I have no idea, but given the low sale price for 7% of the team (based on the $525 million valuation) my guess is that the deal with Hansen also involved him paying off some or all of Cook's remaining debt. We'll see.
Hansen agrees to price for Cook's piece of the Kings
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I have no idea, but given the low sale price for 7% of the team (based on the $525 million valuation) my guess is that the deal with Hansen also involved him paying off some or all of Cook's remaining debt. We'll see.
And yet, it gets announced in time for the minority owners to make a matching offer. I still maintain that we have a guardian angel looking over us...or Hansen knows as much about strategy as I know about quantum physics.
This is the first I ever heard of Hansen saying he wouldn't steal a team. When did he say that? And just what the hell does he think he is doing now?
Kingster
Hall of Famer
LOL!
What a fun meeting it will be when the Burkle/Vivek/Mastrov/Jacobs clan gets together to discuss the Sacramento Kings with the minority partners!
whozit
Starter
He may be. However, that doesn't mean the whole amount was tied to his Kings share. I was under the impression that the amount of debt tied to his share of the Kings was much smaller, like around 10 million.
whozit
Starter
I'm under the impression that Softy Mahler is one of the big names in Seattle sports in terms of commentators. He made this tweet shortly after the sale was announced.
After my initial reaction, looking at this tweet my interpretation of it is that the move was not one made from strength .......................
annihilator_33
Starter
From Bruski.....
Aaron Bruski @aaronbruski 8m
I'm told the SAC camp did not want to bid against themselves on Cook's 7% and they will successfully match Hansen's offer.
Aaron Bruski @aaronbruski 8m
I'm told the SAC camp did not want to bid against themselves on Cook's 7% and they will successfully match Hansen's offer.
Bibbilicious
Bench
Just out of curiosity is anyone listening to Grant right now? I think he needs some kind of inspirational music behind him haha.
annihilator_33
Starter
More twitter chatter....
Aaron Bruski @aaronbruski 30s
League source to PBT, "Hansen knew that SAC would match, but momentum hard to come by for SEA these days so he'll take it."
Aaron Bruski @aaronbruski 30s
League source to PBT, "Hansen knew that SAC would match, but momentum hard to come by for SEA these days so he'll take it."
The Hammer
All-Star
This was actually my initial hit on it as well. Basically it was an attempt to just try to stop the tsunami of positive news going for Sac. Just create a little hiccup in the story. I'm sure KJ has anticipated this move from a PR perspective, and I'm sure they'll find a way to bring the PR story back to Sac's side.
Hallama
Starter
Well, that makes no sense...at all. How can that not backfire on you from a PR stand point when it's matched? Makes Hansen look like he lost something, not gained. Weird.
butteredbiscuit
G-League
Completely agree. What I want to see done is the City of Sacramento to keep the team and someone else come along with more money to buy the Sonics and leave Hansen out in the cold of buying the team. Hansen has bought a truck load of property by the Mariners baseball field and spent a lot for EIS and making rendering of the arena. I truly believe he is doing so much that he might not get an NBA team
The Hammer
All-Star
KJ on with Grant right now.
http://tunein.com/radio/The-Grant-Napear-Show-p30455/
Will make three points to NBA next week
1. Ownership group with the wherewithall, etc. Rep major econ centers of CA
2. Certainty of new arena. City did it's part.
3. Market. Fans. Sellouts. top 20 TV market. Corp comm. stepping up.
Why important for 10k plus season ticket pledges?
Wants NBA to know we have committed fans and will do whatever it takes. Strongest selling point is the fans. KJ wants to be able to say 10K season ticket holders for new ownership. 10K is gold standard for NBA.
http://tunein.com/radio/The-Grant-Napear-Show-p30455/
Will make three points to NBA next week
1. Ownership group with the wherewithall, etc. Rep major econ centers of CA
2. Certainty of new arena. City did it's part.
3. Market. Fans. Sellouts. top 20 TV market. Corp comm. stepping up.
Why important for 10k plus season ticket pledges?
Wants NBA to know we have committed fans and will do whatever it takes. Strongest selling point is the fans. KJ wants to be able to say 10K season ticket holders for new ownership. 10K is gold standard for NBA.
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Thanks for the link!
The Hammer
All-Star
KJ on importance of Vivek:
Best kept secret. CA dream team. Global leadership. Innovator. Wants to make history.
Burkle: revitalize communtiy
ViveK: Globalization of a franchise
Jacbos: transform the way franchise works.
Matrov: something else really cool, I missed it.
Best kept secret. CA dream team. Global leadership. Innovator. Wants to make history.
Burkle: revitalize communtiy
ViveK: Globalization of a franchise
Jacbos: transform the way franchise works.
Matrov: something else really cool, I missed it.
HndsmCelt
Hall of Famer
On the other hand why bid against yourself? Let the other guy set the price if you have ROFR and take for one dollar over his bid.
There are no Sonics. Do you mean an expansion franchise?
I don't know for certain, but it sure seems that expansion franchises always plop down right where the NBA wants them. So I'm guessing that if the NBA wants an expansion franchise in Seattle, the Hansen/Ballmer group will own it as basically the only game in town. I don't see the NBA saying, "Hey, free-for-all on an expansion team, who wants it?" and somebody from Louisville "stealing" it from Seattle. I just don't think it works that way.
ParniValjak
All-Star
How can he match it when he has files for bankruptcy?!
The only reason that 7% is up for sale is because he has declared bankruptcy and this is being auctioned off to cover his debt. Now all of a sudden the guy is able to pair with someone to get that share back?! HUH?!
It would be freaking awesome if true but just does not make sense!
HndsmCelt
Hall of Famer
I am fairly sure it can be done. If I am right what it would take is for someone to make an arrangement (loan or other business arrangement) with Cook that would cover the entire debt filed with the courts. The assets revert back to Cook who can then do what he likes with his 7% share. So an investor could agree o buy them for say 20 million, assuming that would cover his debt. Pay up front then receive the shares after the Bankruptcy is discharged by he courts. Although if there is no plan to exercise ROFR, the only reason to do so would be if the investor felt the shares were way undervalues at 15 million or if they just wanted to make Hansen pissed.
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whozit
Starter
How can he match it when he has files for bankruptcy?!
The only reason that 7% is up for sale is because he has declared bankruptcy and this is being auctioned off to cover his debt. Now all of a sudden the guy is able to pair with someone to get that share back?! HUH?!
It would be freaking awesome if true but just does not make sense!
See HndsmCelt post above. It would be a huge risk for the one covering the debt but who knows.
Kingster
Hall of Famer
It would make Hansen look sooo bad if Vivek, as part of his presentation, made a strong financial case for an NBA expansion team into the Seattle market. It would magnify and highlight the larceny-like vibe of Hansen in counterpoint to the generosity of spirit of the Sacramento group.
butteredbiscuit
G-League
Well there are no Sonics but if a team was to go back to Seattle, they would call it the sonics because the mayor of Seattle says you have to use the Sonics name if you want to have pro basketball in seattle. Now Hansen said if he couldnt get an arena in Seattle done, he would consider to move it to A suburb called Bellevue but the Seattle City officials said that the Supersonics would not be used. The other thing is that i was reading was that 75% of season ticket holders to the Sonics actually came from Bellevue, so they thought that building an arena there would be good. But the Hansen group couldnt make it right considering many of the proposed lands they wanted the arena on had multiple owners and some wanted to sell and some didnt. The ones who wanted to sell drove up the price just to drive up the price.
To me, I dont know why our capital city would have to lose their franchise if they have done everything they could do to comply with the NBA. I actually could go out on a limb and blame Stern for allowing the Maloofs to be owners and putting us through all this. I blame the Maloofs for not asking for more equity partners. Letting their egos get in the way!
I have changed my stands on Hansen. I would like to have the Sonics to come back to Seattle but I now want new ownership. Maybe it is because I believe every west coast city should have an NBA franchise like they do on the East Coast but I am praying for the failure of Chris Hansen group to purchase a NBA franchise. I feel that they are like those guys who are giants that like to swash. Reminds of the Bible Goliath vs David. I believe as God who controls the earth that they wont get a franchise. Give that someone who cares (like the new ownership group does in Sacramento gets the team.) I was looking at a youtube site about a business guy ( let me find it here) http://www.youtube.com/watch?v=tVeRYiJQuEo how one part of the city is crumbling that the Sonics were gone. Why not build the arena at Seattle Center where people who have businesses established already can still go and hire people?To me, Hansen wants it by the baseball stadium.The Mariners are against it. The Port of Seattle region is against it ( maybe Trueblood knows better than I do) This whole thing stinks to high heaven! Like he is forcing his will on people who dont want it there. Why doesnt he build it where the people want it to be built? Ok enough about those guys!
The only obvious choice is Sacramento stays where it is and another and I mean another group get an expansion or get another ter team. I was reading and the teams that are available so far now are
1) Charlotte
2) Milwaukee
3) Atlanta
4) Indiana
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butteredbiscuit
G-League
It is because of articles that have been on indystar in the past... http://www.fannation.com/truth_and_rumors/view/187310-pacers-looking-at-relocation-options
Though the barriers in such a move are considerable, the possibility seems to exist that the Pacers might consider relocating. For team officials, who say they would not rule out any options even though moving the team is not their intent, that notion has provided sufficient leverage to draw the city into intense discussions over who should pick up the $15.4 million annual tab for operating Conseco Fieldhouse. For city leaders, who seem willing to take over the arena, it is a possibility that helps justify shifting Conseco's operating cost from the owner of the financially struggling team, Herb Simon, to the city's Capital Improvement Board.
Dude, those teams are NOT available, any more than the Kings were. And I agree most vehemently about Indiana. Pacer fans are a LOT like Kings fans and are some of our biggest allies in this cause. I personally think it's both wrong and hurtful for ANY Kings fan to be pointing to another city as a possible source for a Seattle team. This thread is about the Kings. Let's not get sidetracked on something else.
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