Make way for the new owners.
In an announcement in front of Sacramento's City Hall, Mayor Kevin Johnson has proclaimed to all in state capital that the Kings have a new owner. The deal was worth $348 million for the Maloofs 65% of the team (team's total valuation sale $535 million). The new owners are a group of investors lead by the Software Wizard Vivek Ranadive. "Huzzahs" were shouted as word spread throughout the land.
With the Kings staying in Sacramento, it means the new coliseum worth $447 million by the Sacramento river. There will be mutton and turkey legs, ale, bread, and eh.... okay, this play on a medieval theme is getting boring.
The bottom line is that there are new owners in the NBA and a new hope for King's fans in Sacramento. It might take a while for the new arena to be built and a decent team to be put together but for the first time in a long while, things are looking up for the Sacramento Kings.
Showing posts with label Maloofs. Show all posts
Showing posts with label Maloofs. Show all posts
Friday, May 17, 2013
Wednesday, January 9, 2013
New Kingdom in Washington?
The Kings could be on the move. After the deal for a new castle fell through a while ago, it seems they have found a new one in a land to the North.... the Pacific Northwest to be more exact. Seattle investor Chris Hansen has approached the Maloofs to buy the Sacramento Kings. The figure in mind is expected to be over $500 million. It would most definitely mean a move to Seattle as Hansen and his group managed to negotiate a deal with the local governments in the city to build a new $490 million arena near the other sports stadiums there. While the deal is not finalized, it is expected to go through.
Is this the end for a professional team in Sacramento? Yes, even though Mayor Kevin Johnson tweeted earlier today "Bottom line Sacramento: it's not over." Someone is in denial. It's especially sad to see this happen when Mayor Johnson and the city tried so many times to keep the Kings in town. It seemingly was bad attendance over the years combined with the fact that the Maloofs where tempted by other destinations. The only difference here is that an outsider wants to buy the team and bring it to his hometown.
So if the deal does go through and the team does move to Seattle starting with the 2013/14 season, will they be renamed the SuperSonics?
Is this the end for a professional team in Sacramento? Yes, even though Mayor Kevin Johnson tweeted earlier today "Bottom line Sacramento: it's not over." Someone is in denial. It's especially sad to see this happen when Mayor Johnson and the city tried so many times to keep the Kings in town. It seemingly was bad attendance over the years combined with the fact that the Maloofs where tempted by other destinations. The only difference here is that an outsider wants to buy the team and bring it to his hometown.
So if the deal does go through and the team does move to Seattle starting with the 2013/14 season, will they be renamed the SuperSonics?
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