"NBA Board of Governors rejects Kings move to Seattle" (CSNBayArea.com - Wednesday, 5/15/13) The NBA Board of Governors voted 22-8 in favor of keeping the team in Sacramento. (USA TODAY IMAGES) GO SAN JOSE EARTHQUAKES!!! -G
"NBA Board of Governors denies relocation bid to move Kings to Seattle" (Sacramento Bee - Wednesday, 5/15/13) Sacramento, Calif., Mayor Kevin Johnson, right front, a former NBA basketball player, walks out of an NBA Board of Governors meeting during a break Wednesday, May 15, 2013, in Dallas. The meeting is an effort to resolve the five-month-long struggle over the future of the Sacramento Kings. The board's tasks: Decide whether the team should move to Seattle or stay in Sacramento, and then figure out who should own the franchise. (TONY GUTIERREZ / Associated Press) GO SAN JOSE EARTHQUAKES!!! -G
Not out of the woods yet, but it does look like in 24-72 hours the Maloofs will sell to the Ranadive group who has put the full purchase price in escrow ($240 million (the Maloofs percentage of the team based on the $525 mil valuation minus the $100 million the Maloofs owe to the NBA which the Ranadive group would take on as debt)). The Maloofs are still crowing a little about the increased $625 mil valuation Hansen was offering, but in the end the Maloofs will take their percentage of the $525 mil valuation, lest the Kings value drop back to reality which is something like $340 million.
"Sacramento wins battle, but war may not be over" (CSNBayArea.com - Wednesday, 5/15/13) Mayor Kevin Johnson succesfully kept the Kings in Sacramento for next season at least, but the mischief-making Maloofs might not give up yet. (AP) GO SAN JOSE EARTHQUAKES!!! -G
Just heard a report on KXJZ that one of the Maloofs (George?) said, "We still love Sacramento, even if Sacramento doesn't love us." What about that Sacramentans? The guy now reporting says that the Maloofs remain delusional.
Actually I'm pretty sure I told you the likely outcome was the Kings staying in Sac. I do think Hansen's late moves made it more likely for the league to expand once Stern steps down, which were half the reason he made them.
On the report that I quoted above, some attorney was talking about the battle over funding. Are they trying to get public funding for this thing?
Well, yes and no; part of the funding comes from the city privatizing some of its parking downtown. No increased tax or subsidy per se, but a big chunk of the revenue for the new arena will be from parking monies. In the end, it's a massive redevelopment project for downtown Sacramento.
indeed, that an within the decade we also get the northern hub of the high speed rail being refurbished there, lots of renovation and jobs downtown its gonna be great for sacramento. And about the maloofs, yeah, we wouldnt piss on them if they were on fire.
Not the least of which is because what if the flames from them suddenly shot toward you up the urine stream? GO SAN JOSE EARTHQUAKES!!! -G
Hooray so the NBA succeeded in gypping the city out of hundreds of millions of taxpayer dollars (the new owners are only going to pay for less than half the $448 million cost), and the new Kings ownership agreed to forgo receipt of revenue sharing income, which will make their team less competitive down the road.
Nice sour grapes, but you're wrong. The City of Sacramento will own the new arena. The Kings are simply a tenant 40 nights a year. Why is it expected for a tenant to pay for a building they don't own and use a fraction of the year? Secondly, the new arena is only a piece of the massive redevelopment project. All in all, it's not a "gypp." It's a massive redevelopment project for a civic venue and development of empty lots downtown, no different than the millions Sacramento pours into things like its museums or parks. Declining revenue sharing means these owners are willing to spend. Not sure where you got the idea it's a bad thing. You have no idea of what the ambitions are of this ownership group so refrain from posting like you do.
If they had any ground to, sure, they could sue. But they have no case to. The Maloofs already signed over the team to the Ranadive group yesterday, so it's over. The Maloofs officially do not own the team any more.