OT Rumor that Seattle will land Kings.

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Reports: Maloofs reach deal to sell Kings to Seattle-based investment group

The Maloof family and a Seattle-based investment group have reportedly reach a deal in their negotiations concerning the Sacramento Kings.

ESPN.com reported Sunday that the Seattle group, headed by Valiant Capital’s Chris Hansen and Microsoft CEO Steve Ballmer, will purchase 65 percent of the Kings, a controlling interest, from the Maloofs for $525 million and that NBA teams were “formally notified” of the purchase agreement’s terms on Sunday.

The Sacramento Bee also reported Sunday that the Maloofs and the Seattle group have “reached an agreement” to sell the Kings and that the formal announcement could come “as early as Monday.” The Kings reportedly declined comment.

As recently as Thursday, NBA commissioner David Stern said that a deal had not yet been reached.

Any prospective sale of an NBA franchise is subject to ratification by the league’s Board of Governors.

On Jan. 9, Yahoo! Sports reported that the two sides were nearing a deal that is expected to result in the relocation of the Kings to Seattle, possibly as early as the 2013-14 season. The franchise would replace the SuperSonics, who played in Seattle from 1967-68 until 2008, when they were relocated to Oklahoma City and renamed the Thunder.

Forbes valued the Kings franchise at $300 million in January 2012. The Kings franchise moved to Sacramento from Kansas City in 1985 and the Maloof family took majority control of the franchise in 1999.


http://nba.si.com/2013/01/20/kings-sale-sacramento-seattle-maloofs-chris-hansen-steve-ballmer/
 
SlyPokerDog said:
Marc Stein ‏@ESPNSteinLine Kings deal to Seattle group still requires formal NBA ratification but Hansen group intends to file for relocation by March 1 if approved
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SlyPokerDog said:
Marc Stein ‏@ESPNSteinLine ESPN sources say no agreement yet reached on remaining 35 percent of Kings shares, which are held by minority investors, NOT Maloofs
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Marc Stein ‏@ESPNSteinLine Sources say deal calls for Maloofs to receive non-refundable $30 million from the Hansen group by Feb. 1 whether or not sale is approved
 
SlyPokerDog said:
.....the Seattle group, headed by Valiant Capital’s Chris Hansen and Microsoft CEO Steve Ballmer, will purchase 65 percent of the Kings, a controlling interest, from the Maloofs for $525 million.............

...........valued the Kings franchise at $300 million in January 2012.
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Wow, something tells me they may have way overpaid? :dunno:
 
Sources: Maloofs have Kings deal

By Marc Stein | ESPN.com

The Maloof family that owns the Sacramento Kings has reached a purchase agreement to sell a 65 percent controlling interest in the franchise to a Seattle group led by Chris Hansen for $525 million, according to league sources.

Sources told ESPN.com that NBA teams were formally notified Sunday night of the deal, which still requires league approval.

The executed purchase agreement to transfer the 65 percent majority stake in the Kings to Hansen's group represents the shares owned by the Maloofs and one minority owner.
Sources said that there has not yet been an agreement submitted on the remaining 35 percent of the franchise, which is held by minority shareholders, not the Maloofs.

The deal, according to sources familiar with the specifics, calls for the Maloofs to receive a non-refundable $30 million deposit from the Seattle group by Feb. 1. The NBA, furthermore, is expecting Hansen to apply for relocation to Seattle in time for the 2013-14 season by the league's March 1 deadline.

Last week, Sacramento mayor Kevin Johnson said he had received approval from NBA commissioner David Stern to present a counteroffer to the league from buyers who would keep the team in Sacramento.

He said the city is in a "six-week sprint" to put together a proposal for the NBA's Board of Governors to consider over a potential sale and relocation to Seattle.

Yahoo! Sports reported earlier this month that the Kings, upon relocation, would play two seasons in the Seattle SuperSonics' old home at Key Arena while construction is completed on a new building.


http://espn.go.com/nba/story/_/id/8...-agreement-seattle-group-buy-team-sources-say
 
Just like you have to overpay to keep that unrestricted free agent....... Pay what you have to pay in order to land the team! Not too many chances to get a team back in Seattle , they were NOT going to let this chance slip by! Well done!
 
So the Kings will change their name to Sonics and they will be able to hang their retired numbers from the rafters again and reclaim their history. What will happen to the Kings' and Thunder's history? Because right now when you watch Thunder games, they say things like....... this is their best start since the 1999 season or their all-time record against the Blazers is 95-100. The Thunder seem to be using the Sonics history and records. #HCPconfused
 
ESPN

Would a new Seattle team be named the SuperSonics?

The Memorandum of Understanding between Hansen, the city of Seattle and King County specifies that the new ownership group will "use its best efforts to acquire" the SuperSonics name. Given that the group's website is called SonicsArena.com and uses a takeoff on the old Sonics skyline logo, the return of the name and marks appears to be a formality.

The new ownership group, Bennett and the NBA will have to determine whether the Sonics' history in Seattle -- including the 1979 NBA championship and six retired jerseys -- will be shared with Oklahoma City, returned outright or remain with the Thunder.

If the Sonics retain their history, the league will have to decide what becomes of the history of the Kings franchise, which was an inaugural member of the NBA as the Rochester Royals and made stops in Cincinnati and Kansas City/Omaha before landing in Sacramento in 1985.
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ESPN

How much of the Kings is the group buying?

Approximately 65 percent, which represents the controlling interest owned by the Maloofs and the minority share owned by Robert Hernreich. According to ESPN's J.A. Adande, the Maloofs will retain a "small piece" of the team.

The fate of the remaining 35 percent remains uncertain, though the Seattle group does not need it for control of the franchise. The sale price will be based on an overall franchise valuation of $525 million, meaning the Seattle group is paying approximately $340 million.
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How about this idea: Kings fire their old coach and hire....
nate-mcmillan.jpg


ps. his head looks HUGE on his thin frame there.
 
Desperate Laker fans on Lakersground are calling for Nate to be their coach.
 
LA w/Dwight

Philly w/o Bynum

= Same record

I'm loving this Laker flop way too much. The best part would be if they miss the playoffs.
 
will be odd if the Seattle Supersonics carry the Kings history, and OKC carries Seattle's history.
 
It was a random google image search. But this is the latest rendering of their arena.

The RG is definitely looking its age with these new era arenas.
 
I still love the rose garden. Mainly because the fans are sooooo hairy!
 
I do wish the Rose Garden had an update on it's exterior. It's starting to look plain jane.
 
Last edited:
PapaG said:
Bird to Seattle to run the operational side and gets KP to leave Indy as his GM.

KP isn't doing too shabby of a job in Indiana, eh? People have been kind of quiet here about KP, but Indiana is for real, even w/out Danny Granger.

Meanwhile in Charlotte, Cho...
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exactly what has KP done this year, his first year, as GM that was so great?
 
julius said:
exactly what has KP done this year, his first year, as GM that was so great?
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He's won, and he was key the year prior to it as Director of Player Personnel.

He brought in DJ Augustin as a competent back-up for George Hill, and they have been able to overcome losing their All-Star player in part because Gerald Green has been able to give them decent minutes off the bench. They actually have a bench that contributes. It would be nice to have Augustin backing up Lillard over Ronnie Price.

Haters gonna hate...
 
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