Double good news.

[HereWeBoogie]

sounding more and more like the rumors that the Maloofs are flirting with selling the team are probably true.

also Petrie being gone is a major step in the right direction



Sam Shane ‏@SamShanecbs13
Report from USA Today says Maloofs are floating asking price for Kings at a whopping $500M & that Petrie will be out as GM this summer

 

[Tetsujin]

sounding more and more like the rumors that the Maloofs are flirting with selling the team are probably true.

also Petrie being gone is a major step in the right direction



Sam Shane ‏@SamShanecbs13
Report from USA Today says Maloofs are floating asking price for Kings at a whopping $500M & that Petrie will be out as GM this summer

In other news, the Maloofs are delusional. No NBA franchise EVER has sold for that much money, hell I think that price outstrips Larry Ellison's craziest offer for the Warriors by something like 50 million dollars.

 

[Bricklayer]

sounding more and more like the rumors that the Maloofs are flirting with selling the team are probably true.

also Petrie being gone is a major step in the right direction



Sam Shane ‏@SamShanecbs13
Report from USA Today says Maloofs are floating asking price for Kings at a whopping $500M & that Petrie will be out as GM this summer

Um...is there anything new there? Or did Sam Shane just regurgitate Amick's article from last week?

 

[gatoradeSD]

old news. but good news

 

[HereWeBoogie]

i had heard the 500mil number thrown around but now it sounds like its more than just a rumor.

and i had not heard the petrie news yet sorry

 

[LWP777]

In other news, the Maloofs are delusional. No NBA franchise EVER has sold for that much money, hell I think that price outstrips Larry Ellison's craziest offer for the Warriors by something like 50 million dollars.

It doesn't really matter if they said the selling price is 1.5 Billion. The fact is they are leaking out information that they might be interested in selling. They start out with a ridiculously high number and settle for something lower.

 

[VF21]

Um...is there anything new there? Or did Sam Shane just regurgitate Amick's article from last week?

Sam Shane picking up a "scoop" from Amick's article which was based on an offhand comment of Carmichael Dave's. Yeah, we've got substance going for us here...

 

[Arco Arena]

Sam Shane picking up a "scoop" from Amick's article which was based on an offhand comment of Carmichael Dave's. Yeah, we've got substance going for us here...

[FONT=arial, sans-serif]"According to people with knowledge of the situation, the Maloofs continue to discuss their preferred option of relocation with several cities and have let it be known in all the appropriate circles that bidding for the unlikely sale of the club should begin at an astounding $500 million."[/FONT]

[FONT=arial, sans-serif]Sounds like he has multiple sources. Are you saying Amick is lying?[/FONT]

 

[kennadog]

"According to people with knowledge of the situation, the Maloofs continue to discuss their preferred option of relocation with several cities and have let it be known in all the appropriate circles that bidding for the unlikely sale of the club should begin at an astounding $500 million."

Sounds like he has multiple sources. Are you saying Amick is lying?

Are you missing the big disclaimer?

However, that the word "sell" might have even passed through the lips of a Maloof is encouraging to me. They'll never get $500 million, but I would expect them to ask for the moon to start. The Maloofs are delusional about almost everything, though, like the fact they are good owners anymore. Not to mention, I'm sure they can't stand the idea that nobody will pay attention to them anymore, if the sell their one remaining major asset.

 

[Rug King]

They'll surely have to sell. Now let's hope the new owner will commit to Sacramento. I really miss watching the Kings.

 

[Kingster]

Will the Maloofs sell and take a loss? If not, then a sale sounds dubious from the other posts I've read. They'll just continue to drain as much income as possible from the deteriorating asset.

 

[Bricklayer]

People seem to have this odd idea that the Sacrmaneto Kings are pulling down the Maloof empire, when all evidence suggests its exactly the opposite -- they are bouying it up. Heck they practically ARE the Maloof empire at this point. And so of course they aren't going to be in a hurrry to sell the team unless they can get back assets which do that even better. Otherwise, they'll just hang on and hope for better days. eventually they'll nstart winnign some by accident, or they will find that magic door out of Sacto, or just whatever. And either they start making some serious cash again, or they see the Kings appreciate so they can sell them for more.

 

[Kingster]

People seem to have this odd idea that the Sacrmaneto Kings are pulling down the Maloof empire, when all evidence suggests its exactly the opposite -- they are bouying it up. Heck they practically ARE the Maloof empire at this point. And so of course they aren't going to be in a hurrry to sell the team unless they can get back assets which do that even better. Otherwise, they'll just hang on and hope for better days. eventually they'll nstart winnign some by accident, or they will find that magic door out of Sacto, or just whatever. And either they start making some serious cash again, or they see the Kings appreciate so they can sell them for more.

It's going to be interesting when the Evans' and Cousins' contracts come due. That's where the rubber meets the road. They either have the bank to pay up, or they don't. If they don't, then the asset known as the Kings is going to experience some severe depreciation.

 

[Bricklayer]

It's going to be interesting when the Evans' and Cousins' contracts come due. That's where the rubber meets the road. They either have the bank to pay up, or they don't. If they don't, then the asset known as the Kings is going to experience some severe depreciation.

There seems a similar odd expectation there as well -- I mean you have to pay SOMEBODY. There is a minimum salary threshhold. So with a little planning there is no reason Evans or Cousins have to raise the overall payroll a dime if you are mostly concerned with money. Now a good team might pay them and go over budget to keep a team around them. But the Maloofs could easily choose to pay them and just not sign anybody else. Which given Petrie's tendency to otherwise add Salmonses and Hayeses every year might be a good thing. In any case, $56mil in salary with Cuz getting $12mil and everybody else getting $44mil is no more expensive to the Maloofs than $56mil in salary where Cuz gets $4mil and everybody else gets $52mil.

 

[HereWeBoogie]

It doesn't really matter if they said the selling price is 1.5 Billion. The fact is they are leaking out information that they might be interested in selling. They start out with a ridiculously high number and settle for something lower.

exactly

 

[lwc]

There seems a similar odd expectation there as well -- I mean you have to pay SOMEBODY. There is a minimum salary threshhold. So with a little planning there is no reason Evans or Cousins have to raise the overall payroll a dime if you are mostly concerned with money. Now a good team might pay them and go over budget to keep a team around them. But the Maloofs could easily choose to pay them and just not sign anybody else. Which given Petrie's tendency to otherwise add Salmonses and Hayeses every year might be a good thing. In any case, $56mil in salary with Cuz getting $12mil and everybody else getting $44mil is no more expensive to the Maloofs than $56mil in salary where Cuz gets $4mil and everybody else gets $52mil.

Well said.

 

[funkykingston]

People seem to have this odd idea that the Sacrmaneto Kings are pulling down the Maloof empire, when all evidence suggests its exactly the opposite -- they are bouying it up. Heck they practically ARE the Maloof empire at this point. And so of course they aren't going to be in a hurrry to sell the team unless they can get back assets which do that even better. Otherwise, they'll just hang on and hope for better days. eventually they'll nstart winnign some by accident, or they will find that magic door out of Sacto, or just whatever. And either they start making some serious cash again, or they see the Kings appreciate so they can sell them for more.

I'd be interested to see what the Maloof family holdings really are. I'd guess that Wells Fargo stock is still the biggest asset they have collectively. But in terms of the Kings I don't see them playing out this string long term. I can't see them signing a lease for Virginia Beach which mean that plan gets pulled for this year and they wouldn't likely file for relocation in March. Which means at least one more year in Sacramento beyond this one. And they won't start winning by accident. Not any time soon anyway. This years draft is lousy with no can't miss prospects which is the only easy way to start winning. They've cut funding to scouting and their front office, will likely replace Petrie with a cheaper option and are going to hover at the salary minimum which removes the option of signing an impact free agent.

Arco is dilapidated, the Sacramento fanbase is alienated and the costs to move are large. Sure VB seemed willing to help offset them, but in the end it's still the Maloofs moving a losing team to a smaller market with a tight budget. There isn't a quick fix for any of their issues. I continue to believe the move to Anaheim was solely about increasing the team value in a larger market and then selling. I think George has convinced the rest of them to look for an exit strategy. It'll be interesting to see.

There seems a similar odd expectation there as well -- I mean you have to pay SOMEBODY. There is a minimum salary threshhold. So with a little planning there is no reason Evans or Cousins have to raise the overall payroll a dime if you are mostly concerned with money. Now a good team might pay them and go over budget to keep a team around them. But the Maloofs could easily choose to pay them and just not sign anybody else. Which given Petrie's tendency to otherwise add Salmonses and Hayeses every year might be a good thing. In any case, $56mil in salary with Cuz getting $12mil and everybody else getting $44mil is no more expensive to the Maloofs than $56mil in salary where Cuz gets $4mil and everybody else gets $52mil.

Unless the goal continues to be having a malleable franchise as an enticement to potential buyers. "You can move the Kings anywhere and change the roster however you like". Tyreke has been inconsistent and has yet to fix the biggest weakness in his game. Rather than resign him for 8-10 million a year for 5 years the Maloofs could patch up the roster with veterans on shorter deals and not be committed to his success. I think (barring bigger transgressions) that DMC would be resigned but I'm guessing they let Evans go unless they can get him to return for less than market value (say a bit above the MLE?) because the teams with caproom aren't beating down his door.

We'll see.

 

[sidney]

People seem to have this odd idea that the Sacrmaneto Kings are pulling down the Maloof empire, when all evidence suggests its exactly the opposite -- they are bouying it up. Heck they practically ARE the Maloof empire at this point. And so of course they aren't going to be in a hurrry to sell the team unless they can get back assets which do that even better. Otherwise, they'll just hang on and hope for better days. eventually they'll nstart winnign some by accident, or they will find that magic door out of Sacto, or just whatever. And either they start making some serious cash again, or they see the Kings appreciate so they can sell them for more.

Well the arena clock is ticking. They can't wait 10 years and hope to ride the next economic wave. How many years can they keep the barn open? If the Kings are cash flow positive it can't be by much.

 

[VF21]

[FONT=arial, sans-serif]"According to people with knowledge of the situation, the Maloofs continue to discuss their preferred option of relocation with several cities and have let it be known in all the appropriate circles that bidding for the unlikely sale of the club should begin at an astounding $500 million."[/FONT]

[FONT=arial, sans-serif]Sounds like he has multiple sources. Are you saying Amick is lying?[/FONT]

PEOPLE WITH KNOWLEDGE OF THE SITUATION isn't exactly definitive insider info. I recall one article that was written by a Sacramento Bee reporter whose source was named as "someone close to the situation." It turned out to be one of the parking attendants. All I'm saying is that people are putting too much faith in unnamed, unconfirmed sources. The story, which may or may not be true, is floating through all the various media channels. Some are acting like each mention is a new proof when in actuality all of the stuff so far traces straight back to Carmichael Dave's comment and some wild guesses, nothing more.

 

[Peter_Gibbons]

Well the arena clock is ticking. They can't wait 10 years and hope to ride the next economic wave. How many years can they keep the barn open? If the Kings are cash flow positive it can't be by much.

The Kings are said to be one of only a hand full of teams that made money last year. So I wouldn't be surprised if they really ride it out if there aren't options they like.

 

[Peter_Gibbons]

The way I see it is that the Maloofs really don't plan to sell. Relocation is still their first choice. They've already figured out that in order for them to be willing to give up/sell the team, they would need an extraordinary amount of money ($500 mil+).


The reason they want that much money is because of their debt and they want to have X amount of money left from the deal so they can put it into other businesses (buy back 20% of Palms?). If its anything less, they don't think its worth it and will just ride it out until they get better offers for relocation or purchase.

You also have to keep in mind that the Maloofs LOVE being owners of a pro sport franchise. Besides clearing their debt and having millions left for them to do other businesses, there is a high sentimental value they hold. They know that unless they get very lucky with their future businesses, they are never going to own another pro sport team.

Its going to take a lot of money for them to be willing to give that up. If they can't get the relocation deal or purchase price they want, most likely they will stay put and work behind the scenes.

 

[Section 101]

The way I see it is that the Maloofs really don't plan to sell. Relocation is still their first choice. They've already figured out that in order for them to be willing to give up/sell the team, they would need an extraordinary amount of money ($500 mil+).


The reason they want that much money is because of their debt and they want to have X amount of money left from the deal so they can put it into other businesses (buy back 20% of Palms?). If its anything less, they don't think its worth it and will just ride it out until they get better offers for relocation or purchase.

You also have to keep in mind that the Maloofs LOVE being owners of a pro sport franchise. Besides clearing their debt and having millions left for them to do other businesses, there is a high sentimental value they hold. They know that unless they get very lucky with their future businesses, they are never going to own another pro sport team.

Its going to take a lot of money for them to be willing to give that up. If they can't get the relocation deal or purchase price they want, most likely they will stay put and work behind the scenes.

That should be Joe and Gavin. George doesn't like it.

 

[Kingsguy881]

That should be Joe and Gavin. George doesn't like it.

Bingo!! Which is why he has slept with Samueli and VA Beach.

 

[VF21]

PEOPLE WITH KNOWLEDGE OF THE SITUATION isn't exactly definitive insider info. I recall one article that was written by a Sacramento Bee reporter whose source was named as "someone close to the situation." It turned out to be one of the parking attendants. All I'm saying is that people are putting too much faith in unnamed, unconfirmed sources. The story, which may or may not be true, is floating through all the various media channels. Some are acting like each mention is a new proof when in actuality all of the stuff so far traces straight back to Carmichael Dave's comment and some wild guesses, nothing more.

EDIT: Based on Carmichael Dave's post in another thread, I thought about deleting this comment. I made it, however, and people read it, so I didn't want it just to disappear. I still am not convinced that Amick has multiple sources but I'll defer to CD about the rest, considering he took the time to post here to clarify the situation. I respect him for that.

 

[HereWeBoogie]

where did Dave post on here?

 

[Arco Arena]

Are you missing the big disclaimer?

What does that have to do with my comment?

 

[Arco Arena]

PEOPLE WITH KNOWLEDGE OF THE SITUATION isn't exactly definitive insider info. I recall one article that was written by a Sacramento Bee reporter whose source was named as "someone close to the situation." It turned out to be one of the parking attendants. All I'm saying is that people are putting too much faith in unnamed, unconfirmed sources. The story, which may or may not be true, is floating through all the various media channels. Some are acting like each mention is a new proof when in actuality all of the stuff so far traces straight back to Carmichael Dave's comment and some wild guesses, nothing more.

I understand that some people, like the OP, are incorrectly treating new references to the original Amick article as more proof. However, I'm really wondering why you are so skeptical of Amick's reporting, has he ever done anything that would warrant such suspicion? He has a long history covering the Kings and I can't think of any times when he has been accused of making things up.