Deal in place!!
- Thread starter Schmoe
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rainmaker
Hall of Famer
theclash4u5
Starter
Yup, arena + cost to buy Kings is why they are saying it's gonna cost about 1B
Roaming Gnome
Prospect
Way to go Sacramento, KJ & fans... This looks like a freight train of momentum you have going into the BoG meeting. I'm happy that the endless support you've had for YOUR team is paying off!
Elektrik
Starter
A classic example of addition by subtraction...assuming the BOG approves everything.
Livinthedream
All-Star
For investors, cost of arena is $190 mil. Cost to buy Kings is about $350 mil. That leaves about $400+ mil to be invested around the arena site.
Glenn
Hall of Famer
News10 said something quite different. They said it would be $340 mil to buy the Kings and $190 mil to pay for the arena. That's the amount Burkle/Mastrove/Ranadive will spend. The difference between that sum and $1 bil would be used to build up the downtown area around the arena. Unless my mind has gone daft, that's an extra $470 million that the investment group is going to spend in Sacramento. I think the smoke needs to clear before we can say what exactly the three are going to spend.
Thank you Livingthedream. This is a BIG deal for Sacramento. Far bigger than originally thought.
Rock on, man. Thanks.
kennadog
Dog On It!
Yes, roughly 500-600 million to buy the team and build the arena. Maybe at least $400 million to put into development around the arena and K Street. A total of a billion into the team + arena+ development around arena/K Street. I'm so excited I can't stand it. Will certainly be celebrating this tomorrow!
And @#$! Sonics fans, who don't have a clue. They put down OKC fans for not understanding the facts of Seattle and the Sonics and now they are guuily of exactly that as regards Sacramento. They get most of the actual facts wrong.
Awww, gee. Thank you for the compliment. I know all of Crown Downtown will certainly be at the opening of a new arena. We can all party hearty together when that day arrives!
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ParniValjak
All-Star
To say that I am absolutely pumped about this would be an understatement! I am seeing a strong light at the end of the talent and no it is NOT an oncoming train!
Less than a month to go until we keep our Kings and a free of the Maloofs for good! This is such an exciting day for us fans, no matter where we are in the world.
Not long to go now until this whole drama is over but all the pain and the ups and downs of the last few years will be worth it! Its a great day to be a fan of the Sacramento Kings!
Less than a month to go until we keep our Kings and a free of the Maloofs for good! This is such an exciting day for us fans, no matter where we are in the world.
Not long to go now until this whole drama is over but all the pain and the ups and downs of the last few years will be worth it! Its a great day to be a fan of the Sacramento Kings!
Glenn
Hall of Famer
Am I right in thinking that we would still miss out on major events like huge conventions if hotels were not built. It very well may be that the investment group sees that merely building an arena does not guarantee major conventions and the like. That's OK with me (picture my tail wagging).
Ryan
I like turtles
Can we organize something for the last game of the season? pre-game tailgate? I'm driving up from LA for it.
Ryan
I like turtles
YEs, yes, yes. We're the state capitol of the 8th largest economy in the world. Imagine the possibilities. Imagine the political, tech, porn *cough* I mean, church conventions.
L
LWP777
Guest
So basically now it's just up to the NBA to do the right thing and vote to keep the team here? What are our odds at this point?
kennadog
Dog On It!
Well, the investors are talking about building a new high-rise hotel on the plaza site. Sacramento has actually added quite a few high quality hotels downtown in recent years (all received public assistance 
) The Hyatt Regency, the first, recently underwent renovation. Now we also have Embassy Suites on the river front, Citizens Hotel and the Sheraton Grand. All beautiful. The Citizens and Sheraton actually saved historic buildings. So you add a another hotel next to the new arena, we'd be doing pretty well. And there are hotels/motels that are not that quality, but are more affordable. Also, West Sacramento is proposing to build a huge high-rise hotel on their waterfront. Just a short walk to the new arena location.
I'm so happy, and my cat and dog are here to hug, but they get nervous if I scream and jump around.
) The Hyatt Regency, the first, recently underwent renovation. Now we also have Embassy Suites on the river front, Citizens Hotel and the Sheraton Grand. All beautiful. The Citizens and Sheraton actually saved historic buildings. So you add a another hotel next to the new arena, we'd be doing pretty well. And there are hotels/motels that are not that quality, but are more affordable. Also, West Sacramento is proposing to build a huge high-rise hotel on their waterfront. Just a short walk to the new arena location.I'm so happy, and my cat and dog are here to hug, but they get nervous if I scream and jump around.
Gary
All-Star
That would seriously be a non issue once the complex is built based on every other downtown arena that has been built. I would suspect though that it could take 3-4 years following completion to have everything running though in the terms of hotels within about a 1/2 mile.
Gary
All-Star
We still have to wait for the competing offer but once that's in I would give us about a 99% chance. That 1% is if the rest of the owners are as assholish as the Maloofs.
We have probably have 4-6 votes in the bag. 3 from CA teams, and Houston and Dallas and there is one I am forgetting...
Ryan
I like turtles
Why "yes" from the CA teams?
TyFreak Evans
Bench
They like the competition...
Ryan
I like turtles
Can you elaborate?
Gary
All-Star
Just stuff I have read here, in regards to connections, and sport personalities that have pull with their owners and that are friends of KJ. I haven't heard anything about Phoenix, does the same owner own the team since KJ played for them?
Awesome news and I am VERY excited about this term sheet. Much better than last time and obviously with much better ownership involved!
Just to state the obvious:
Hopefully the City Council takes a vote on Tuesday and approves this term sheet. I suspect it will.
The ownership group has to make a revised (equivalent) bid to the NBA BOG for the team itself. I am sure they will.
Then comes the lobbying of the NBA committee by Sacramento and Seattle on April 3rd. Then comes the vote on the 18th-19th or so after evaluation of the proposals.
If the above two things on Sacramento's side are met (and the lobbying goes well), (and I think they will be), basically it will come down to what the BOG feels about MSE's treatment of Sacramento (and the NBA's assistance to Sacramento over the years), the precedence of an owner agreeing to sell and move the team vs. the NBA not wanting teams to move from viable locations, the strength of both markets, past support for the team at the current location, anticipated support of the team at the new location, strength of the two bidding parties, current arena situation, feasibility and strength of arena proposals at both locations, and potentially the possibility of expansion in the next few years. There may be more topics as well.
Politics may trump all, as there are factors like wanting Burkle as an owner or wanting a new team owner that can help open up a market like India. Hoisting the WNBA banner again over a city that won a championship a few years ago is also attractive. As is the politics of a city stepping up to help finance an arena (multiple times!) for an NBA team - they do NOT want to set a precedent of rejecting such an offer and moving a team that has had pretty strong support over most of it's tenure.
There are a lot of topics to cover for the committee......
Just to state the obvious:
Hopefully the City Council takes a vote on Tuesday and approves this term sheet. I suspect it will.
The ownership group has to make a revised (equivalent) bid to the NBA BOG for the team itself. I am sure they will.
Then comes the lobbying of the NBA committee by Sacramento and Seattle on April 3rd. Then comes the vote on the 18th-19th or so after evaluation of the proposals.
If the above two things on Sacramento's side are met (and the lobbying goes well), (and I think they will be), basically it will come down to what the BOG feels about MSE's treatment of Sacramento (and the NBA's assistance to Sacramento over the years), the precedence of an owner agreeing to sell and move the team vs. the NBA not wanting teams to move from viable locations, the strength of both markets, past support for the team at the current location, anticipated support of the team at the new location, strength of the two bidding parties, current arena situation, feasibility and strength of arena proposals at both locations, and potentially the possibility of expansion in the next few years. There may be more topics as well.
Politics may trump all, as there are factors like wanting Burkle as an owner or wanting a new team owner that can help open up a market like India. Hoisting the WNBA banner again over a city that won a championship a few years ago is also attractive. As is the politics of a city stepping up to help finance an arena (multiple times!) for an NBA team - they do NOT want to set a precedent of rejecting such an offer and moving a team that has had pretty strong support over most of it's tenure.
There are a lot of topics to cover for the committee......
TyFreak Evans
Bench
Sweet! As long as the BoG votes in our favor, happy days ahead! I think I am gonna be prepared for the BoG vote by having an 18 pack wait for me in my refrigerator...
TyFreak Evans
Bench
Kings Vs Lakers....Always a huge contingency of Laker fans show up to games out here. Not sure how our fanbase turnout is in LA, as I have never been to any Kings-Lakers games at Staples....
Warriors Vs Lakers......Kings fans ALWAYS show up in big numbers in Oak-Town
in-state rivals...makes for a great story line going into games...
Gary
All-Star
Not to mention that the new owner coming into the mix is a part owner of GSW (which he will have to sell before owning the Kings) so there is one CA in the bag. I have no doubt the other two will be ours as well. I am sure they were on the bandwagon for keeping us out of Anaheim, and I am sure they will be on the bandwagon for keeping us right where we belong..
We also have to factor in the owners disgust for the Maloofs and how basically they didn't file for relocation because the owners weren't going to allow it. I am sure a lot of them are thinking "not these schmucks again".
I wouldn't be surprised if Seattle were to back out before the meetings and make a play for an expansion team once Stern is out of office.
I'm not trying to **** on anyone's parade, but from my understanding, if the BOG reject the move to Seattle, then ownership will belong to the maloofs, am I right? If so, how could we all be sure that the maloofs will sell to Burkle and co.? I know it's the most logical thing, but the last thing these douche bags are logical. My biggest fear is that the maloofs would be so spiteful that they will try to find a way to screw the town once again.
I wonder if the NBA can take over a team if the owners are insolvent like MLB did to the Dodgers? If the NBA can do this, then I would feel alot more relieved.
I wonder if the NBA can take over a team if the owners are insolvent like MLB did to the Dodgers? If the NBA can do this, then I would feel alot more relieved.
Section 101
All-Star
He doesn't have to sell them before hand. He just has to agree to sell them once he gets ownership. There could be an overlap before they are transferred.
Section 101
All-Star
What else could they do? They cannot afford to keep the team especially in the current climate they created. If they NBA says we want you to sell to the Burkle group all the NBA has to do is deny sales to anyone else.
Gary
All-Star
My bad I thought an agreement with a 3rd party that would purchase his share had to be in place before he bought the Kings.
Gary
All-Star
The Maloofs cannot do that. The league has that "what's good for the league clause" and this will definitely fall under that after the Maloofs have tried to move the team god knows how many times and has went into talks with everyone BUT investors to keep the team here. Basically they are trying to screw Sac out of our team. What's best for the league is if they just left.
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