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Sacramento group, Maloof family reach deal for Kings for $535 million
Posted on 5/16/13 at 11:45 pm
Posted on 5/16/13 at 11:45 pm
GTFO Maloofs
quote:
A Sacramento investors group has reached a deal with the Maloof family to buy the Kings for an NBA record valuation of $535 million, a source has told The Sacramento Bee.
The agreement, reached today, is expected to be announced sometime Friday. If the NBA approves the deal, escrow is expected to close at the end of May.
The source, close to the deal, said the Maloof family was eager to "turn the page" and was pleased they were able to sell to a group that will keep the team in Sacramento.
The source said more details will be released Friday, including statements from partners in the deal.
A spokesman for the Sacramento investment group, led by Vivek Ranadive, said he could not confirm that a sale had been completed. A spokesman for the Maloof family also said he could not comment.
This post was edited on 5/17/13 at 10:16 am
8
Posted on 5/16/13 at 11:46 pm to BananaHammock
Feel bad for Seattle.
Posted on 5/16/13 at 11:46 pm to BananaHammock
So they gave up like $140 mill to stay in sacramento over seattle, correct?
Posted on 5/16/13 at 11:48 pm to DollaChoppa
I think the Seattle offer was up to $625M, but the league wouldn't sanction the sale to the Seattle group.
That $90M could have purchased a shite-ton of hookers and blow.
That $90M could have purchased a shite-ton of hookers and blow.
Posted on 5/16/13 at 11:49 pm to BananaHammock
In this case Seattle is Olajuwon
Posted on 5/16/13 at 11:50 pm to John McClane
Seattle will get one. That incredible city deserves a team.
Posted on 5/16/13 at 11:50 pm to BananaHammock
My understanding was there was going to be another vote
Posted on 5/16/13 at 11:53 pm to John McClane
In addition to the recent 22-8 vote?
Posted on 5/16/13 at 11:56 pm to DollaChoppa
quote:
So they gave up like $140 mill to stay in sacramento over seattle, correct?
Didn't give it up, league squashed it.
Dave, and the other owners, really only left them with one option...
Posted on 5/16/13 at 11:56 pm to BananaHammock
Everyone should watch the Sonicsgate documentary. The last line really struck a chord with me. One of the Seattle citizens (I think he was an artist) said that he would love to get back a team in his great city, but he does not want to put another city through the heartbreak they went through.
Posted on 5/16/13 at 11:56 pm to BananaHammock
Theres something really fricked up that they can basically keep someone from making an extra 150 mil
Posted on 5/16/13 at 11:59 pm to DollaChoppa
quote:
So they gave up like $140 mill to stay in sacramento over seattle, correct?
I posted the numbers in a thread yesterday. Here's how much they would have pocketed from each deal...
Sacramento is offering 65% of a $525m valuation on the Kings, so $341m. They are subtracting all of the debt that the Maloofs owe on the arena and to the NBA from that though, which puts the price at $200m. So in the end, the Maloofs pocket about $200m.
Seattle offered 65% of a $625m valuation on the Kings, so $406m. They also offered to pay off all of the debts that the Maloofs owe. So in the end, the Maloofs pocket about $406m.
For the backup offer, Seattle offered 20% of a $625m valuation on the Kings, which is $125m and the Maloofs can continue running the team. So in the end, the Maloofs pocket about $125m and stay owners of the Kings.
Source for most of the numbers: LINK
This post was edited on 5/17/13 at 12:05 am
Posted on 5/17/13 at 12:01 am to Vicks Kennel Club
quote:
Everyone should watch the Sonicsgate documentary. The last line really struck a chord with me. One of the Seattle citizens (I think he was an artist) said that he would love to get back a team in his great city, but he does not want to put another city through the heartbreak they went through.
Pretty much every Sonics fan wanted an expansion team rather than the Kings. Most weren't mad about not getting the Kings, they were mad about the NBA using Seattle as a pawn to get Sacramento a new deal and then not guaranteeing expansion.
Posted on 5/17/13 at 12:04 am to wildtigercat93
quote:
Theres something really fricked up that they can basically keep someone from making an extra 150 mil
More than money is factored in. If some North Dakota businessman offered a billion dollars to move the team there the league wouldn't even look at that shite.
Posted on 5/17/13 at 12:08 am to TDawg1313
I realize that the documentary is not that relevant to this. I just thought it was very well done and the closing line was fantastic and relevant to this situation.
I really wish the US (and Canada) was big enough to successfully support 32 teams in each of the four major sports. I definitely want to see Seattle and another metro get an NBA team soon, but I do not want anybody to relocate.
I really wish the US (and Canada) was big enough to successfully support 32 teams in each of the four major sports. I definitely want to see Seattle and another metro get an NBA team soon, but I do not want anybody to relocate.
Posted on 5/17/13 at 12:14 am to Vicks Kennel Club
quote:
I realize that the documentary is not that relevant to this. I just thought it was very well done and the closing line was fantastic and relevant to this situation.
It was really well done. I think it's something that every NBA fan should watch.
quote:
I definitely want to see Seattle and another metro get an NBA team soon, but I do not want anybody to relocate.
I've heard that Adam Silver is very open to expansion. Hopefully when Stern leaves, Seattle won't be used and abused anymore and will get an expansion team.
Posted on 5/17/13 at 12:14 am to TDawg1313
quote:
they were mad about the NBA using Seattle as a pawn to get Sacramento a new deal and then not guaranteeing expansion.
How did the NBA use Seattle as a pawn? They didn't force the Maloof's to deal with Hansen and Ballmer. The Maloofs were the problem in this whole ordeal. Working with the league and the city of Sacramento on a arena deal only to pull out and work out a sale of the team secretly for it to be relocated. Did the Maloofs really think they would get their way?
Posted on 5/17/13 at 12:17 am to beaumont livingston
quote:Yes.
Did the Maloofs really think they would get their way?
Douchers gonna douche.
Posted on 5/17/13 at 12:19 am to beaumont livingston
quote:
How did the NBA use Seattle as a pawn? They didn't force the Maloof's to deal with Hansen and Ballmer. The Maloofs were the problem in this whole ordeal. Working with the league and the city of Sacramento on a arena deal only to pull out and work out a sale of the team secretly for it to be relocated. Did the Maloofs really think they would get their way?
Seattle worked with the NBA on a ton of the process. They helped guide Hansen and Ballmer on a lot of their decisions. After buying all of the land, getting an arena deal done, etc, David Stern then hopped onto the Sacramento bandwagon and basically said, Seattle has it all ready and if you don't step up, you're going to lose the team. A lot of Seattle fans feel like we just got played for a couple of years.
Posted on 5/17/13 at 12:22 am to BananaHammock
im not familiar with the sonics sell but seattle could have done more to keep them right?
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