Local buyer reportedly enters the picture!
- Thread starter Tetsujin
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Incredible, I just read an article, and maybe its already been posted and I missed it, but it said the Maloofs won't sell unless they can retain the rights to have a say in the management of the team. If they can't, then their going to apply for relocation to Anaheim again. If the relocation committee deny's the request, then they'll sue the NBA. By the time this is over with, they will be the most hated owners in the history of sports. I don't think they're making many friends amongst the BOG'ers.
The article was by Ric Bucher, so you have to take it with a grain of salt.
The article was by Ric Bucher, so you have to take it with a grain of salt.
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No argument from me. Bucher is one of those guys that I have no respect for at all. One of my enjoyable moments came when Mark Cuban litterally took apart Bucher on ESPN. He exposed Bucher for the ignorant A$$ he is. It wouldn't surprise me if the Maloofs didn't threaten to move to Anaheim again though. I read on another thread, and I'm sorry I can't remember his name, but he's an antitrust expert, that its possible that the franchise agreement the Maloofs signed with the NBA has a no lawsuit agreement in it. If true, then the Maloofs are totally screwed if their planning an antitrust suit against the league. He said this kind of wording is usually in the "Best interest of the NBA" part of the franchise agreement.
No one said it was a discount. But for any buyer that wants to move the team, they have to pay off the city loan immediately. Someone buying the team to keep in Sacramento does not have to factor in immediate repayment. I imagine it would be paid off or terms renegotiated, in conjunction with building a new arena. The bottom line is someone moving the team has to come up with the money to repay the city's loan now, while someone stying doesn't have to factor that into buying the team to keep it here.
It doesn't mean it never has to be paid off, but a local buyer does not have to take it into account in the amount of their offer to purchase the team. They can just pay the Maloofs a lower amount and assume the loan.
As to people who think these buyers don't borrow to purchase, that's silly. They lose a big write off for the business if they have no loan interest and fees to write off against revenue every year. Believe me, they want every single expense write off they can get.
It doesn't mean it never has to be paid off, but a local buyer does not have to take it into account in the amount of their offer to purchase the team. They can just pay the Maloofs a lower amount and assume the loan.
As to people who think these buyers don't borrow to purchase, that's silly. They lose a big write off for the business if they have no loan interest and fees to write off against revenue every year. Believe me, they want every single expense write off they can get.
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With the sale of the Kings to....whoever at this point, Is STA and the property it is on included in the deal? I mean what does Chris Hanson need with that property? I am assuming it is included since the Kings are going to need somewhere to play while a new arena is built right? That is to say that if the Local buyers are able to purchase the team. Just wondering how that comes in to play...
I think he's keeping a low profile. Its well known that the Maloofs have no love lost for Burkle. Susposedly they resent that he came flying in trying to buy the Kings a couple of years ago. They felt that he was trying to undermine whatever it was that they were trying to do. I don't know how that factors into the whole thing, but it must stick in George's throat that Stern mentioned Burkle in saying that local owners deserve a chance to bid on the team.
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