NBA votes unanimously for Sac Kings to STAY!

[King Taharqa]

NEW YORK -- Three months ago the Sacramento Kings seemed on the verge of a move to Seattle after the team's majority owners secretly executed a deal that would land a record sale price to a deep-pocketed and respected group that promised a glittering new downtown arena.

On Monday, Sacramento overcame those long odds when an NBA ownership committee studying the situation unanimously voted against relocating the Kings. A formal vote of all 30 owners is scheduled for May 13 but sources told ESPN.com the full body is expected to ratify the recommendation of the 12 owners from the relocation and finance committees.

The move is a victory for Sacramento mayor Kevin Johnson. In January, he had no competing ownership bid, no plan for a new arena after years of trying and no working relationship with the team's owners, the Maloof family.

But Johnson, who successfully staved off a bid to move the Kings to Anaheim in 2011, hastily assembled a strong counter-proposal that ended up winning over skeptical owners.

Moments after the league announced the committee's recommendation, Johnson wrote on Twitter: "That's what I'm talking about SACRAMENTO!!!!! WE DID IT!!!!!"

A group led by Bay Area software magnate Vivek Ranadive, who currently is a part owner of the Golden State Warriors, now appears to be in the drivers' seat to make a deal to purchase 65 percent of the Kings for $341 million. That overall evaluation of $525 million would make the Kings the largest sale in league history.

That purchase would have to be approved by 75 percent of owners. But the committee's vote on Monday will effectively clear the way for Ranadive's group to buy the Kings and keep them in Sacramento.

Sacramento also has funding and government approval to build a new downtown arena to be open in 2015 or 2016.

The decision is a loss for Seattle businessmen Chris Hansen and Steve Ballmer, who had bid $365 million for 65 percent of the team and had made a separate deal with a bankruptcy court to pay $15 million for another seven percent. They were also willing to pay millions more in relocation fees and arena development in a larger market.

The Maloofs had urged their fellow NBA owners to accept the Hansen deal and allow a move to Seattle through personal lobbying and a letter that attacked the merits of the Sacramento bid that was sent to all owners two weeks ago.

NBA commissioner David Stern, deputy commissioner Adam Silver and a legion of league attorneys had studied the two offers for the last two months. A vote that was expected to be taken at the annual spring owners' meetings was pushed back to allow further study.

Those delays helped Johnson and Sacramento firm up their offer. As recently as last week, there were some doubts among NBA owners that the Sacramento group would be able to assemble all the financing and clear all the government hurdles to truly compete with the Seattle offer, which was much more developed.

Stern called the decision "wrenching" recently. But in the end, it appears the league favored supporting a city that stepped up and fought to keep its team.

"I've never been prouder of this city," Johnson tweeted. "I thank the ownership group, city leaders, but most of all the BEST FANS IN THE NBA!!!"

The mayor also commended Seattle for its effort and wrote that the Pacific Northwest city "no doubt deserves a team in the future."

http://espn.go.com/n...-kings-stay-put

Sorry Sonics fans. Looks like the Kings are staying put in Sac-Town, CA.

[PanthersClinic]

Where were these votes when Charlotte was mugged of the Hornets?

[Porn Shop Clerk]

we didn't fight to keep the hornets really and shinn wasn't about to sell them

[carpanfan96]

The Maloof's doing what they said they'd do all along have fought the NBA on this decision and have refused to sell it to any one in Sacramento at all. 

 

http://espn.go.com/nba/story/_/id/9265605/sources-maloof-family-cuts-new-deal-sacramento-kings

 

 

 

 

 

 

 

 

 

Two sources told ESPN.com the Maloofs have informed their fellow owners that if their deal to sell and relocate the Kings to Seattle is not approved by league owners next week, they will not sell the team to a Sacramento-based group that promises to keep the Kings in Sacramento.

 

 

Instead, the cash-strapped Maloofs have made a "backup" agreement with the Hansen-Ballmer group to sell it 20 percent of the team for $125 million to allow the Maloofs to continue to operate the franchise.

 

 

That new "backup" plan comes on the heels of Hansen's announcement on Friday that he had upped his offer to buy the Maloofs' 65 percent of the Kings to $409 million (from $358 million) for a total valuation of $625 million.

 

 

Sources said that new proposal also included a $115 million offer to owners as a relocation fee, which would amount to about $4 million per team. By comparison, in 2008 when theOklahoma City Thunder moved from Seattle, they paid a $30 million total fee to the other owners.

 

To consider these incredible new figures, the NBA relocation committee is planning to re-evaluate the Hansen-Ballmer offer and has scheduled another meeting ahead of next Tuesday's full owners meeting in Dallas, sources said.

 

 

 

 

 

 

So no new King's owner in Sacramento is going to happen, so it's either the Sonics in Seattle or a messed up franchise in Sacramento.  The NBA"s decision to back Sacramento is also being revisited with this new offer from the Seattle group.  The Seattle group is basically throwing money at the other NBA owners to back this group.  I'd say that Sacramento has officially lost the Kings. 

 

 

[Magic Johnson]

I would say yes.

 

[4Corners]

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