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Sacramento or Seattle? Kings fate will be decided this week
Posted on 4/16/13 at 3:35 pm
Posted on 4/16/13 at 3:35 pm
quote:
For the second time in three years, the Sacramento Kings will host their regular-season finale with the franchise's future uncertain. Hours before the Kings tipoff against the Los Angeles Clippers on Wednesday night, NBA owners will gather in a New York boardroom to begin deliberating where the team will be located next season.
Sacramento or Seattle?
Nobody quite knows for sure.
quote:
The Maloof family reached an agreement in January to sell a 65 percent controlling interest of the Kings to a group led by hedge-fund manager Chris Hansen at a total franchise valuation of $525 million, an NBA record. With pressure mounting from Sacramento's counteroffer to keep the team, Hansen announced last Friday he would ''voluntarily'' raise the purchase price to $550 million ''as a sign of our commitment to bring basketball back to our city.''
quote:
If any vote is taken, Seattle needs 23 of 30 owners to approve the sale of the team to the Hansen group. If the sale is approved, a second vote will be largely ceremonial to decide whether the Kings can move to Seattle. A simple majority - 16 votes - is all that's needed to approve relocation.
Led by Mayor Kevin Johnson, Sacramento has fought back over the past three months to make the sale and relocation of the Kings a real debate. Johnson pushed a non-binding financing plan for a $447 million downtown arena through the City Council - complete with a $258 million public subsidy - and lined up an ownership group that can compete with the Seattle contingent.
Full story.
Interested to see what the decision is. I thought for sure they were going to Seattle, but Sac has done a good job of putting together their own package.
Posted on 4/16/13 at 3:56 pm to NorthshoreTiger76
quote:
led by hedge-fund manager Chris Hansen
Posted on 4/16/13 at 4:05 pm to Augustus
quote:
Sacramento or Seattle? Kings fate will be decided this week
Sounds like the decision might be pushed back to next week.
quote:
Interested to see what the decision is. I thought for sure they were going to Seattle, but Sac has done a good job of putting together their own package.
The Sacramento group still hasn't submitted an offer close to what the Hansen/Balmer/Nordstroms group has. If they can't come close, it makes it all a moot point.
Posted on 4/16/13 at 5:03 pm to TDawg1313
NBA confirmed that it won't be voted on this week.
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