So the *Kings* are about to sell for $525 MILLION, huh?
According to reports, this would be the highest ever for an NBA team.
It's sad to see the team leaving Sacramento when the fans were just packing the stadium not too long ago, but I won't mind seeing Seattle with another franchise.
My beef with this is looking back at the lockout. There were A LOT of people who sided with the owners and fell for their "the players are selfish" and we're "losing money" bs. It was supposed to be about "competitive balance" and blah, blah, blah. The Kings are about to sell for $525 million, which is $315 million MORE than what the Maloofs paid for the franchise. These owners aren't broke.
I'm so conflicted on this. For one, Seattle is probably my favorite city, period. I got the old school Shawn Kemp jersey hangin in my room. And this is a kid from the midwest. But for them to get a franchise in the way they lost one, I don't necessarily love it. I also lived in Sacramento for a little bit and went to a game vs the Celtics there last year and the stadium was buzzing. There was a large Boston contingent and the tension was palpable. But Marcus Thornton was rainin' em in and the atmosphere was awesome. I was with my mother who hates the NBA but she throughly enjoyed the game. So in essence, this kind of sucks. I guess.
I definitely agree with you here. It's hard to be happy for the Sonics to get a team back when you know the cost is Sacramento losing a team.
I know it's not feasible right now, but I just wish they could make an expansion franchise to replace the Sonics like the NFL did for the Cleveland Browns. Maybe in the future an expansion franchise can bring the Kings back to Sacramento.
i read from a few different sources including espn and sacramento news outlets that the 525 includes relocation fees paid to the league and the city of sacrmaneto that makes up anywhere from 100-170 million of the 525 price tag the new owners are forking out.
here's a piece from an article on sbnation.com covering the relocation fees for the kings:
"In addition to the $300 million Hansen is expected to shell out at minimum for the arena, he'd need to pay at least $400 million outright to make it worth the Maloof family's trouble to sell. In addition to that, should the Kings leave Sacramento, a city loan worth $70 million comes due immediately, and the league will impose a relocation fee of anywhere between $30 million to $100 million, depending on the target. (The high end was projected when the Maloofs were cooking up a deal to move to Anaheim, which is near two NBA teams who really don't want another neighbor. Those issues don't exist in Seattle, so it'd be unlikely you'd see an outrageous relocation fee. It's worth noting that Clay Bennett paid a $30 million relocation fee to move the Sonics to Oklahoma City. Charging Seattle more than that might be seen as a slap in the face.)"
although i think everyone agrees the owners arent going broke.
This is awesome that Seattle gets a team back but am I honestly the only one that just isn't feeling the "sonics" as there name again? I mean don't get me wrong if was great back the day but can we get something more up to date because I really don't know what a super sonic is
This thing that's getting lost in this is the price: 525 MILLION!!!! For the KINGS!!! I'm sure 80% of franchises are more valuable than the Kings. This sets the bar for any future sale. The rest of the owners have to be licking their chops right now. To think that Jim Buss can probably net 700 MILLION dollars for the Lakers is crazy(although we know he's not selling the team). This is a bigger deal than we really think.
You are about $200 million off on the Lakers. They are valued at $900 million.
i like the sonics. It's their history, hope they keep the colors and bring the sasquatch back and everything. fyi, the supersonic name comes from a plane boeing was developing back in the 60's(boeing's headquarters were located in washington) called the supersonic. Its refferencing the sonic boom which is a shockwave of air made when an object travels faster then the speed of sound.
I hate the fact that the Maloofs are making a ton of money out of the deal after running this great franchise into the ground; I want a team in Seattle but I feel bad for Sacramento as they now have no real sports team there while Seattle has the Mariners and the Seahawks and now it looks like the Sonics
The $525 million price is a "valuation" on the total franchise. For 65 percent, Seattle group would pay approximately $340 million. by Adrian Wojnarowski
It's weird to think, Kevin Durant and Russel Westbrook were drafted by the Sonics, but never got traded and will end up playing the Sonics?
From what I'm reading the Board of Governors still has to approve this, and before they approve they are giving Sacramento the chance to bring an offer.
The price of $525 million would be very high and I'd guess that actual money the Maloofs will receive will be in the $300 to $325 million bracket.
As I've said in previous posts I'm both happy for Seattle getting a team back but sad for Sacramento losing their only major sports team.
With there being a lack of a buyer coming forward prepared to keep the team in Sac-Town then it may be hard to see them getting another team in the near future despite Mayor Johnson's best efforts. Their best hope could be if ever there was an explansion to 32 teams but again a new arena may be required even if a newer team could cost less to put together than the Kings would have cost to buy.