“The Maloofs have made their deal to sell the Sacramento Kings to a group that would move them to Seattle – setting up a climactic showdown over the team’s future that might not get settled by the NBA until the spring,” the Sacramento Bee is reporting (along with other media outlets).
“A source close to the situation said Sunday that the Maloof family and the Seattle group, led by hedge-fund manager Chris Hansen and Microsoft billionaire Steve Ballmer, could announce a deal as early as today. If the sale is approved by the NBA’s board of governors, consisting of league owners, the team would move to Seattle next season and would be renamed the SuperSonics, after the franchise that left Seattle for Oklahoma City in 2008.
“A sale price wasn’t released, but Sacramento Mayor Kevin Johnson has said he believes the Maloofs were working on a deal that would value the entire franchise at $525 million. The Maloofs and a partner in Oklahoma control 65 percent of the team. The Maloof family declined to comment through a spokesman Sunday night, and Hansen’s representative couldn’t be reached for comment.
“The price would be a record for an NBA team. ESPN.com, quoting anonymous sources, said Hansen has agreed to give the Maloofs a $30 million nonrefundable down payment and allow them to keep a small ownership stake in the team.
“Sacramento officials, however, vowed to press on with their plan to assemble a counteroffer that would keep the Kings from leaving. Johnson plans to bring a rival investor group to the board of governors’ meeting in New York in April and make the case for keeping the team in Sacramento. The board would then presumably vote on which city would get the Kings – Seattle or Sacramento.
The rest of the article is here.
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This was confirmed this morning.
And here’s an “open letter” to the Maloofs:
http://www.sbnation.com/2013/1/21/3899260/maloofs-open-letter-sacramento-kings-seattle-sale
Wow, that is an excellent letter. Thanks for the link, Jeff. Ziller totally nails it.
This is a real hit to the Sacramento economy, and the plans for a rejuvenated downtown. What a steaming pile of Maloof.
I second that.
As we talk about the multi-million dollar price tag of “teams”, it is rarely talked about the cost to fans. The price tag for a ticket to see a game, on the pro level, has gotten way beyond the affordable. After checking what tickets are selling for the Miami Heat, ($190 upper nose bleed, around $700 a seat in the lower section, without binoculars from Ticketmaster) or other top of the market teams, it’s staggering. And, to sit down in the lower, closer to the floor seats, your picture would also be in those tabloid magazines, because you’d have to be famous and rich.
The minority shareholders have a pro-rata right to match any offer made for any part of the general partner’s interest. I can tell you that there is much discussion among the minority partners at the present time about that right.