FOX40 News @FOX40
Source: Minority owner John Kehriotis wants to buy the #Kings without any city money invovled.
FOX40 News @FOX40
Source tells @JimCrandell that Kehriotis has $350 million, with a verbal commitment of $400 million. #Kings
As stated in the rules, Minority owners have the right to buy the team over people from outside.
Nice and all, but is he still interested in buying the team after they moved? Because that's what's happening, the Maloofs are the ones technically moving the team and they filed for the relocation on behalf of the Hansen group, which minority owners don't have a right of first refusal to block, at which point I suppose he could buy the team but be stuck in Seattle instead of Hansen (or be forced to pay an undoubtedly hefty buyout clause) if push came to shove.
Nice and all, but is he still interested in buying the team after they moved? Because that's what's happening, the Maloofs are the ones technically moving the team and they filed for the relocation on behalf of the Hansen group, which minority owners don't have a right of first refusal to block, at which point I suppose he could buy the team but be stuck in Seattle instead of Hansen (or be forced to pay an undoubtedly hefty buyout clause) if push came to shove.
Doesn't really do anything for Sacramento.
They filed the paperwork for moving, but if the NBA approves the sale to John Kehriotis him instead of Hansen (which they would, since minority owners have first right to buy), that paperwork will obviously become null and void.
They filed the paperwork for moving, but if the NBA approves the sale to John Kehriotis him instead of Hansen (which they would, since minority owners have first right to buy), that paperwork will obviously become null and void.
That's assuming the NBA doesn't just approve the relocation first.
That's assuming the NBA doesn't just approve the relocation first.
Most are assuming the opposite, and nothing is close to getting done yet. David Stern has already stated he is going to seriously listen to what Sac Mayor Kevin Johnson has to say. Stern doesn't want to move the Kings. He wants to get the Maloof's out of the NBA and get a deal done with whichever owner will have the better moneymaking deal.
Of course he's saying he's going to listen to what the mayor has to say. What possible reason would he have to say otherwise?
And I think you're wrong about what most people are assuming. Essentially everyone outside the Sacramento area views this as pretty much a done deal, especially if the argument is over which will have a better money making deal, given that Hansen already has solid backing and a larger market to boot.
I don't care about the NBA, but I decided I will be a Seattle fan if they get a team. Since I decided now before they are even sure to have one, does that avoid me ever getting the bandwagon label?
I don't care about the NBA, but I decided I will be a Seattle fan if they get a team. Since I decided now before they are even sure to have one, does that avoid me ever getting the bandwagon label?
Updated: April 8, 2013, 8:30 PM ET
Associated Press
Quote:
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
Johnson said at his weekly news conference Tuesday that Sacramento developer Mark Friedman has joined the group. The announcement comes a day after Burkle backed out because of a conflict of interest stemming from his ownership stake in Relativity Sports, which manages some NBA players' careers.
Friedman said he will help build the planned arena in downtown Sacramento. He also said he had been in contact with the mayor since January and the timing of Burkle's decision had nothing to with his emergence.
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.
Sounds like they are more confident about the team staying this time. Could be a good sign.
I hope that's the case. I just found this from Blazers owner Paul Allen:
Quote:
" think it's a tough call. While I supported the Sonics staying in Seattle when they ended up leaving, I think in general there's some feeling that if there's good fan support and there's good political support sufficient to have a state of the art facility, that's more than enough reason to keep a franchise in the same place."
Big congrats to Kings fans, and shocked to see then deny the move. Honestly thought that the NBA had already made up their mind here against Sacramento.
