NBA approves sale!

Bricklayer said:
Kings owner George Maloof disputes that team has been sold, suggests that valuation may have changed as trees in the parking lot have come into bloom.
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Your festive side is starting to grow on me! I think there's a job for you at the National Inquirer if your interested.
 
Spike said:
Smart out in 5...4...3...2...
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By the end of the day or the end of excrow. I think Malone has all but a guaranteed position as coach and I presume they were waiting for the ownership to be official. There is no time to waste. They undoubtedly have a series of actions loaded up and ready to go and I, personally, am excited to see what happens. The mere thought that I could be excited about anything that is going to happen around this franchise is exciting it itself, whatever that meant. :)

I just woke up so bear with me if I am behind.
 
Darth Divac said:
0% Maloof
50% Awesome
50% Vivek
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Isn't Vivek going to pick up that BK percentage to take it to 65%? I know that Hansen was supposed to drop that since the relocation was denied but any work on whether or not Vivek or perhaps some of his partners (or the Sac ownership group) going to pick that up?
 
Gary said:
Isn't Vivek going to pick up that BK percentage to take it to 65%? I know that Hansen was supposed to drop that since the relocation was denied but any work on whether or not Vivek or perhaps some of his partners (or the Sac ownership group) going to pick that up?
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i believe he won the 65 already maloofs (53) and a minority owner (12) and its his choice if he wants 7 more from the bob cook auction if CH doesnt buy or is denied. its rumored that CH will let it go and ranadive will buy it cheaper when it goes back into auction.
 
Don't go crazy buying stuff just yet! Until the official transfer of ownership, all the money still goes to the Clowns.
 
So I guess its friday when this is 100% done, and we will hear something from the Maloofs.. I'd love to see how they spin the relocation attempts, arena back out, and the underhanded Seattle deal... I better not see some deep down we really wanted to see the Kings stay in Sacramento s***.. I hope they never speak on this issue, I don't want them glossing over anything
 
Jose said:
Don't go crazy buying stuff just yet! Until the official transfer of ownership, all the money still goes to the Clowns.
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Actually, that's most likely not true. The sale most likely had an effective date, after which all assets, etc. were considered transferred pending the approval of the NBA, which has now occurred. In other words, Vivek bought the contents of the team store along with everything else. They aren't going to be dribbling money to the Maloofs for an inventory they have already sold.
 
Kingsfan23 said:
So I guess its friday when this is 100% done, and we will hear something from the Maloofs.. I'd love to see how they spin the relocation attempts, arena back out, and the underhanded Seattle deal... I better not see some deep down we really wanted to see the Kings stay in Sacramento s***.. I hope they never speak on this issue, I don't want them glossing over anything
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Why would you expect to hear anything from the Maloofs? They off touting their red velvet cake-flavored vodka.
 
Warhawk said:
Read more here: http://www.sacbee.com/2013/05/29/5454428/nba-approves-sale-of-kings-to.html#storylink=cpy
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Two interesting tidbits:

"The NBA has pages of guidelines on how relocation proposals must be evaluated, including attendance, population size and owners' stewardship of the franchise."

^ LOL - I wonder how discussions went at the BoG when this part was addressed

"Hansen, asked about the deposit on Seattle radio, said, "We'd be very happy to get our 30 million bucks back. It's just not decided. … It's just a negotiation. How hard do you press for it without suing somebody? I'm just not interested in litigation.""

I hope he is mad enough at the Maloofs for deceiving him that he goes after them for the $30M. Doubtful, but one can only hope...
 
Jose said:
I hope he is mad enough at the Maloofs for deceiving him that he goes after them for the $30M. Doubtful, but one can only hope...
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I am no Maloof fan, but I don't see how you make them give back the $30M. The Maloofs held up their end of the deal with Hansen, they went all the way to the mat supporting the Seattle deal - they kept it secret, etc. How did they deceive Hansen/Ballmer?

Maybe the NBA cuts Hansen/Ballmer a $30M break on expansion fees or something in the future, but I don't see how Hansen beats the Maloofs in court for the $30M, nor how the Maloofs just kinda decide to give it back because they're decent guys.

Can't win 'em all Chrissy. Hope to kick your Sonics' *** in 2016!
 
John Galt said:
I am no Maloof fan, but I don't see how you make them give back the $30M. The Maloofs held up their end of the deal with Hansen, they went all the way to the mat supporting the Seattle deal - they kept it secret, etc. How did they deceive Hansen/Ballmer?

Maybe the NBA cuts Hansen/Ballmer a $30M break on expansion fees or something in the future, but I don't see how Hansen beats the Maloofs in court for the $30M, nor how the Maloofs just kinda decide to give it back because they're decent guys.

Can't win 'em all Chrissy. Hope to kick your Sonics' *** in 2016!
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Gotta agree. The NBA shouldn't be responsible for any of that $, nor should Vivek and Co. Hansen/Ballmer chose to make the deal, knowing full well it would not be complete without the consent of the NBA. If you lie down with dogs, you get up with fleas.
 
So as the sale finalizes... my favorite part of Kingsfans - offcourt will start to slow down... This is the section I enjoyed living in for the last 4 months over the tense war to keep our team... will now become something of an arena plan update dominated forum
 
VF21 said:
Actually, that's most likely not true. The sale most likely had an effective date, after which all assets, etc. were considered transferred pending the approval of the NBA, which has now occurred. In other words, Vivek bought the contents of the team store along with everything else. They aren't going to be dribbling money to the Maloofs for an inventory they have already sold.
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That might not be true. My experience is that accounts are transferred as of the date of escrow closing. There are often adjustments after closing. Sale isn't final until the closing date, when all documents are finalized, signed and recording of necessary documents, which would be done by the escrow/title company and attorneys.

Reason? Up until the escrow closing, the owners are responsible for all operational costs, insurance, taxes, debt payments and other liabilities.
 
Kingsfan23 said:
So as the sale finalizes... my favorite part of Kingsfans - offcourt will start to slow down... This is the section I enjoyed living in for the last 4 months over the tense war to keep our team... will now become something of an arena plan update dominated forum
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This is something I was going to mention as well. We should have a new forum specifically dealing with the new arena where we talk about how the process is coming with the EIR and if things are on schedule. When groundbreaking happens, we can change it to where we have monthly construction photos and things of that sort.
 
kennadog said:
That might not be true. My experience is that accounts are transferred as of the date of escrow closing. There are often adjustments after closing. Sale isn't final until the closing date, when all documents are finalized, signed and recording of necessary documents, which would be done by the escrow/title company and attorneys.

Reason? Up until the escrow closing, the owners are responsible for all operational costs, insurance, taxes, debt payments and other liabilities.
Click to expand...

I'll concede to your experience. Bottom line for me is that I don't really care who gets the money from my Kings store purchases at this point. i just bought Cousins jerseys for my whole family to celebrate keeping the team... :)
 
Trueblood said:
This is something I was going to mention as well. We should have a new forum specifically dealing with the new arena where we talk about how the process is coming with the EIR and if things are on schedule. When groundbreaking happens, we can change it to where we have monthly construction photos and things of that sort.
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The Off the Court forum can be that place. As new threads about the groundbreaking, etc. come to pass, all the old stuff will drop back into the distance but will still be available as a historical archive. It might be interesting for future Kings fans who might grow up without the sword of Damacles hanging over their head to use when we old-timers talk about the dark times. ;)
 
VF21 said:
I'll concede to your experience. Bottom line for me is that I don't really care who gets the money from my Kings store purchases at this point. i just bought Cousins jerseys for my whole family to celebrate keeping the team... :)
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Nice! :)
 
bhwVbeeDN50H9OGaZ_MC.png


It's finally done!!


Do I get credit for breaking the story?
 
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