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esparzar1 01-09-13 01:34 PM

Report: Sacramento Kings Being Sold To Seattle-Based Group
 
Report: Sacramento Kings Being Sold To Seattle-Based Group

The purchase to a group led by Chris Hansen, a Seattle native living in the San Francisco area, is not complete, and the Maloofs have a history of bailing on major deals at the last minute, as Sacramento officials know from getting their hearts broken in arena negotiations in the Northern California city. But if details from the very reliable Wojnarowski are completed, chances are good the NBA is forever leaving a town that has supported professional basketball like few others.
Seattle has already secured financing for an arena and was only waiting on having a team in place before moving forward with construction. The hope there all along has been for the relocated franchise to be re-named the SuperSonics, wear the familiar green and gold, and play in KeyArena until the new building is completed. That, Seattle Mayor Michael McGinn told NBA.com in October, would likely mean two seasons in the old facility.

The Maloofs are expected to keep an extremely small percentage of team, but will have no real input or say in franchise, sources say.

td4mvp2k 01-09-13 02:10 PM

Sonics are back!

alh1020 01-09-13 02:30 PM

Quote:

Originally Posted by esparzar1 (Post 1289837)
...The Maloofs are expected to keep an extremely small percentage of team, but will have no real input or say in franchise, sources say.

I'm glad they're not in the drivers seat anymore.

MichaelWi101 01-09-13 03:45 PM

And to think, at one time the Magoofs were interested in buying the Spurs! Thank you Peter Holt and the current ownership group for stepping up to the plate.

katyspursfan 01-09-13 03:45 PM

Quote:

Originally Posted by td4mvp2k (Post 1289838)
Sonics are back!

That's what I like to hear. It plain blew when they moved to OKC. Especially right before the Presti team came together.

td4mvp2k 01-11-13 12:23 PM

Kings Sold!
 
The Sacramento Kings will be sold to an ownership group that will move the franchise to Seattle for $525 million.

The source also said that the Maloof family will have no ownership stake or decision-making within the franchise, which has been a reported point of contention during negotiations.

Yahoo! Sports reported on Wednesday that a deal to sell the Kings to the Seattle group was nearly complete for $500 million.

Matt Steinmetz/Comcast

MichaelWi101 01-12-13 09:46 AM

And now according to the sacbee.com there are folks in sacramento that want to buy the team and keep them there.

This is quite a mess the magoofs have created

td4mvp2k 01-12-13 06:17 PM

Kings Stay?
 
In a stunning new twist on the Sacramento Kings saga, a group including the new owner of Downtown Plaza is proposing to buy the team and build a $400 million arena on the site of the troubled shopping center.

The group includes JMA Ventures, the San Francisco investment firm that bought Downtown Plaza last year at a bargain-basement price.

Dale Kasler, Ryan Lillis and Tony Bizjak/Sacramento Bee

alh1020 01-21-13 02:02 AM

Kings to play in Seattle next season

With the finalization of the Sacramento Kings' sale to a Seattle-based ownership group, the NBA's relocation committee will overwhelmingly ratify the franchise's move to Seattle for the 2013-14 season, league sources told Yahoo! Sports.

The new ownership group, led by Chris Hansen and Steve Ballmer, will purchase 65 percent of the Kings at a franchise valuation of $525 million. The new owners will file for relocation to Seattle before the March 1 deadline, sources told Yahoo! Sports.

The Seattle group's plan is to play the next two seasons in KeyArena before moving into a new $500 million arena in downtown Seattle in 2015, sources said.

The new Seattle owners will bring back the franchise's longtime Sonics name and colors.

Yahoo! Sports reported on Jan. 9 that the Maloof family was finalizing a deal with the Hansen-Ballmer group to sell the franchise, and ultimately relocate it to Seattle. A formal announcement is expected this week, sources said.

The relocation committee has been briefed several times on the sale process to the Hansen-Ballmer group, sources said, and fully support the franchise moving to Seattle for next season.

The relocation committee is chaired by Oklahoma City Thunder owner Clay Bennett, and includes Washington's Ted Leonsis, Minnesota's Glen Taylor, Utah's Greg Miller, Miami's Mickey Arison, Indiana's Herb Simon and San Antonio's Peter Holt. Bennett moved the Sonics from Seattle to Oklahoma City in 2008.

The NBA's Board of Governors support this ownership group, want a team back in the Seattle market and will approve the sale at the next league meeting, sources said.

While NBA commissioner David Stern did work dutifully to find a way to keep the Kings in Sacramento for several years, the league was pushing the Maloof family to sell their 53 percent ownership share, and wanted badly for them to exit the league as owners, sources said. The Seattle contingent is purchasing the Maloofs' portion of the franchise and a 12 percent share from minority owner Bob Hernreich.

Sacramento Mayor Kevin Johnson issued a statement on Sunday night promising to fight to keep the franchise, but sources said the Maloofs reached an agreement in principle to sell the team over the weekend of Jan. 4-6, and that the pushes by potential local ownership groups in Sacramento were too late.

Sources: Kings to play in Seattle next season - Yahoo! Sports

mckennaspur1 01-21-13 10:33 AM

Nice for Seattle.

But what gets lost in this is that the Kings will vanish, a team that has been in the NBA since the beginning. The Rochester and Cincinnati Royals were powerful teams back in the day. It appears that the Sonics' history will now be revived, but the Royals-Kings legacy might be lost.

MichaelWi101 01-21-13 12:32 PM

It is too bad about the Kings going away, I wonder why everyone there waited until the last minute to try and buy them?

Why didn't these 'heavy hitters' show up a whole lot earlier in the process?

katyspursfan 01-21-13 03:57 PM

Quote:

Originally Posted by mckennaspur1 (Post 1290629)
Nice for Seattle.

But what gets lost in this is that the Kings will vanish, a team that has been in the NBA since the beginning. The Rochester and Cincinnati Royals were powerful teams back in the day. It appears that the Sonics' history will now be revived, but the Royals-Kings legacy might be lost.

We once thought that the Sonics had vanished.

Maybe the sale agreement will allow the same loophole for the Kings franchise. Although, as a fan of the NBA for 30+ years (yeah Hemisfair!), I think a Sonics for Kings trade is a good one.

I agree that this is the end of the Kings forever, though.


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