Local buyer reportedly enters the picture!

[Ryan]

Via Dave's facebook:

Got it. Thanks!

 

[HereWeBoogie]

When Grant responded to your question. He said it will be announced Monday what fans can do

 

[kupman]

Via Dave's facebook:

Love my Mayor in beast mode!

Take it to the rack KJ!

 

[HereWeBoogie]

http://www.sacbee.com/2012/03/02/4305316/sacramento-officials-unveil-new.html



lol. handshake deal. last sentence of the second paragraph

 

[VF21]

Exactly! But I just wanted his opinion.

On a serious note, is there anything we can do?

Mike Tavares and his Crown Downtown group released a new video today with an intro by none other than Kevin Johnson. If you don't already follow them on Facebook and Twitter, I'd strongly suggest you do so. They've got some things coming up to help reinforce the positive image of Sacramento and the its fans. They're separate and distinct from the Here We Stay group, which means we're one of the exceptions to the rule: we have multiple grassroots groups sticking with the cause.

One thing we can do is continue to show up and be loud at games. We need the entire NBA community talking about the heart of the Kings fans, despite the chaos of the owners.

 

[Tetsujin]

Carlsen apparently on Grant's show right now.

I'll try to listen if i can.

 

[Entity]

who is carlsen again?

 

[xrzn]

Aaron Bruski ‏@aaronbruski

Sleep Train owner Dale Carlsen tells @GrantNapearShow that he will do anything he can to keep the team in Sacramento.

 

[Tetsujin]

Per a dude on Sactownroyalty (AKA take this with a grain of salt, if you will):

Ok, per my uncle who is a close friend of Mastrov:
What he would divulge was that “yes” he is has actively pursuing a purchase of the Kings, but so are others. This is from Mark’s mouth not some **** with a tweet.

As for the Warriors bid, he thought he was in a bidding war with Ellison, they kept upping each other then out of nowhere they sold to Lacob and Guber. Mark never got a chance to counter. He described it as shady.

My uncle also mentioned that Mastrov has been attempting to buy back 24 Hour Fitness for years. Mark is a sports nut and has longed for some kind of pro team.

I’m pressing him for more info but he seems reluctant to give me much…understandable.

Again, they are good friends. So any info I get, I will share.

 

[Tetsujin]

who is carlsen again?

The owner of Sleep Train.

 

[Entity]

awesome how i get way more news here than from the Kings beat writer. Jason Jones is a joke of jokes.

 

[Tetsujin]

A profile on Mastrov:
http://www.diablomag.com/Diablo-Magazine/January-2010/King-of-Clubs/


Yet another self-made man. In other words, the anti-Maloof.

 

[Chupacabra]

Heavy competition to keep the team in sacramento via multiple buyers one day after the news broke is a great sign. Beating out the pro sacramento buyers and convincing the BOG to move the team to seattle is a tough road for the hansen group.

 

[fiction916]

lol. handshake deal. last sentence of the second paragraph

interesting decision out of the 9th circuit. any law-speaking-guys know if this has any bearing on the original deal?

http://www.cnn.com/2013/01/11/tech/social-media/superman-facebook-winklevoss/index.html

The court disagreed, and found that under California law, a "term sheet" agreement could be enforceable "even though everyone understood that certain material aspects of the deal would be papered later."

 

[Arco Arena]

The $77M comes due when the team moves out of Sleep Train, which is why there was talk about refinancing under the handshake agreement that got Georged. The difference comes from the fact that the city of Sacramento has already shown a willingness to refinance that $77M at favorable terms (but yes, collateral required) - but that offer is only going to apply to a local owner investing in a downtown arena. Seattle would have to pay that up front (though they can finance it however they wish). A local owner would not have to pay it up front, number one because Sacramento would help finance it, and number two because the team would still be playing in Sleep Train for another 2-3 years while the arena was being built (and they'd be making the same payments on that loan the Maloofs are now). So being a local owner does mean less up front money. It does get paid out eventually, yes, but a local buyer would also have a revenue stream (the team) that would raise the money over time. They don't have to have that $77M in pocket, so they can be a bit less rich and still put in a competitive offer.

Like I already mentioned the Seattle group can pay the $77M loan with another loan. Sure it may or may not have as favorable of terms but certainly they don't have to pay $77M out of the pocket as you suggest.

 

[bajaden]

Mastrov might have Ron Burkle on speed dial.

I think people are confusing what Mastrov offered for the Warriors with his total worth. He sold 24 hour fitness for 1.7 billion dollars, so I think he's worth a tad more than 350 million. 350 million is what he offer for the Warriors.

 

[PurpleHaze]

I'm signing up for 24 Hour Fitness today.

Mastrov sold 24 Fitness several years ago for over $1B as I recall.

Edit: Thanks Baja for details

Edit: We need a group not unlike Hansen-Ballmer. Where's the Burkle bomb and lets close the deal!

 

[bajaden]

A profile on Mastrov:
http://www.diablomag.com/Diablo-Magazine/January-2010/King-of-Clubs/


Yet another self-made man. In other words, the anti-Maloof.

Mastrov is very similiar to Mark Cuban. A self made billionaire who is always looking for the next big thing. He's smart, aggressive, and he works his butt off. I'd love to have him for an owner. He's one of those guys that expects excellence from himself, and therefore from his orginization.

 

[bajaden]

Mastrov sold 24 Fitness several years ago for over $1B as I recall.

Edit: Thanks Baja for details

Edit: We need a group not unlike Hansen-Ballmer. Where's the Burkle bomb and lets close the deal!

Actually the exact amount was 1.68 billion.

 

[Tetsujin]

Actually the exact amount was 1.68 billion.

And that doesn't account for how much he made as the CEO of the company while he owned it and the three years afterwards when he remained at the company's helm. In addition, he still holds some stakes in 24 Hour.

 

[Arco Arena]

Actually the exact amount was 1.68 billion.

Should keep in mind that he was not the sole equity owner of that business plus tax takes a huge chunk of whatever he earned in that deal.

 

[Entity]

Wasn't Chris Webber in contacts with Burkle or was that just for support?

 

[Tetsujin]

Wasn't Chris Webber in contacts with Burkle or was that just for support?

Webber was in contact with someone. Whether or not it was Burkle has never been confirmed. For all we know it was Mastrov, who is by all accounts connected to the sports world

 

[Capt. Factorial]

Like I already mentioned the Seattle group can pay the $77M loan with another loan. Sure it may or may not have as favorable of terms but certainly they don't have to pay $77M out of the pocket as you suggest.

Read my comment again. I never said they HAD to pay it out of pocket. In fact, I said pretty much exactly what you say here, although it is a bit more spread out.

Still, I think the major difference is that I don't think that groups making big investments like this typically go out and get loans for portions of the purchase price. I'm under the impression that typically the entire sale price is done via liquid assets and not financed.

 

[Arco Arena]

Read my comment again. I never said they HAD to pay it out of pocket. In fact, I said pretty much exactly what you say here, although it is a bit more spread out.

Still, I think the major difference is that I don't think that groups making big investments like this typically go out and get loans for portions of the purchase price. I'm under the impression that typically the entire sale price is done via liquid assets and not financed.

A local buyer who inherits the $77M loan is in no better position than the Seattle group if they chose to pay that loan back with another loan. That's the point. Many include the $77 million loan as some kind of discount, it isn't. The main difference/discount of buying locally is only the relocation fee. Don't see how you could argue otherwise.

 

[HereWeBoogie]

if thats true, why would EVERY person reporting on this be factoring the $77M loan into the equation?

 

[Arco Arena]

if thats true, why would EVERY person reporting on this be factoring the $77M loan into the equation?

Tell me how it is a discount.

 

[Capt. Factorial]

A local buyer who inherits the $77M loan is in no better position than the Seattle group if they chose to pay that loan back with another loan. That's the point. Many include the $77 million loan as some kind of discount, it isn't. The main difference/discount of buying locally is only the relocation fee. Don't see how you could argue otherwise.

I really don't think you're reading a word I've written.

 

[HndsmCelt]

So in thinking of ways that new owners could be encouraged and enticed in to buying the team and building a new arena, an idea struck me that would help offset a little of the cost, encourage fans and pay just tribute to the former owners.
Long ago I began referring to my bathroom breaks during games as “Taking a Maloof.” So it occurred to me a few commodes could be set aside as “Maloof Family Memorials” with the Maloof name in the bowl. Fans could purchase a one-time use card know as a “Little Gavin” for $5 or a “Joey” a day long pass for $25. And for those fans that are just full of it, there would be the “Big George” season pass for $100. Remember these would be in addition to free toilets, but due to the cost they would create sort of an express lane in you will, while also giving fans a time and place to pay tribute to those who have paid like tribute to us.

 

[VF21]

So in thinking of ways that new owners could be encouraged and enticed in to buying the team and building a new arena, an idea struck me that would help offset a little of the cost, encourage fans and pay just tribute to the former owners.
Long ago I began referring to my bathroom breaks during games as “Taking a Maloof.” So it occurred to me a few commodes could be set aside as “Maloof Family Memorials” with the Maloof name in the bowl. Fans could purchase a one-time use card know as a “Little Gavin” for $5 or a “Joey” a day long pass for $25. And for those fans that are just full of it, there would be the “Big George” season pass for $100. Remember these would be in addition to free toilets, but due to the cost they would create sort of an express lane in you will, while also giving fans a time and place to pay tribute to those who have paid like tribute to us.

I always did like the way you think.