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- Thread starter Fennis
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proninja
Footballguy
Captain Quinoa
Footballguy
Guy went from being Valpo to Michigan State in the course of 1 thread. Impressive.
Wooderson
Fight The Power
Areana deal is done. The $19m was just to show local interest. They will announce the big money soon. They have a chance.Sacramento is screwed. No arena deal, $19m pledged toward buying the team, and an executed purchase and sale agreement to a group with deep pockets somewhere else at the league office. David Stern's NBA.
proninja
Footballguy
Kevin Johnson from three days ago:Areana deal is done. The $19m was just to show local interest. They will announce the big money soon. They have a chance.Sacramento is screwed. No arena deal, $19m pledged toward buying the team, and an executed purchase and sale agreement to a group with deep pockets somewhere else at the league office. David Stern's NBA.
Did something happen in the last three days I haven't heard about?
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proninja
Footballguy
Seattle's government has approved an arena deal.Seattle has a very wealthy ownership group with a face that is young, committed, and loved in the area (My link)The Maloofs have agreed on sale terms of a controlling interest of the team with the Seattle groupThe Seattle ownership group is offering a very handsome price for the team, which sets a president the owners must not hateThere is an executed purchase and sale agreement at the league office for reviewSacramento has 19 guys with enough money to pay for two years of John Salmon's salary, and a kickass mayor who is doing everything in his power to help the team stay. But there's no lease to enforce, so there's no legal way to keep the team in town. They're forced to attempt to get to the place that it's taken Seattle two years to get to in about six weeks, undo all this momentum, and force the league to make a decision that is not in the other owners' best interest. It's not officially a done deal yet, but it's looking like it may as well be. And that sucks for Sacramento. A lot. It's hard for me to get excited about this.
If Seattle gets an NHL team, I think I'm moving there.
proninja
Footballguy
The NHL won't be far behind at all. Book it.
Wooderson
Fight The Power
Grant said many times today the areana deal is done with AEG and has been bites on by the city. He said AEG may need to vote again but shouldn't be a problem since they had representatives at the press conference today. The big issue for Sac right now is getting a whale to commit. Then it will be up to the NBA. KJ said Stren has told him Sac will get a chance to state their case.Kevin Johnson from three days ago:Areana deal is done. The $19m was just to show local interest. They will announce the big money soon. They have a chance.Sacramento is screwed. No arena deal, $19m pledged toward buying the team, and an executed purchase and sale agreement to a group with deep pockets somewhere else at the league office. David Stern's NBA.Did something happen in the last three days I haven't heard about?
proninja
Footballguy
Speaking from experience, I wouldn't trust Stern. At all.Grant said many times today the areana deal is done with AEG and has been bites on by the city. He said AEG may need to vote again but shouldn't be a problem since they had representatives at the press conference today. The big issue for Sac right now is getting a whale to commit. Then it will be up to the NBA. KJ said Stren has told him Sac will get a chance to state their case.Kevin Johnson from three days ago:Areana deal is done. The $19m was just to show local interest. They will announce the big money soon. They have a chance.Sacramento is screwed. No arena deal, $19m pledged toward buying the team, and an executed purchase and sale agreement to a group with deep pockets somewhere else at the league office. David Stern's NBA.Did something happen in the last three days I haven't heard about?
Wooderson
Fight The Power
Oh I don't. I have no idea if Sac has a fighting chance to keep the Kings at this point or not. But the city and Kevin Johnson seem to have done everything they could for the last year. The Maloofs screwed over the city and that is part of the reason Sac is in the position they are in now. Like I said I don't know if Sac has a real chance or not. But to have a city and a mayor that want to keep the team. Has an arena deal in place and if they can find a big money guy to match the offer. I don't see how the NBA could let them leave.Speaking from experience, I wouldn't trust Stern. At all.Grant said many times today the areana deal is done with AEG and has been bites on by the city. He said AEG may need to vote again but shouldn't be a problem since they had representatives at the press conference today. The big issue for Sac right now is getting a whale to commit. Then it will be up to the NBA. KJ said Stren has told him Sac will get a chance to state their case.Kevin Johnson from three days ago:Areana deal is done. The $19m was just to show local interest. They will announce the big money soon. They have a chance.Sacramento is screwed. No arena deal, $19m pledged toward buying the team, and an executed purchase and sale agreement to a group with deep pockets somewhere else at the league office. David Stern's NBA.Did something happen in the last three days I haven't heard about?
Fennis
Footballguy
I think it won't be until the new arena is ready.
proninja
Footballguy
I don't disagree with this at all. But I'd guess the NHL will be ready to go when the arena is.
Fennis
Footballguy
Here's to feeling guilty twice 
Britney Spears
guest speaker
Agree with this. Sac fans are getting screwed royally, and every bit as bad as we did. Maybe worse as there are no other major sports in town, and the arena deal makes it much more apparent that the NBA has no commitment to fans, only money. This is a big part of why the NBA will never be as fun as it was before the Sonics were heisted. It's easy for us (Seattle) to be mad because we were lied to so long, but it doesn't make it any less of a screw job to the Sacremento fans.Seattle is in full rationalization mode if they think they got screwed worse than Sacramento did by their owners. I don't think yesterday's news changed anything. We knew that deal was going to get done. It was going to come down to Kevin Johnson trying to convince the board of governors to force the Maloofs to take a matching Sacramento offer. It sounds like Johnson is confident on the buyer front. And he has an arena deal in place. I doubt a pro team has ever been ripped from a city under those circumstances, which makes it particularly sad that it will probably happen here.Kind of like how the Maloofs promised they were committed to keeping the team in Sacramento and if prompted to sell would allow local buyers to match any offer.Obviously, it's totally different
Britney Spears
guest speaker
Stern would simply lie and say that something about the Sacremento deal wasn't feasible. SOP.
Britney Spears
guest speaker
Wasn't much if a hurdle for Bennett IIRC anyway. Only rule you can count on is whatever makes the owners the most goes.'proninja said:
Joe Summer
Footballguy
Just one teeny little problem with your post: THERE IS NO MATCHING OFFER FROM SACRAMENTO.All they have is a few promises, a vague proposal for a new arena ("still in its early stages", according to sources), and the HOPE that a fairy godfather will suddenly bless them with $323 million dollars.Seattle is in full rationalization mode if they think they got screwed worse than Sacramento did by their owners. I don't think yesterday's news changed anything. We knew that deal was going to get done. It was going to come down to Kevin Johnson trying to convince the board of governors to force the Maloofs to take a matching Sacramento offer. It sounds like Johnson is confident on the buyer front. And he has an arena deal in place. I doubt a pro team has ever been ripped from a city under those circumstances, which makes it particularly sad that it will probably happen here.Kind of like how the Maloofs promised they were committed to keeping the team in Sacramento and if prompted to sell would allow local buyers to match any offer.Obviously, it's totally different
The "matching offer" may come, but they don't have it yet. And they won't get it if they don't find a buyer with a third-of-a-billion dollars.
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Wooderson
Fight The Power
KJ said he may be able to announce the whale as soon as the end of the week. We will see.Just one teeny little problem with your post: THERE IS NO MATCHING OFFER FROM SACRAMENTO.All they have is a few promises, a vague proposal for a new arena ("still in its early stages", according to sources), and the HOPE that a fairy godfather will suddenly bless them with $323 million dollars.Seattle is in full rationalization mode if they think they got screwed worse than Sacramento did by their owners. I don't think yesterday's news changed anything. We knew that deal was going to get done. It was going to come down to Kevin Johnson trying to convince the board of governors to force the Maloofs to take a matching Sacramento offer. It sounds like Johnson is confident on the buyer front. And he has an arena deal in place. I doubt a pro team has ever been ripped from a city under those circumstances, which makes it particularly sad that it will probably happen here.Kind of like how the Maloofs promised they were committed to keeping the team in Sacramento and if prompted to sell would allow local buyers to match any offer.Obviously, it's totally different
The "matching offer" may come, but they don't have it yet. And they won't get it if they don't find a buyer with a third-of-a-billion dollars.
jonnyincali
Footballguy
Enter Ron Burkle and Mark Mastrov
http://www.usatoday.com/story/sports/nba/kings/2013/01/22/sacramento-kings-mark-mastrov-ron-burkle-kevin-johnson/1856939/
Sacramento Kings hope they have their money men
Sam Amick, USA TODAY Sports11:36p.m. EST January 22, 2013
SACRAMENTO, Calif. -- As Sacramento officials continue to prepare a counter-offer to keep the Kings from being sold to the Seattle-based group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer, it appears they they have their money men.
According to a person with knowledge of the situation, 24-Hour Fitness Founder Mark Mastrov and billionaire Ron Burkle - who is part owner of the NHL's Pittsburgh Penguins - are in serious talks to collaborate on a bid to buy the Kings. The person spoke to USA TODAY Sports on condition of anonymity because of the private nature of the talks. The fact that the two men are willing to join forces is seen as significant by Sacramento supporters. There are five potential owners currently in play, but Mastrov and Burkle are seen as the heaviest hitters among that group.
Burkle is known to be focused on the arena plan that is unfolding at Sacramento's downtown plaza, where the property's new owners, JMA Ventures, have shown an interest in partnering with prospective owners of the Kings on the project. Mastrov made a serious bid to buy the Golden State Warriors before the team was purchased by the Joe Lacob/Peter Guber group in July 2010.
The Maloof family that has a 53 percent majority interest and minority owner Bob Hernreich have reached an agreement with the Hansen-Ballmer group that must be approved by the NBA's Board of Governor's, with the deal set to pay them approximately $341 million for 65 percent of the team (a $525 million valuation). But Sacramento mayor and former NBA point guard Kevin Johson has been told by commissioner David Stern that he still has a chance to save his team if he can provide the funds to compete with the Seattle offer as well as a viable arena plan and present both to the Board of Governors
http://www.usatoday.com/story/sports/nba/kings/2013/01/22/sacramento-kings-mark-mastrov-ron-burkle-kevin-johnson/1856939/
Sacramento Kings hope they have their money men
Sam Amick, USA TODAY Sports11:36p.m. EST January 22, 2013
SACRAMENTO, Calif. -- As Sacramento officials continue to prepare a counter-offer to keep the Kings from being sold to the Seattle-based group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer, it appears they they have their money men.
According to a person with knowledge of the situation, 24-Hour Fitness Founder Mark Mastrov and billionaire Ron Burkle - who is part owner of the NHL's Pittsburgh Penguins - are in serious talks to collaborate on a bid to buy the Kings. The person spoke to USA TODAY Sports on condition of anonymity because of the private nature of the talks. The fact that the two men are willing to join forces is seen as significant by Sacramento supporters. There are five potential owners currently in play, but Mastrov and Burkle are seen as the heaviest hitters among that group.
Burkle is known to be focused on the arena plan that is unfolding at Sacramento's downtown plaza, where the property's new owners, JMA Ventures, have shown an interest in partnering with prospective owners of the Kings on the project. Mastrov made a serious bid to buy the Golden State Warriors before the team was purchased by the Joe Lacob/Peter Guber group in July 2010.
The Maloof family that has a 53 percent majority interest and minority owner Bob Hernreich have reached an agreement with the Hansen-Ballmer group that must be approved by the NBA's Board of Governor's, with the deal set to pay them approximately $341 million for 65 percent of the team (a $525 million valuation). But Sacramento mayor and former NBA point guard Kevin Johson has been told by commissioner David Stern that he still has a chance to save his team if he can provide the funds to compete with the Seattle offer as well as a viable arena plan and present both to the Board of Governors
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You clearly have a reading problem. If Sacramento can't come up with a matching buyer, they are certainly gone and I did not suggest otherwise (sacramento is only getting slightly less screwed in this scenario because the maloofs have claimed not to be selling up to this point, and have put the city in the position of trying to broker a $350 million or so transaction in the span of a couple of weeks). I only noted that Kevin Johnson appears confident in finding a buyer. Burkle and others with Hansen type money have been sniffing around before, who knows how serious they were. Re: the arena deal. The downtown plaza deal is something that was dreamed up in the last couple weeks. Johnson has discouraged that idea because the rail yards arena deal (which requires virtually no money down from the owners) has already been vetted and approved by the city and the nba (and, briefly, by the Maloofs themselves).Just one teeny little problem with your post: THERE IS NO MATCHING OFFER FROM SACRAMENTO.All they have is a few promises, a vague proposal for a new arena ("still in its early stages", according to sources), and the HOPE that a fairy godfather will suddenly bless them with $323 million dollars.Seattle is in full rationalization mode if they think they got screwed worse than Sacramento did by their owners. I don't think yesterday's news changed anything. We knew that deal was going to get done. It was going to come down to Kevin Johnson trying to convince the board of governors to force the Maloofs to take a matching Sacramento offer. It sounds like Johnson is confident on the buyer front. And he has an arena deal in place. I doubt a pro team has ever been ripped from a city under those circumstances, which makes it particularly sad that it will probably happen here.Kind of like how the Maloofs promised they were committed to keeping the team in Sacramento and if prompted to sell would allow local buyers to match any offer.Obviously, it's totally different
The "matching offer" may come, but they don't have it yet. And they won't get it if they don't find a buyer with a third-of-a-billion dollars.
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Britney Spears
guest speaker
Can I get a translation on this?What is the full L.A.?
proninja
Footballguy
Right now, Seattle is the big bad scary city that will take your team if you don't build a magic basketball palace in your city. So he expects a few more arenas to be built because Seattle is the NBA's leverage. The "Full LA" probably refers to the NFL and LA, since LA is that in the NFL - see Minnesota.
That was the fakest trip ever.
Britney Spears
guest speaker
Wow. Bravo.'proninja said:
proninja
Footballguy
I'm not an NHL fan, but I do *not* want a Canadian franchise steeped in tradition. Give us Phoenix or some other southern US city. This won't be the last fake trip to Seattle.
Bettman is not big on franchise relocation and there's no way a team from Canada is making that move these days.
proninja
Footballguy
Oh, so he's not a total scumbag then. That's good.
Maloofs appear to overlooked a clause in their partnership agreement that gives the minority owners the right of first refusal to match offers for the team. Interestingly, there is a 7% stake in the team currently scheduled to be auctioned off in bankruptcy court (buyer would acquire the partners' right to match). Interesting though not necessarily dispositive development. There's a potential for litigation over the issue. If that clause was missed by either the Maloofs' or Hansens' attorney (and it seems awfully risky for him to have guaranteed a $30m down payment with that provision hanging out there), that's some serious malpractice.
NewlyRetired
Footballguy
Any updates/ new rumors from either city?
QuizGuy66
Footballguy
LA's built like 1/3 of the NFL's buildings it seems.-QG
The General
Footballguy
How many people in sports are a bigger scumbag than this guy?
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proninja
Footballguy
A comprehensive list follows:
NewlyRetired
Footballguy
Looks like KJ made some real progress. I assumed this would be an quick vote just rubber stamping Seattle but Sacramento might have a viable plan.
Wooderson
Fight The Power
We got a chance!
proninja
Footballguy
Mastrov's net worth is less than 400m. He's not going to have a ton of money left over to run the team and have a buffer if this is successful. That could look a lot like another Maloof situation to the BOG. Also, don't forget that they're bidding on a team that's already been sold. Sacramento has a long way to go. Don't get your hopes up too much. Seattle had a local group ready to buy the team at the last minute too.edit: Don't think I'm trying to rub it in or gloat as a Seattle guy. The last thing I want to do is be like the hicks from OKC were when the Sonics were going out of town. Just friendly advice from someone who's been through this before.
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We'll see. IIRC it takes more votes to approve a sale than it does to approve relocation, and with Burkle on board, Sacramento sounds like it has at least the framework for another arena deal. Apples to oranges with the Seattle situation when OKC stole that team. As I've said before, if the Mastrov offer is the rough equivalent of the Hansen deal, the sale/relocation will be at the very least a tough decision for the league's owners.
proninja
Footballguy
Looks like the offer from Sacramento is going to be about $75m below the accepted Seattle offer, and the justification is that the city gave the Maloofs a loan for $75m some years ago, and that money would be due in full if the team left. Not sure that will sit well with the other owners, who want the sales price to be as high as possible.
It's going to be a tough sell that the offer is competitive if it's really $75m below the Hansen offer.
It's going to be a tough sell that the offer is competitive if it's really $75m below the Hansen offer.
That's ridiculous. The owners will care about franchise valuation, not cash exchanging hands. Seattle isn't paying 500+ million for the team in cash. Plus defaulting on muni loans looks pretty bad when you are trying to cut deals with cities around the country.'proninja said:
The team owes the city $75 million. The mastrov - Burkle offer includes the city offering to forgive that debt if the team sold to that group. So, on the balance sheet, that counts toward the franchise valuation. Reports are the total offer is competitive but slightly lower than the Seattle bid.
