle without a team in this scenario? Is he going to leave Sacto without a team if the deal goes through after all the area has done to keep the team?

Stern is in a very tight spot. IMHO, his league sucks. Teams are constantly moving or are under threat of moving, among several other problems. Still, you gotta protect your civic assets.

Ellison made an offer to buy the team and move it to San Jose. They rejected the offer and bought the team with the hopes a local buyer would emerge in the future. The current owner was going bankrupt and wanted to sell.