Details on why the sale isnt as close as thought (Seattle Times piece)....

gunks

gunks

Hall of Famer
#1
#1
So basically, even though they would only own a small percentage of the team should the move go through, the Magoofs still want to be in control of running the team, hence the snag on the sale.

Wow...This is unbelievable. How could Hansen NOT want the Magoofs to run the team up north?!?! I mean, they have been doing so good down in Sacto!


Here is the link to the full story:

http://seattletimes.com/html/sports/2020104985_kings11.html
 
LoungeLizard

LoungeLizard

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#4
#4
gunks said:
So basically, even though they would only own a small percentage of the team should the move go through, the Magoofs still want to be in control of running the team, hence the snag on the sale.

Wow...This is unbelievable. How could Hansen NOT want the Magoofs to run the team up north?!?! I mean, they have been doing so good down in Sacto!


Here is the link to the full story:

http://seattletimes.com/html/sports/2020104985_kings11.html
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The Maloofs never cease to amaze me. This is beyond laughable, I know Hansen and the Seattle group really want a team, but if I was in their shoes my negotiations would begin and end with the Maloof's having absolutely nothing to do with the team.

I keep dreaming of a scenario where Stern steps into the middle of all of this and awards Hansen and Seattle an expansion team upon completion of their arena, essentially giving the middle finger to the Maloof family. Without Seattle, the Maloofs have no leverage to create a "bidding war." They would essentially have to bleed out in Sacramento. I know this would likely mean the Maloofs staying as owners but at least it would mean Kings in Sacramento.
 
HereWeBoogie

HereWeBoogie

Hall of Famer
#5
#5
which means the team will most likely not sell at all if they dont change that attitude. so the team stays in Sac but has the Magoofs still? ill take it
 
gunks

gunks

Hall of Famer
#6
#6
And to think that we thought that the Kings being sold, moving over 750 miles away to a new city, and morphing into another franchise would be enough to end the Magoof's retarded stranglehold on the organization.


The Maloof family is starting to seem like a really stubborn genital wart. No matter how many times you go to the doctor to get it freeze dried off, it just keeps creeping up again!
 
jalfa

jalfa

Starter
#7
#7
what? seriously...just...WHAT? oh well, welcome Mr. Hansen to the reality of dealing with the Maloof brothers. have fun and have the money for therapy in your budget.
 
P

Peter_Gibbons

Starter
#8
#8
"The source said it goes beyond dollars and cents and stressed how important being involved in the NBA has been to the family."

Its basically the love of being the front and center owners of a pro sport team for the Maloofs. Even if they don't get much money out of owning a small percentage, they still want to appear as "the men" of the team. Its going to come down to that amount of love vs the millions that will fill their pockets if they sell. I hope that love is very strong because I rather they stay in Sac then move to Seattle.
 
Elektrik

Elektrik

Bench
#10
#10
the magoof family's arrogance,gall, and audacity is mind boggling. They are all dirtbags with no scruples, business accumen, and a sense of entitlement that is beyond ny grasp. To even think that they could be entrusted to having anything at all to do with the Kings organziation after they have single handedly not only squandered away their families wealth with bad choices and bad investments. The Seattle group would have to be even dumber than the magoofs to let them be involved in any way shape or form. Everything they touch turns to sh*t. hardly the MIdas touch They have held a city hostage, tried to strong arm the city, the NBA and ruined what was once a respecatable reputation. DON'T BE MALOOFED!
 
arwen undomiel

arwen undomiel

Bench
#11
#11
Elektrik said:
Everything they touch turns to sh*t. hardly the MIdas touch
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The Maloof Touch: the diametric opposite of the Midas Touch. Don't get Maloofed, indeed! Thanks, Elektrik!

This situation is reminding me more and more of a spoiled child who couldn't take care of his toys. He's either broken or lost them, and will grudgingly sell his last one, but only if he can still play with it.
Please, put your Big Boy undies on and do the right thing!
 
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theclash4u5

Starter
#12
#12
Mojo said:
I would take the Maloofs in a reduced ownership role if it meant keeping the team in Sacramento.
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I'd be 100% behind the Maloofs again, no matter what they've put us through, if they finally signed a lease with the city and decided to stay in Sacramento for good. In the end, having a team owned by the Maloofs is better than no team at all.
 
Glenn

Glenn

Hall of Famer
#14
#14
I wrote a note quite some time ago that said in a limited partnership, any of the partners can be designated as the managing partners. The managing partner does not have to own more than 50% of the team. This is what the Maloofs want. How much the managing partner is paid for their effort is negotiated. The other partners have no say in how the team is managed.
 
kupman

kupman

Starter
#15
#15
So the Maloofs want to sale a 300 million dollar team for $500 million and still retain some control over the team they sold? I can't imagine why the Hansen group would have an issue with this small detail. - LOL
 
Mass

Mass

Starter
#16
#16
How can these clowns not understand that they are embarrassing themselves? They are a joke, everybody in the business is making fun of them. So, basically Hansen should buy the team, pay their debts, pay for relocation, and they want to have decisional power? Well, I guess they deserve it, they are great owners, just look at what they did in Sacramento...

Personally I believe it's a smokescreen (unfortunately for Sacramento). Right now they have no power. They can't refuse Hansen's offer. They need his money, because they are broke and they can't afford another year as majority owners. If Hansen walks away, they'd be dead. It's like if I sell my car, and then I pretend to drive it anytime I want. It just doesn't make sense, I can't believe how dumb they can be.
 
sidney

sidney

Starter
#17
#17
There are plenty of rich people who are very unwise or have their vices, but with the Maloofs it's as if it is an IQ issue. I've never seen a group of people this wealthy lack all reason.
 
funkykingston

funkykingston

Super Moderator
Staff member
#19
#19
"No, Chris you don't understand our offer. It will TOTALLY be your team. You'll own it and it will be in Seattle and everything. We'll just run it for you to help out so you have time for more important things. Like making money to pay all the debt we owe the NBA and the city of Sacramento and to pay all the awesome players we'll sign. Oh, and for coach Whisenant's salary. No, he's available now - the Liberty let him go. It's perfect timing. Don't you think it would be cool to build a secret owner's clubhouse in the new arena? We can have a secret handshake and everything."
 
bajaden

bajaden

Hall of Famer
#20
#20
Glenn said:
I wrote a note quite some time ago that said in a limited partnership, any of the partners can be designated as the managing partners. The managing partner does not have to own more than 50% of the team. This is what the Maloofs want. How much the managing partner is paid for their effort is negotiated. The other partners have no say in how the team is managed.
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To validate your point, the Maloofs don't own more than 50% of the Kings now. They own 43%.
 
bajaden

bajaden

Hall of Famer
#21
#21
Mass said:
How can these clowns not understand that they are embarrassing themselves? They are a joke, everybody in the business is making fun of them. So, basically Hansen should buy the team, pay their debts, pay for relocation, and they want to have decisional power? Well, I guess they deserve it, they are great owners, just look at what they did in Sacramento...

Personally I believe it's a smokescreen (unfortunately for Sacramento). Right now they have no power. They can't refuse Hansen's offer. They need his money, because they are broke and they can't afford another year as majority owners. If Hansen walks away, they'd be dead. It's like if I sell my car, and then I pretend to drive it anytime I want. It just doesn't make sense, I can't believe how dumb they can be.
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When you run anything by committee, your likely to have a mess from time to time. I think a lot of it comes from dissension within the family. George wants to sell, and probably has younger brother on his side. Gavin doesn't want to sell, and Joe has been on his side so far. George probably brokered this deal, and now Gavin and Joe are saying no way, if we can't run the team. Which could eventually mean, no deal. I have no idea where their sister falls in this, but moma has been on Gavin and Joe's side so far, and thats 3 against 3 if the sister votes with George. Either way, its not a consensus. When your on the outside looking in, it looks like the right hand doesn't know what the left hand is doing.
 
uolj

uolj

Starter
#23
#23
Seems like the family (and likely Gavin and Joe especially) really don't want to give up control of the team.

But they're broke. So they have to find a way to move and start earning a profit or sell and earn a profit (above what they owe), while still retaining control of the team.

It's seems absurd to think they'd be allowed to keep control if they sold the team for enough money to come out ahead. I guess it's possible they might be able to do it by moving the team (hence the attempt at Anaheim and the flirtation with Virginia Beach), but that seems unlikely as well.

It's just a matter of time before they realize that it's not possible and either give up control for maximum profit or just languish in Sacramento hoping something changes. That is, I guess, just as long as they don't think they can earn a profit by moving.
 
VF21

VF21

Super Moderator Emeritus
SME
#24
#24
Please, sir, I know I just sold you my luxury car because I cannot afford to keep it, but would you mind parking it here and letting me drive it?
 
Section 101

Section 101

All-Star
#25
#25
uolj said:
Seems like the family (and likely Gavin and Joe especially) really don't want to give up control of the team.

But they're broke. So they have to find a way to move and start earning a profit or sell and earn a profit (above what they owe), while still retaining control of the team.

It's seems absurd to think they'd be allowed to keep control if they sold the team for enough money to come out ahead. I guess it's possible they might be able to do it by moving the team (hence the attempt at Anaheim and the flirtation with Virginia Beach), but that seems unlikely as well.

It's just a matter of time before they realize that it's not possible and either give up control for maximum profit or just languish in Sacramento hoping something changes. That is, I guess, just as long as they don't think they can earn a profit by moving.
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If true I don't think Gavin and Joe initiated Anahiem or VB. That's all on George.
 
KingsFanSince85

KingsFanSince85

All-Star
#26
#26
I wonder if Georgie attempted this same tactic when the family's interest in the Palms was reduced to 2%.

These guys are unreal. Megalomania and narcissism personified to its fullest extent.
 
uolj

uolj

Starter
#27
#27
Section 101 said:
If true I don't think Gavin and Joe initiated Anahiem or VB. That's all on George.
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Right... George is driving everything because he wants (or recognizes that the family needs) to make money. But he still is trying to appease those in the family who don't want to give up the team. Solutions for that include moving or selling but retaining control, but I'm not sure there are any offers available that realistically give them everything they're looking for.

That's why they resisted selling the team to Burkle or other Sacramento investors, because they want to retain control.

If at some point they give up on the idea of retaining control, maybe Sacramento investors will have a chance again because of the built in financial advantage of the city loan, no relocation fee and moving costs.

Or maybe they will realize that the best thing they can do financially while still keeping the team is go ahead with the downtown arena and hope they stay afloat long enough for their finances to turn around.
 
Warhawk

Warhawk

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#28
#28
VF21 said:
Please, sir, I know I just sold you my luxury car because I cannot afford to keep it, but would you mind parking it here and letting me drive it?
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I guess as long as you own it you can ask for any crazy thing you want when selling it.

I hope this keeps the team in town a lot longer. They might just be stupid enough to shoot themselves in the foot on selling the team.
 
M

mac

All-Star
#29
#29
Warhawk said:
I guess as long as you own it you can ask for any crazy thing you want when selling it.

I hope this keeps the team in town a lot longer. They might just be stupid enough to shoot themselves in the foot on selling the team.
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Still it's pretty ridiculous. These guys clearly don't understand how things work in the world - you can't have your cake and eat it.
 
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