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 Sacramento Kings. Show all posts
Showing posts with label Sacramento Kings. Show all posts
Friday, May 17, 2013
Thursday, May 16, 2013
Owners Vote Against Kings Relocation to Seattle
It looks like the Kings are staying in Sacramento... for now.
The NBA Owners voted down the proposed relocation to Seattle by a vote of 22-8. This vote coming after the relocation committee's unanimous recommendation against Kings proposed move. The Maloof family, who owns the team, has been talking to an investment group lead by hedge fund manager Chris Hansen which would've relocated the team to Seattle. That deal now seems doomed by this recent vote.
NBA Commissioner David Stern said at a news conference "It is my expectation that we'll be able to make a deal with the Maloofs and the Ranadive group to transfer title of the team in Sacramento," latter adding "It's not a certainty, but we're going to work [toward] that result."
It seems that Maloofs are stuck in ownership purgatory. They found an ownership group that they wanted to sell to but the NBA owners shot down the one thing needed to make that deal go through. And while their back up plan might include selling a minority stake of the team to the Hansen group, I'd bet that the the NBA Owners would reject that sale knowing the group's intentions.
As for the Ranadive group, the Maloofs don't seem to want to sell to them right now despite the fact that the group has managed to match the original bid put up by the Hansen group of $525 million. Now of course the Hansen group raised their bid significantly to a total of $625 million, but the Ranadive group has shown they are serious about buying the team. Unless the Maloofs can be persuaded, it seems that they are stuck with the Kings until they find a buyer they like and also wants to keep the team in Sacramento.
P.S. While I admit that I was mostly rooting for the Kings to stay in Sacramento, I can't help but feel sympathetic to Seattle. They lost the SuperSonics in 2008 and now have failed to attract a replacement team with the Kings. I get that you feel like you just got sucker punched by league a 2nd time. But understand this; you've got the Mariners, the Seahawks, and even the Sounders to fall back on. What else does Sacramento have?
Besides, I bet you'll get another chance with a different team unsatisfied with their current location real soon.
The NBA Owners voted down the proposed relocation to Seattle by a vote of 22-8. This vote coming after the relocation committee's unanimous recommendation against Kings proposed move. The Maloof family, who owns the team, has been talking to an investment group lead by hedge fund manager Chris Hansen which would've relocated the team to Seattle. That deal now seems doomed by this recent vote.
NBA Commissioner David Stern said at a news conference "It is my expectation that we'll be able to make a deal with the Maloofs and the Ranadive group to transfer title of the team in Sacramento," latter adding "It's not a certainty, but we're going to work [toward] that result."
It seems that Maloofs are stuck in ownership purgatory. They found an ownership group that they wanted to sell to but the NBA owners shot down the one thing needed to make that deal go through. And while their back up plan might include selling a minority stake of the team to the Hansen group, I'd bet that the the NBA Owners would reject that sale knowing the group's intentions.
As for the Ranadive group, the Maloofs don't seem to want to sell to them right now despite the fact that the group has managed to match the original bid put up by the Hansen group of $525 million. Now of course the Hansen group raised their bid significantly to a total of $625 million, but the Ranadive group has shown they are serious about buying the team. Unless the Maloofs can be persuaded, it seems that they are stuck with the Kings until they find a buyer they like and also wants to keep the team in Sacramento.
P.S. While I admit that I was mostly rooting for the Kings to stay in Sacramento, I can't help but feel sympathetic to Seattle. They lost the SuperSonics in 2008 and now have failed to attract a replacement team with the Kings. I get that you feel like you just got sucker punched by league a 2nd time. But understand this; you've got the Mariners, the Seahawks, and even the Sounders to fall back on. What else does Sacramento have?
Besides, I bet you'll get another chance with a different team unsatisfied with their current location real soon.
Thursday, February 28, 2013
Mayor Johnson Scrambling to Keep the Kings in Sacramento
If there is one guy trying his hardest to keep a professional team in his town it's Mayor Kevin Johnson of Sacramento.
In the last year or so, he's been trying to do everything he can to try and keep the Kings in California State capital. The main thing he's been doing is trying to secure a new arena for the team, something that's evaded him so far. Now with the team's 65% majority in the process of being sold to a group from Seattle, Johnson is scrambling to see if he can get an investor to match it. He somehow either found one or one came to him in Mark Mastrov, founder of 24 Hour Fitness. According to Johnson, Mastrov will submit a bid to the NBA on Friday to the buy the team.
On top of that, Johnson has said Ron Burkle, co-owner of the NHL's Pittsburgh Penguins, will lead the effort to fund a new arena in downtown Sacramento. Johnson even has 20 other investors trying to buy 7% of the team that is up in bankruptcy court.
It seems that Kevin Johnson is going all out to keep the team from relocating to Seattle.
"With all due respect to Seattle, I do hope they get a team someday, but let me be perfectly clear it is not going to be this team," Johnson said. "Not our team. No way."
I must commend Johnson on his effort to keep the Kings in Sacramento. It sounds like one of those movies where you only have a certain amount of time to come up with the money or you lose your home/business/muppet theatre.
In that respect, I've actually changed my mood towards this story and wish that the Kings would stay in Sacramento. I'm rooting for Kevin Johnson as it seems like the true underdog story.
P.S. If only politicians were able to show this much zeal for less important matters than sports.
In the last year or so, he's been trying to do everything he can to try and keep the Kings in California State capital. The main thing he's been doing is trying to secure a new arena for the team, something that's evaded him so far. Now with the team's 65% majority in the process of being sold to a group from Seattle, Johnson is scrambling to see if he can get an investor to match it. He somehow either found one or one came to him in Mark Mastrov, founder of 24 Hour Fitness. According to Johnson, Mastrov will submit a bid to the NBA on Friday to the buy the team.
On top of that, Johnson has said Ron Burkle, co-owner of the NHL's Pittsburgh Penguins, will lead the effort to fund a new arena in downtown Sacramento. Johnson even has 20 other investors trying to buy 7% of the team that is up in bankruptcy court.
It seems that Kevin Johnson is going all out to keep the team from relocating to Seattle.
"With all due respect to Seattle, I do hope they get a team someday, but let me be perfectly clear it is not going to be this team," Johnson said. "Not our team. No way."
I must commend Johnson on his effort to keep the Kings in Sacramento. It sounds like one of those movies where you only have a certain amount of time to come up with the money or you lose your home/business/muppet theatre.
In that respect, I've actually changed my mood towards this story and wish that the Kings would stay in Sacramento. I'm rooting for Kevin Johnson as it seems like the true underdog story.
P.S. If only politicians were able to show this much zeal for less important matters than sports.
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?
Tuesday, August 28, 2012
Kings Not Wanting to go to Virginia Beach
Remember when I reported the Kings were getting a new castle in Sacramento? Apparently that dissolved quickly when they discovered the team had to pay for part of it.
The Kings backed out of the deal which upset the city and the rumors are they have been looking for a new city to play in ever since. One of those cities that was rumored was Virginia Beach, Virginia. However, the Kings have said that they are not in discussions to move to Virginia Beach. Meanwhile Virginia Beach has admitted that they are trying to lure an unspecified sports team there. Denial of this is odd as they have been linked to talks with Anaheim and a few other cities.
First of all, what's wrong with Virginia Beach? Is the name itself not inviting to you? Maybe the Metro area isn't as big as yours but at least you're not fighting for attention from the Warriors. I still don't care if the Kings move out of Sacramento or not but please don't go to Anaheim. They already have two NBA teams in the area, don't give them a third. Why not think about Seattle? I'm sure they would love a franchise again. Better yet, move to Vancouver to make Seattle crazier.
Why not near the other border with San Diego? They could use a team. The point is don't move to Anaheim or the LA area.
The Kings backed out of the deal which upset the city and the rumors are they have been looking for a new city to play in ever since. One of those cities that was rumored was Virginia Beach, Virginia. However, the Kings have said that they are not in discussions to move to Virginia Beach. Meanwhile Virginia Beach has admitted that they are trying to lure an unspecified sports team there. Denial of this is odd as they have been linked to talks with Anaheim and a few other cities.
First of all, what's wrong with Virginia Beach? Is the name itself not inviting to you? Maybe the Metro area isn't as big as yours but at least you're not fighting for attention from the Warriors. I still don't care if the Kings move out of Sacramento or not but please don't go to Anaheim. They already have two NBA teams in the area, don't give them a third. Why not think about Seattle? I'm sure they would love a franchise again. Better yet, move to Vancouver to make Seattle crazier.
Why not near the other border with San Diego? They could use a team. The point is don't move to Anaheim or the LA area.
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