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NBA wants a team in Seattle... KJ and Sac is Fd
http://espn.go.com/nba/story/_/id/90...n-johnson-says
SACRAMENTO, Calif. -- Sacramento mayor Kevin Johnson says his city has reached a preliminary agreement for a new downtown arena with an investment group that hopes to keep the Kings from moving to Seattle.
Johnson announced the agreement Saturday on his Twitter account. He said the group includes Silicon Valley software tycoon Vivek Ranadive, 24 Hour Fitness founder Mark Mastrov and billionaire Ron Burkle.
The City Council is planning to vote on the non-binding term sheet Tuesday.
The city plans to contribute about $258 million to the $448 million project by leasing out parking garages and land. Johnson said the deal will avoid new taxes and ensure a net impact to the city's general fund.
Sacramento is hoping to block a bid by a Seattle group that has a pending purchase agreement to buy the Kings from the Maloof family and move the team. The NBA Board of Governors is expected to make a decision by mid-April.
NBA wants a team in Seattle... KJ and Sac is Fd
Cry is correct. Stern & NY. are just jacking Sacramento off. & frankly, they deserve nothing less.
lol KJ spending all this money and to build a new arena and keep the team. watch if they do get to keep the team, the building will be half full for every home game.
It's too little, too late in my opinion. There's a binding purchase agreement between the Maloofs and Hansen/Ballmer. All the Board of Governors can do is reject the sale to Hansen/Ballmer. They can't select this Sacramento group over the Seattle group. They can't force the Maloofs to sell to this Sacramento-based group after having their bid to sell to Seattle rejected. And who knows what the Maloofs will do. They retained anti-trust lawyers back in the fall. Do they sue the NBA for anti-trust violations if the sale gets rejected? Stern and the owners want the Maloofs out of the ownership pool, so the best way to accomplish that and end this whole saga is to approve the sale to Seattle. The only time a purchase has been rejected by was back in the 90's when a group tried to buy the T-Wolves and move them to New Orleans, but they were found to be undercapitalized. Shaky financing is not an issue here.
This has gone on for a long time, and it's said in certain circles that Stern really regrets how the Sonics left Seattle and he wants to rectify that before he retires. The potential for all breaking loose with lawsuits and other assorted litigation is pretty high if they reject the sale. Also, owners don't want to set the precedent of being told they can't sell to whoever they want. And last but certainly not least, that franchise is worth a of a lot more in Seattle than Sacramento.
I'm all for Seattle getting a team back, especially after what Bennet did... But seeing the Kings go is tough...
What did Bennett do? Move the team when the city wouldn't build him an arena? Yeah welfare to NBA teams sucks, but corporate welfare is the American way and Methlahoma had a fat county check waiting tbh.
Bennet lied through the nose. I understand Seattle ed up by playing the tough guy card, but that doesn't take away the fact that Bennet bought the team under the bull pretense he wasn't going to move it when he had those meth dollars lined up.
sacramento ain't never a basketball city to begin with and even with the kings gone, the state of california will still have 3 NBA franchises. what im wondering is if the kings will assume the name of the sonics or keep the kings as their name, since the move to seattle is almost as good as done
If it goes through they will take the Sonics name and colors.
You should go back and your mother some more.
So close, yet so far...
Ron Burkle drops out of Kings bid
Updated: April 8, 2013, 8:30 PM ET
Associated Press
SACRAMENTO, Calif. -- Billionaire Ron Burkle will not be part of Sacramento's bid to keep the Kings after all.
Sacramento mayor Kevin Johnson said Monday that a conflict of interest forced Burkle to back out. Instead, Johnson said the Southern California businessman and co-owner of the NHL's Pittsburgh Penguins will focus on the development around a proposed new downtown arena -- and not the arena itself.
Burkle is part-owner of Relativity Sports, which manages some NBA players' careers. Johnson said the conflict surfaced during a meeting with NBA commissioner David Stern and league owners in New York last week and "it won't slow us up."
Burkle had been expected to lead the development of a Sacramento arena. He also planned to join other wealthy investors trying to block a bid from a group that is hoping to buy and move the Kings to Seattle next season.
Pussy.
Tbh, from what I've heard, the fact that Vivek Ranadive joined the bid makes Burkle's dropping out more or less a non-issue...
We would like to announce that we have reached an agreement with the Maloofs to raise the price we are offering to purchase the controlling interest in the Sacramento Kings NBA franchise by $25 million — from an enterprise value of $525 million to an enterprise value of $550 million.
While we already have a binding purchase agreement to purchase the controlling interest in the team, the Seattle Ownership Group has elected to voluntarily raise its purchase price as a sign of our commitment to bring basketball back to our City and our high degree of confidence in our Arena plan, our financing plan, the economic strength of the Seattle market, individual and corporate support for the team and, most importantly, the future of the NBA.
http://www.sonicsarena.com/
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