Stern on Kings-to-Seattle: 'No sale agreement'; Sacramento will get chance to state case
Stern on Kings-to-Seattle: 'No sale agreement'; Sacramento will get chance to state case:
NBA commissioner David Stern, in his first public comments on the sale and relocation to Seattle of the Sacramento Kings, said that "no purchase or sale agreement" has been submitted to the league, the Seattle Times reported.
Otherwise, according to the report, Stern shed little light on the situation while answering questions on a variety of topics during a news conference Thursday in London, where the New York Knicks played the Detroit Pistons.
Sacramento mayor Kevin Johnson is scrambling to keep the Sacramento Kings from relocating. (AP Photo)
Stern confirmed that Sacramento mayor Kevin Johnson will be given a chance this spring to address the NBA Board of Governors or the league’s Relocation Committee to state his city's case. Stern added that that's a courtesy given cities that have been supportive of teams and that "Sacramento has been particularly supportive."
Meantime, ABC News10 in Sacramento cited unidentified sources trying to keep the Kings in California as saying that a local ownership group “is forming faster and better than expected.”
The source, according to the TV station, said that the group “could be announced as early as next week.”
According to Johnson, “big names with deep pockets are being added to the equation.”
“There’s not one or two, there’s multiple people that are interested,” the former NBA All-Star told ABC News10. “Once it leaked and once it became public that there was a potential deal in Seattle, my phone hasn’t stopped ringing. These are people that have significant dollars and these are people that want in at different levels.”
Asked Thursday specifically about the city of Seattle's involvement, Stern said, "We are more or less in a series of communications, but right now we don't know anything in terms of actionable plans."
Stern’s comments are the first from the NBA since reports last week that the Maloof family, which owns the Kings, was negotiating with a Seattle-focused group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer.
Several reports last week characterized the sale, for $525 million, as either done or nearing completion.
*keeping my fingers crossed*
I'm pretty sure your the only person on this site that wants them to stay in Sacramento lol
I hope they stay in sac. I lived there for 7 years and still have family there. I know how much the kings mean to the fans there, they just need new owners to get behind and it will be rocking again and then I can annoy my people from there when the lakers kick their ass.
When the Kings-to-Seattle story first came out I told everyone to chill. Remember when they were supposed to go to Anaheim? Remember when they were supposed to get a new arena? Remember when they were supposed to go Virginia Beach?
I was excited because it meant the Maloofs were finally ready to sell, and there was no way Stern would let the Maloofs sell to someone that wanted to move the team, if there was the same offer from a legit group to keep them in Sac.
I'd be more surprised if they left than if they stayed.
I doubt that the Maloofs have a preference as to where the Kings eventually end up after the sale. They will sell to whoever is the highest bidder. If that happens to be a SAC group, then the Kings will stay.
I would agree except that if they were in sale mode they could have contacted Kevin Johnson who, as the mayor, has put a lot of effort into keeping the Kings in Sac. This would make the most business sense, getting as many bidders as possible, but the Maloofs have shown they are horrible businessmen by basically ruining everything their father handed them. If you look at their track record, they are not very astute people.
Can anyone give me a reason why, if they were ready to sell, they wouldn't reach out to someone that had already been talking to people about buying the Kings? ?
They're the ones selling. They should be the ones being contacted.
It's been known that they were willing to sell. They weren't in a position financially to continue owning a team. The information was already out there what price sale price they were looking for as well (which at the time was being laughed at given the current value of the franchise).
I hate the Maloofs as well, but they actually played their cards right this time. If the reported figures are correct, they will be making much more than expected. If the 525 million is just a starting point then they'll be getting exactly what they wanted and then some. The Maloofs aren't in a position to lose, at least not in this deal.
In saying it's been known they wanted to sell, you are wrong. They have repeatedly said they didn't want to sell, all previous talk was of the Maloofs moving the team. Ron Burkle expressed his interest when they were trying to move to Anaheim, but he was turned away. Kevin Johnson was repeatedly told they did not want to sell.
From what I have read the 525 million is comparable to 450 million from a Sac based group. They haven't played their cards right, if they ran this business better, they would be able to sell for even more, or actually be making money on the team during the season.
They could say all they want to the public, their balance sheet said otherwise. They were in no position to continue owning an NBA franchise. Relocation was the first option because the Maloofs would receive a windfall of cash while still retaining controlling interest...with selling a franchise in the near future still an option. Once relocation fell through, the shift went from relocating to selling, but I think that selling was always in the background because of the Maloofs financial situation. Owners can't stay in the sports franchise owning business if they can't absorb losses, which the Maloofs couldn't continue to do. The value of the sports franchise to an owner, especially in a smaller market, isn't in its profitability, but it's equity. If the offers are legit, then yes, the Maloofs would have played their hand correctly.
I really want them in Seattle, they deserve a team after the way they were scammed out of the sonics
Seattle does deserve a team, but so does Sacramento. Sacramento has been very loyal to their team ever since they arrived, and does not deserve to lose its team because the Maloofs suck at running their businesses.
So instead you want to scam the fans in Sacramento out of a team?
Can the NBA add two new teams? VA Beach has been supposedly clamoring for a franchise.. though I dont know why. Baltimore or Pittsburgh seem like more likely spots.
But I would definitely want the Sonics back. Its a shame there franchise was denied the talents of Durant, Westbrook and Ibaka for their city, regardless of how soon basketball returns.
I hope this franchise gets rid of the Maloofs in first place.
Then they should get a new arena in Sactown.
Make the roster makeover.
But this franchise needs a direction, these owners have no direction and if the City and Mayor Johnson don't find a way to make this happen - move this team.
I know it's hard to face it and I always liked and respected the Fans in Sactown who supported their team like no other team over the last 10 years but this whole organisation needs a fresh start and this has to be soon.