Maloofs obligated to discuss offer to buy team with minority owners

That doesn't actually change anything. They may be obligated to discuss the sale with the 47% owners, but since they own the 53%, even if every single 47% owner wanted to sell (and all those guys would be able to do is sell their shares, not the Maloofs), the Maloofs would not have to. And even if Burkle became the 47% minority shareholder, that's all he would be -- a minority shareholder, and the Maloofs could still move if they wanted to do so.
 
Bricklayer said:
That doesn't actually change anything. They may be obligated to discuss the sale with the 47% owners, but since they own the 53%, even if every single 47% owner wanted to sell (and all those guys would be able to do is sell their shares, not the Maloofs), the Maloofs would not have to. And even if Burkle became the 47% minority shareholder, that's all he would be -- a minority shareholder, and the Maloofs could still move if they wanted to do so.
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Ya, but if those minority owners come out against the move to the BOG that has to be a factor.
 
Bricklayer said:
That doesn't actually change anything. They may be obligated to discuss the sale with the 47% owners, but since they own the 53%, even if every single 47% owner wanted to sell (and all those guys would be able to do is sell their shares, not the Maloofs), the Maloofs would not have to. And even if Burkle became the 47% minority shareholder, that's all he would be -- a minority shareholder, and the Maloofs could still move if they wanted to do so.
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But here's something to chew on. Would being a 47% minority owner give him enough incentive to help fund a new arena in Sacramento? And what if that minority ownership came with a guarantee of being 100% owner in the event that the Maloofs go bankrupt?

My thinking is that public funds are going to have to be used to get this arena done. And since that is pretty much a non starter, maybe Berkle's money would fill in the gap.
 
Bricklayer said:
That doesn't actually change anything. They may be obligated to discuss the sale with the 47% owners, but since they own the 53%, even if every single 47% owner wanted to sell (and all those guys would be able to do is sell their shares, not the Maloofs), the Maloofs would not have to. And even if Burkle became the 47% minority shareholder, that's all he would be -- a minority shareholder, and the Maloofs could still move if they wanted to do so.
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But it has been speculated that even new minority owners, such as Webber's group or Burkle, could provide increased financial assistance to keep the team and help develop a new arena. So, even if the Maloofs still controlled the team, it could make it easier to stay.
 
Glenn said:
I don't believe that at all.
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I don't know, man. These guys are practically rubbing it in our faces. Saying how we probably will never get another team and how they think they'll still be able to move to Anaheim in time for next season. They're kicking us in the gut when we're down. I just find it hard to believe that they're anything other than heartless slimeballs right now.
 
Glenn said:
Two of the minority owners have come out publically against the move. It must be uncomfortable in Maloof-land.
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The only one I've seen quoted several times is Bob Cook and while he certainly does not favor a move he said he understands Maloofs situation with no new arena in sight - at least at this late date. Two other minority owners, Joe Benvenuti and Dave Lucchetti had similar thoughts as Cook in press reports. There's couple other minority owners but apparently they have not spoken up on possible Kings move. I believe at least one, maybe two of the minority owners do not live in Sacramento area. One lives in Colorado as I recall.
 
PurpleHaze said:
The only one I've seen quoted several times is Bob Cook and while he certainly does not favor a move he said he understands Maloofs situation with no new arena in sight - at least at this late date. Two other minority owners, Joe Benvenuti and Dave Lucchetti had similar thoughts as Cook in press reports. There's couple other minority owners but apparently they have not spoken up on possible Kings move. I believe at least one, maybe two of the minority owners do not live in Sacramento area. One lives in Colorado as I recall.
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The one in CO got part of the maloof shares like 1% or something.
 
JB_kings said:
That's Bob Hernreich in Colorado. But he is a Maloof loyalist. The other one is John Kehriotis. Not sure where he stands, but he's another long time limited partner.
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John is I believe an orginal owner in sacto. He is good friends with Jerry Reynolds. I used to see them playing tennis in the early 90's. Just did a google on him. He built the embassy suites here and owns some others.

According to this http://articles.sfgate.com/1999-02-...s-first-black-manager-las-vegas-magic-johnson in 1999 he had an 8.25% share of the Kings and tried to buy the Oakland A's.
 
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