Press conference - latest rumors, etc.

[VF21]

I've always appreciated the positive approach you take to this team, even with all the down times. But from a business perspective announcing that you have $19M from some of the wealthiest people in sac is not a big move. It simply isn't. They could have left the amount unstated or just waited for the big whale.

We'll agree to disagree. He's explained why he announced the 19 LOCAL contributors. You may not think it's the right business move to make but that's just your opinion. KJ is making sure everything is pretty transparent, which is exactly the right thing to do IMHO.

 

[swisshh]

It's not about negative/positive to me. The concerns are based on how this will be received by people outside of Sacramento, namely the BOG and NBA. This little presser obviously won't get any national attention. It's just to show the NBA they have local presence, but it sort of flutters out after that. Probably better to announce the equity along with the local face.

 

[xyrin]

Welp, this was a bit embarrassing. Press conferences are tools used for "large announcements". If KJ thinks 19mil from 19 individuals is a "big announcement", that makes us look weak. This should have been a press release, and the press conference should have been saved for the whale (who I know is incoming).

Poor play, KJ. National opinion of Sac gets hurt short term until we announce the whale.

 

[Warhawk]

Because we couldn't do a thing until the Maloofs admitted the Kings were for sale. If you recall, Ron Burkle would have purchased the Kings two years ago but the Maloofs adamantly insisted they would NEVER sell the team. Until the Seattle deal was actually announced there was no confirmation that they were selling.

Correct. You can't get a bunch of folks to pitch in $1 million each for a team that until a few days ago was not for sale!

 

[KingsFanSince85]

I've always appreciated the positive approach you take to this team, even with all the down times. But from a business perspective announcing that you have $19M from some of the wealthiest people in sac is not a big move. It simply isn't. They could have left the amount unstated or just waited for the big whale.

Yeah, color me uninspired and unimpressed as well. 19M?? That's less than 4% ownership stake in the $525M valuation of the franchise. In other words, it's next to meaningless. Now, if 19 local investors promised 10M each -- a 36% ownership stake in the $525M valuation -- that would have been worthy news and a BIG step forward.

19M doesn't even get us to the moon on a planned trip to Pluto ....

 

[fansinceday1]

Welp, this was a bit embarrassing. Press conferences are tools used for "large announcements". If KJ thinks 19mil from 19 individuals is a "big announcement", that makes us look weak. This should have been a press release, and the press conference should have been saved for the whale (who I know is incoming).

Poor play, KJ. National opinion of Sac gets hurt short term until we announce the whale.

Exactly.
This reeked of desperation.

 

[sdballer]

Yeah, color me uninspired and unimpressed as well. 19M?? That's less than 4% ownership stake in the $525M valuation of the franchise. In other words, it's next to meaningless. Now, if 19 local investors promised 10M each -- a 36% ownership stake in the $525M valuation -- that would have been worthy news and a BIG step forward.

19M doesn't even get us to the moon on a planned trip to Pluto ....

Exactly. Its fairly common business practice that from a negotiation and/or PR standpoint, don't reveal a number unless it supports a position of strength. This is a meaningless number and actually weakens their position. The number accomplished nothing positive.

 

[UK_King]

They've got until April....

I know it's not that long but it's also, not that soon.

 

[Warhawk]

We'll agree to disagree. He's explained why he announced the 19 LOCAL contributors. You may not think it's the right business move to make but that's just your opinion. KJ is making sure everything is pretty transparent, which is exactly the right thing to do IMHO.

Agreed. You have to realize that there are several goals/steps to be fulfilled to put a final proposal together. Local presence is a huge one to show that the team is staying local and will support the local arena effort to keep the team here. You have to lay the groundwork and work your way up. This is what he is doing. He also laid out the steps to follow so everyone knows what is happening and what will happen next. These things take time to put together even if you have been laying the groundwork. The details are now emerging on the deal from Seattle and the assembled team has to meet/beat it. And you can't do that until the details are known!

The whales are on the way! Please see the process for what it is and how it helps our case.

Also, more press conferences keep KJ's efforts in front of the media to help stem the tide of news from Seattle. There is a rhyme and reason to these things.

 

[sdballer]

They've got until April....

I know it's not that long but it's also, not that soon.

They don't. That's why I think this press conference even happened. If they don't start stealing the momentum back from the Seattle commitment, it's going to be that much harder to sway the BOG. They need something big, something competitive soon.

 

[VF21]

sdballer - The purpose wasn't to support a position of strength, which will come with the announcement of the whale in the next few days. The purpose was to show the LOCAL SUPPORT, which was the first step in KJ's plan. You may not agree with his plan, but you're acting as though there was no purpose to today's presser. That's simply not true.

Disagreeing with his plan of approach is fine. Ignoring it seems disingenuous at the least. But whatever...

 

[xrzn]

KJ said he would try to announce the "whales" by the end of the week. That in itself is a big announcement. He wouldn't say that if he didn't have them.

$19 million is a lot of money, especially only from LOCAL people. Props to KJ.

Some of you need to relax.

 

[Merdiesel]

Might not have been the big announcement we are waiting to hear but what I like what I saw. KJ looks very confident and calm.

TBH, I'm glad he didn't show all of us cards today. To me, that would have come across as desperate after the news sunday night.

I trust Kevin Johnson, I am thankful for the local investors and I am excited to hear what comes next. GO KINGS!

 

[Glenn]

I think people are horribly impatient to find out who the whale is but let us remember, even billionaires have their money invested elsewhere and it is not liquid. Friday is how many days from now? Not many.

My note of optimism is that I don't think KJ is having a presser for no reason at all.

 

[VF21]

Yeah, color me uninspired and unimpressed as well. 19M?? That's less than 4% ownership stake in the $525M valuation of the franchise. In other words, it's next to meaningless. Now, if 19 local investors promised 10M each -- a 36% ownership stake in the $525M valuation -- that would have been worthy news and a BIG step forward.

19M doesn't even get us to the moon on a planned trip to Pluto ....

But it gets us a rocket shop. And if we don't have that we don't get off the ground at all.

 

[sdballer]

Agreed. You have to realize that there are several goals/steps to be fulfilled to put a final proposal together. Local presence is a huge one to show that the team is staying local and will support the local arena effort to keep the team here. You have to lay the groundwork and work your way up. This is what he is doing. He also laid out the steps to follow so everyone knows what is happening and what will happen next. These things take time to put together even if you have been laying the groundwork. The details are now emerging on the deal from Seattle and the assembled team has to meet/beat it. And you can't do that until the details are known!

The whales are on the way! Please see the process for what it is and how it helps our case.

Also, more press conferences keep KJ's efforts in front of the media to help stem the tide of news from Seattle. There is a rhyme and reason to these things.

Again, everything you said is true but my point is that the $$$ revealed actually weakened the strategy. Imagine the same press conference had happened and they had just mentioned they had 19 local community leaders that had committed to being part of the ownership group. Not huge news but it fits the strategy. Revealing such a small commitment from the core of your local group is the part that people will focus on and its not a strength play.

 

[xyrin]

Apparently radio hosts in Seattle were tuning in and are now laughing and joking about the announcement. I know this doesn't matter to most of you guys, but this hurt our national opinion on this.

"Sacramento region's richest and biggest players cough up 5% of the 340mil to save the team..." That is how it looks to them. We, as Kings fans, know better, but a neutral owner on the BoG might just hear a snippet of this and laugh in the short term.

 

[VF21]

Apparently radio hosts in Seattle were tuning in and are now laughing and joking about the announcement. I know this doesn't matter to most of you guys, but this hurt our national opinion on this.

"Sacramento region's richest and biggest players cough up 5% of the 340mil to save the team..." That is how it looks to them. We, as Kings fans, know better, but a neutral owner on the BoG might just hear a snippet of this and laugh in the short term.

I really don't care how it looks to Seattle. KJ has a strategy and he's sticking to it. Let's wait and see what happens when the "whales" are announced. He who laughs last and all that...

 

[Section 101]

Yeah, color me uninspired and unimpressed as well. 19M?? That's less than 4% ownership stake in the $525M valuation of the franchise. In other words, it's next to meaningless. Now, if 19 local investors promised 10M each -- a 36% ownership stake in the $525M valuation -- that would have been worthy news and a BIG step forward.

19M doesn't even get us to the moon on a planned trip to Pluto ....

Don't forget we already have some local ownership that has 35% of the team.

 

[KingsFanSince85]

Seriously, announcing 19M like it was a huge deal is like one of your friends telling you he'll chip in $19 bucks for gas if he can ride shotgun on a road trip from Sacramento to Miami. What a uneventful press conference.

**EDIT** Sorry, everyone. I don't mean to be negative and I'm certainly not trying to bring anybody down. I'm just being honest in the fact that I was expecting much, much more impactful to be announced. I fully agree with those that stated that this news was better off in a Press Release or not announcing the dollar amounts at all. It does make Sacramento appear as "small time" and appearances are everything right now. Heck, the Seattle group is GIVING away more money than what was just announced. Perhaps it's KJ's strategy to announce a minnow a few days before the whale so that the whale appears bigger than it actually is .. I don't know....

 

[fansinceday1]

I really don't care how it looks to Seattle. KJ has a strategy and he's sticking to it. Let's wait and see what happens when the "whales" are announced. He who laughs last and all that...

Seattle is winning the PR battle and thats a big part of this war.

 

[HereWeBoogie]

So Circa_1985_fan, was your boss one of the 19 people?

 

[KingsFanSince85]

Seattle is winning the PR battle and thats a big part of this war.

That's my thought as well. UGH.

 

[Warhawk]

Seriously, announcing 19M like it was a huge deal is like one of your friends telling you he'll chip in $19 bucks for gas if he can ride shotgun on a road trip from Sacramento to Miami. What a uneventful press conference.

**EDIT** Sorry, everyone. I don't mean to be negative and I'm certainly not trying to bring anybody down. I'm just being honest in the fact that I was expecting much, much more impactful to be announced. I fully agree with those that stated that this news was better off in a Press Release or not announcing the dollar amounts at all. It does make Sacramento appear as "small time" and appearances are everything right now. Heck, the Seattle group is GIVING away more money than what was just announced. Perhaps it's KJ's strategy to announce a minnow a few days before the whale so that the whale appears bigger than it actually is .. I don't know....

Only if you don't realize the approach he is taking, have the understanding that this is just the first step of many, and see the use of showing movement immediately after confirmation of a sale of the team that until a few days ago was incessantly denied. We can't help you if you had unrealistic expectations to begin with.

 

[macadocious]

So Circa_1985_fan, was your boss one of the 19 people?

JFC, give it a rest. You work for TMZ or something? Beglad he shares as much as he does. You keep prodding him he's just going to stop sharing.

 

[Bricklayer]

I'm sure the mayor has his blueprint, and "establish local support/involvement" was obviously Step 1. But I nonetheless agree that calling a press conference for that $$ amount was shaky. It can play into a Sacto as smalltime/desperate/out of touch narrative that KJ needs to decisively dispel in NBA headquarters.

 

[PurpleHaze]

19 individuals kicking in $1M each may seem minor but here's what is important. It could now lead to other local wealthy individuals also wanting to sign on now with their $1M of support. It shows NBA that KJ is still fighting like crazy (he got 19 people in 3 days!!) and readly to line up a large equity investor to present the competing Sacramento bid. It shows whoever that investor is that if he needed some additional financial backing is possible as more local investors could come in (very likely in fact) to secure additional funding in the all in all out effort by the mayor of Sacamento. GO KJ! GO KINGS!

 

[Glenn]

Don't forget we already have some local ownership that has 35% of the team.

Amen!

 

[sdballer]

I'm sure the mayor has his blueprint, and "establish local support/involvement" was obviously Step 1. But I nonetheless agree that calling a press conference for that $$ amount was shaky. It can play into a Sacto as smalltime/desperate/out of touch narrative that KJ needs to decisively dispel in NAB headquarters.

Thank you. Not trying to throw the baby out with the bath water. Just don't think this accomplished what he set out to do.

 

[macadocious]

BTW, everyone will forget the $19M number by the time the whale is announced anyway, he was showing that he has 19 prominent members of the community willing to help financially support the team. It's a bigger deal than people think.