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<  Around the NBA  ~  Kings being sold to Seattle group. WOW!

Malorkayel
Posted: Wed Jan 09, 2013 12:36 pm Reply with quote
Joined: 14 Nov 2003 Posts: 11651
http://sports.yahoo.com/news/maloofs-nearing-deal-to-sell-kings-to-group-that-plans-to-relocate-franchise-to-seattle-190254566.html

Quote:
The Maloof family is finalizing an agreement to sell the Sacramento Kings to a group that hopes to move the franchise to Seattle for the 2013-14 season, league sources told Yahoo! Sports.

The deal will sell the Kings for approximately $500 million to a group led by hedge-fund manager Chris Hansen and Microsoft chairman Steve Ballmer. The group is seeking to relocate the franchise to Seattle's KeyArena for the 2013-14 season.

The Seattle group's plans, with support of the NBA, is to play two seasons in KeyArena before moving into a new Seattle arena, sources said.


No agreement has been signed, but one source with knowledge of the talks described the deal as "first and goal at the 1." The Maloofs' history of changing course late in negotiations still has some uneasy about getting the sale completed. The Maloofs previously neared a deal with Sacramento leaders to help finance a new arena in the city before backing out.

The Maloofs are expected to keep an extremely small percentage of the team, but will have no real input or say in the franchise, sources said.

Once the sale is completed, the Seattle-based group will have until March to file for relocation. NBA commissioner David Stern has been a big proponent of the Hansen-Ballmer group, and league officials will work diligently to help the franchise move to Seattle if the sale is finalized, sources said. The Seattle-based group is determined to not have the franchise spend a final lame-duck season in Sacramento.

The Kings' status in Sacramento has been tenuous since the arena deal fell apart near the end of last season.
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bobliu
Posted: Thu Jan 10, 2013 6:08 am Reply with quote
Joined: 01 Oct 2003 Posts: 2603 Location: Hillsborough, CA
Will they change the team name to Supersonics?
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Dr. No
Posted: Thu Jan 10, 2013 7:35 am Reply with quote
Joined: 22 Jul 2005 Posts: 7500
Malorkayel wrote:
The deal will sell the Kings for approximately $500 million to a group led by
    hedge-fund manager Chris Hansen and
    Microsoft chairman Steve Ballmer.
The group is seeking to relocate the franchise to Seattle's Key Arena for the 2013-14 season.
the group appears to be well-financed.

why didn't the group step up to the plate
    when the howard shultz was selling the Sonic team that had
    then-rookie Kevin Durant on the roster Exclamation Rolling Eyes
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bobliu
Posted: Thu Jan 10, 2013 9:08 am Reply with quote
Joined: 01 Oct 2003 Posts: 2603 Location: Hillsborough, CA
At the time Seattle did not know what it would be like without an NBA team ... A few years passed and the reality settled in.
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Dr. No
Posted: Thu Jan 10, 2013 9:43 am Reply with quote
Joined: 22 Jul 2005 Posts: 7500
bobliu wrote:
At the time Seattle did not know what it would be like without an NBA team ... A few years passed and the reality settled in.
actually, Seattle never had a "major" professional team---Baseball, basketball and football---until the late 60s/early 70s.

Seattle-ites know what it's like without a NBA team.

The SuperSonics was the only Seattle team to have won a world championship. the politicians chose to finance new stadiums for both the Seahawks and Mariners, but not the SuperSonics, which led to Howard Shultz selling the team to Bennett, who moved it to okc
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