First right of refusal - latest rumors, etc.

[VF21]

Sean Cunningham ‏@News10Sean
KJ said he spoke to David Stern today & updated him on progress made in Sac. Stern told him ok, keep doing what you're doing

VF21 approves this message.

 

[Tetsujin]

Monitoring Seattle fans on twitter. Pretty sure some of these people have no idea how basic economics work.

Robert epley ‏@Destin316

@ChrisDaniels5 so dont u think if it comes for a bid, ballmer should just sign a billion $ check and say take that!

 

[Bibbilicious]

Monitoring Seattle fans on twitter. Pretty sure some of these people have no idea how basic economics work.

We could explain to him how contracts work, but he might hurt himself.

 

[VF21]

I feel sorry for the Sonics fans. They're looking for the magic bullet that will take Sacramento out of the picture so their dream of getting their team back can come true. They actually went through the pain we're trying so desperately to avoid. I bear them no ill will whatsoever. Just like KJ I want them to get a team back, but not OUR team.

 

[Section 101]

the bee is reporting Ellison to meet with kj. source is minority owner

 

[Proof21]

the bee is reporting Ellison to meet with kj. source is minority owner

Yup.. link: http://www.sacbee.com/2013/01/24/51...dlvr.it&utm_medium=twitter#mi_rss=Latest News

 

[kennadog]

In the Bee a CA professor of law said it would be an uphill climb for Hansen to claim damages under the sale agreement (This is totally separate from the issue of the anti-trust involving any league decision). If Hansen gives the Maloofs a non-refundable $30 million, knowing the league has the absolute right to approve or disapprove the sale under league rules, he can't claim he was damaged. He's taking the risk, knowing the real risk of losing the money, if the league disapproves the sale. He is well aware of the risk and has taken in full knowledge of the circumstances. The professor feels he would have little leg to stand on in court.

Now, Hansen could file an anti-trust case, saying the league has no right to approve or disapprove any sale of team. That's a whole different issue. Not really sure if Hansen wants to risk never getting a team by suing the league.

 

[Tetsujin]

Getting Ellison involved certainly changes things. Even if it does just wind up with him buying the 7 percent share before Ballmer could.

 

[HereWeBoogie]

another whale entering the ring?

 

[jpsls]

Getting Ellison involved certainly changes things. Even if it does just wind up with him buying the 7 percent share before Ballmer could.

But hasn't Ellison been obsessed with moving a team to San Jose?

 

[Tetsujin]

But hasn't Ellison been obsessed with moving a team to San Jose?

Circumstances change. With Warriors enjoying success and possible move to San Francisco under Lacob, Ellison knows there's no way he'll ever be able to move a team to SJ

 

[kennadog]

Yup.. link: http://www.sacbee.com/2013/01/24/51...dlvr.it&utm_medium=twitter#mi_rss=Latest News

Gee, I was hoping KJ was already in contact with him as a potential equity investor.

 

[Elektrik]

It seems the Maloofs don't recognize anyone's rights but their own.

This pretty much says it all right here....

 

[VF21]

Gee, I was hoping KJ was already in contact with him as a potential equity investor.

I wouldn't read too much into this. I'm willing to bet KJ and Ellison have had preliminary discussions, possibly through intermediaries. I can understand the two men not actually sitting down for a face-to-face until there was something definite to talk about. The fact they're going to meet, and the meeting is public knowledge, just adds more strength to KJ's position.

 

[Elektrik]

Just a random thought I had.....here is a list of all the things the Magoof Brothers have failed at or destroyed:

1. Sacramento Kings
2. Sacramento Monarchs
3. Palms
4. Beer distribution business
5. Magoof Money Cup (skateboarding)
6. Magoof Productions
7. Magoof Music

Have I missed anything? Seriously, what have they been successful at in creating or building?

Other than maloofing themselves....?

 

[VF21]

In the Bee a CA professor of law said it would be an uphill climb for Hansen to claim damages under the sale agreement (This is totally separate from the issue of the anti-trust involving any league decision). If Hansen gives the Maloofs a non-refundable $30 million, knowing the league has the absolute right to approve or disapprove the sale under league rules, he can't claim he was damaged. He's taking the risk, knowing the real risk of losing the money, if the league disapproves the sale. He is well aware of the risk and has taken in full knowledge of the circumstances. The professor feels he would have little leg to stand on in court.

Now, Hansen could file an anti-trust case, saying the league has to right to approve or disapprove any sale of team. That's a whole different issue. Not really sure if Hansen wants to risk never getting a team by suing the league.

I think the $30 million was just to guarantee the MALOOFS didn't pull out of the deal.

 

[UK_King]

The Ellison link is just someone "asking someone to ask him to meet KJ" so very early doors on that it would seem, if anything at all.

 

[PurpleHaze]

I think Larry Ellison is interested at a minimum in picking up Kings minority share (Cook's 7% going to auction?) so he gets into the NBA ownership class which he obviously desires. But knowing Ellison's winner take all mentality I bet if he sees Kings majority ownership is in the cards he might just jump on it - all in - immediately. This is good news!

 

[Elektrik]

I wonder what Mama Maloof thinks of her kid's stewardship of the family fortune.

I thought of throwing in their failure to provide grandchildren for their mother into the pot but decided against it - -- or did I

Maybe that was their one good thing. Adding another maloof to the world only makes the world an even worse place.

 

[kennadog]

I think the $30 million was just to guarantee the MALOOFS didn't pull out of the deal.

Sorry, typo. Should have read the "league has no right." Stupid fingers.

 

[Elektrik]

I think would have been happy to if they could have gotten the same price. Don't you think jacking up the price significantly ia a logical and understandable reason for doing all this. Makes sense to me. I could be easily convinced that there is no vengeance in this for them at all. Just good business and a desire to keep house and home together.

Perrhaps if they were reasonably intelligent business men I might agree with you. However they are NOT. Their track record proves it.

 

[The_Jamal]

I think Larry Ellison is interested at a minimum in picking up Kings minority share (Cook's 7% going to auction?) so he gets into the NBA ownership class which he obviously desires. But knowing Ellison's winner take all mentality I bet if he sees Kings majority ownership is in the cards he might just jump on it - all in - immediately. This is good news!

Agreed. The more billionaires we have involved, the better. We just need to be sure we have them united in some fashion and not bidding against one another

 

[Glenn]

Getting Ellison involved certainly changes things. Even if it does just wind up with him buying the 7 percent share before Ballmer could.

Whales are used to being in charge. I suspect if Ellison has a piece of the Kings, it is a small part but important in that it shows the Kings local ownership is well healed and never will the NBA be Maloofed coming from this corner of Northern California again. If what we suspect is true and that is that Burkle and Maleov (sp?) are involved, I would hope they are very clear in who does what and I suspect Burkle, by virtue of owning a Stanley Cup winning team called the Penguins (who's laughing at the name Pelicans?) would be the managing partner. Everyone else is important, even the 21 local folks owning at least a million are important in the psychology of the deal.

If everything goes as we suspect, we have a lot to offer. We have money and a guy who has all along said he wanted the team in Sacramento, we have a semi-whale who came up short on a bid for the Warriors, we have half a trillion local businessmen putting in money, etc. It's a dynamic group of people and strongly linked to Sacto.

Seattle has nothing similar.

Now what is Ellison's and Ballmer's link to Seattle? Yes, they are major businessmen but the whole package of business men is startling when placed on the desk of David Stern, another part of the overall package, BTW, if only psychologically. He's been a great force for Sacramento but woudn't be so solidly on our side if not for KJ, Mike, CD, and the rest. This has been an effort from the grass roots to the ultra wealthy and I say bravo to everyone.

 

[Glenn]

Maybe that was their one good thing. Adding another maloof to the world only makes the world an even worse place.

Ah, yes. Sometimes a parent has to be realistic and know that one more is more than the world can take,

 

[ninjabiscuit]

I feel sorry for the Sonics fans. They're looking for the magic bullet that will take Sacramento out of the picture so their dream of getting their team back can come true. They actually went through the pain we're trying so desperately to avoid. I bear them no ill will whatsoever. Just like KJ I want them to get a team back, but not OUR team.

Same...I can't be mad at them for wanting a team.

 

[jalfa]

over at STR people are speculating that the 30 million might be money the Maloofs use on Cook's 7% so that that doesn't become an issue for them and Hansen moving forward.

 

[Section 101]

In the Bee a CA professor of law said it would be an uphill climb for Hansen to claim damages under the sale agreement (This is totally separate from the issue of the anti-trust involving any league decision). If Hansen gives the Maloofs a non-refundable $30 million, knowing the league has the absolute right to approve or disapprove the sale under league rules, he can't claim he was damaged. He's taking the risk, knowing the real risk of losing the money, if the league disapproves the sale. He is well aware of the risk and has taken in full knowledge of the circumstances. The professor feels he would have little leg to stand on in court.

Now, Hansen could file an anti-trust case, saying the league has no right to approve or disapprove any sale of team. That's a whole different issue. Not really sure if Hansen wants to risk never getting a team by suing the league.

Nope. Hansen has no standing. When you put a deposit down on something you are accepting the risk that you will lose it. Now generally this is when the person putting the deposit down wants out. The deposit is to protect the seller. This is where the CA contract law I posted comes in. The Maloofs would have to show they were damaged in order to keep the deposit if Hansen asks for it back. If the NBA rejects the deal and Hansen did no wrong, it would be hard for the Maloofs to keep the money especially if there is an equal offer from local buyers. They can't claim they are harmed if they are getting the same amount of money.

 

[Section 101]

over at STR people are speculating that the 30 million might be money the Maloofs use on Cook's 7% so that that doesn't become an issue for them and Hansen moving forward.

That would be stupid to buy before the sale is approved and they have to give it back.

It would be super funny for the BoG to deny them a minority ownership too since it would need to be approved.

 

[theclash4u5]

But hasn't Ellison been obsessed with moving a team to San Jose?

I would rather that the Kings moved to SJ than Seattle, though. I want them in Sacramento, but SJ is better than Seattle.

 

[BMiller52]

I would rather that the Kings moved to SJ than Seattle, though. I want them in Sacramento, but SJ is better than Seattle.

He would have to agree to keep em in Sac to buy the team and he'd probably do it since it's close enough.