Found May 12, 2013 on
Midwest Sports Fans:
News broke on Saturday that the Maloof brothers (Joe and Gavin) will only agree to sell the Sacramento Kings to the Seattle-based group headed by Microsoft CEO Steve Ballmer and Chris Hansen. If the NBA doesn’t approve a move to Seattle, the Maloofs apparently have a backup plan.
The crash-strapped brothers have made a backup agreement with the Hansen-Ballmer group to sell it 20 percent of the team for $125 million, if the NBA doesn’t approve a full sale. That would allow the Maloofs to continue running the team. Also on Friday, Hansen announced that he had increased his offer to buy out the Maloofs to $409 million (up from $358 million). That would put the total valuation of the franchise at $625 million, since the Maloofs own 65 percent of the team.
The new proposal would also include $115 million offer to the NBA’s owners as a relocation fee. That would work out to about $4 million per team. For comparison, when the Oklahoma City Thunder moved from Seattle in 2008, the franchise...
BEST OF MAXIM
The Maloofs continue to consider the possibility of selling the Sacramento Kings to a group that intends to keep the team from relocating to Seattle, according to a source.
Reports over the weekend indicated that the Kings have an alternative plan in place to sell a smaller stake to the Seattle-based group led by Chris Hansen.
But the Maloofs "still has that option," said...
A person with knowledge of the situation tells The Associated Press that the Seattle group seeking to purchase and relocate the Sacramento Kings has struck a backup deal with the Maloof family if the NBA denies the pending sale and relocation.
The backup agreement would have the Seattle group, led by investor Chris Hansen and Microsoft Chairman Steve Ballmer, purchase a limited...
The seemingly never ending story of the Maloof brothers trying to sell the Sacramento Kings and move them to Seattle keeps continuing with more and more chapters.
In the latest move, ESPN.com reporter Brian Windhorst reports that Joe and Gavin Maloof have a plan B in the event the NBA Board of Governors reject the proposed sale to Seattle financier Chris Hansen...
NBA owners voted Wednesday to reject the Sacramento Kings' proposed move to Seattle, the latest in a long line of cities that have tried to land the franchise.
The 22-8 vote followed a recommendation made last month by the NBA's relocation committee and may have finally brought an end to an emotional saga that has dragged on for nearly three years.
A group led by investor...
Chris Hansen, half of the wanna-be owners of the SacKings moving to Seattle to re-become the SuperSonics, has increased his total bid of the Sacramento Kings from $550 million to $625 million. Hansen also announced on his website, sonicsarena.com, that he has guaranteed other NBA owners that the new Seattle franchise would pay into revenue-sharing instead of taking moneys out.
Phil Jackson wants to see if the Sacramento Kings are sold to the Seattle consortium before deciding where to work next season.
Jackson has expressed an interest in a front office role similar to Pat Riley’s situation with the Miami Heat.
Jackson has "hit it off" with Chris Hansen, who leads the Seattle group attempting to buy the Kings.
Chris Hansen has increased the bid of his Seattle-based investor group for the Sacramento Kings by $75 million to a valuation of $625 million.
Hansen had already raised the valuation of his bid to $550 million in an attempt to sway NBA owners.
The NBA's relocation committee voted a recommendation that the Kings remain in Sacramento.
Desperate times call for desperate measures. After the NBA’s Relocation Committee unanimously voted to deny relocation of the Sacramento Kings, prospective Seattle owner Chris Hansen released a statement that included the following line: “I just wanted to reassure all of you that we have numerous options at our disposal and have absolutely no plans to give up.”
Well, now we...