Posts Tagged ‘Seattle Sonics’

‘Final’ Vote On Kings Comes Today



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HANG TIME HEADQUARTERS – The long wait is almost over … well, we think it might be over.

We could know before nightfall where the Kings will play in the future: Sacramento or Seattle.

The NBA’s Board of Governors meet today in Dallas with an expected final vote by all 30 owners on the Maloof family’s relocation proposal that would move the Kings from Sacramento to Seattle, where a group led by hedge fund manager Chris Hansen and Microsoft executive Steve Ballmer is set to purchase the franchise for a record price.

The formal recommendation two weeks ago from the committee of owners formed to study the relocation plan was a resounding vote for the Kings remaining in Sacramento. But the Maloofs have made it clear that their desire is to go with the Seattle group’s generous reported offer of $406.25 million and flee California’s capital city.

It’s not as simple as that, of course, what with the lawyers involved and the league waist-deep in a back and forth between two cities that are both desperate to keep a team, in Sacramento’s case, and regain a team, in Seattle’s case.

That’s the short version. The long version, in complete detail courtesy my main man, TNT’s David Aldridge, who is going to be on the scene in Dallas today, is much more complicated.

The Seattle group has covered all of its bases in trying to complete this deal. They’ve reached an agreement on that secondary deal, which they want enacted in the case that the Board of Governors reject the relocation proposal today.

That deal would include the Maloofs selling 20 percent of the Kings to the Hansen-led group for $120 million, and that’s based on a franchise valuation of $600 million. The Kings would stay in Sacramento for the 2013-14 season with the Maloofs as the owners. The Hansen group is also willing (and able) to pay an unprecedented $115 million relocation fee, a payout of approximately $4 million for every owner, if the owners allow them to purchase the Kings and move them to Seattle next season, raising the stakes yet again in this hundred million dollar exhibit in the business of basketball.

Sacramento Mayor and former NBA star Kevin Johnson is using the Kings’ history in Sacramento and the NBA’s loyalty to a fan base and city that has supported the Kings fervently, through good times and bad, as his trump card in this saga. The Sacramento group does not seem at all interested in some bidding war for the franchise that’s made it’s home there for last three decades.

Sort through the minutiae as best you can, but the bottom line is one set of fans will wake up tomorrow relieved that they finally have some answers about their team while another group of fans will wake up to the nightmare that their team is either leaving or not coming to town.

Again, the long wait is almost over … we think!

Seattle’s Return To The NBA Getting Closer?


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It was one of those days where people remember precisely where they were when they got the news. Like assassinations, market crashes and so many other seismic world events, the day Seattle lost the SuperSonics — officially, July 2, 2008 — didn’t just come and go. It seared itself into the hearts and psyches of NBA fans in that Pacific Northwest city.

“It killed me, man,” former Sonics coach George Karl said Wednesday night. “I was in the Seattle area with my daughter, in Olympia. There were rumors and then it was over. It happened so quick.”

There had been promises, there had been worries, there had been political wrangling. When the clock ran out, all that remained were accusations, recriminations and, yes, tears. The reality was stark: Starbucks impresario Howard Schultz and his partner had sold the SuperSonics to an investment group headed by Oklahoma City businessman Clay Bennett. Talks about a publicly financed arena broke down, and the Sonics were headed to Oklahoma and a new life as the eventual Thunder.

Forty-one years of NBA history was over. The source of some of the league’s biggest names and most entertaining teams — and the only Seattle franchise to claim a championship in major professional sports — was gone.

“Destroyed,” was the word chosen by Boston’s Jason Terry, who grew up in Seattle and starred at Frankin High, which is about 5 miles from the Sonics’ old haunt, Key Arena. “There [were] all kind of ‘Save the Sonics’ shirts, signs and blogs.”

As of Wednesday though — four years, six months and seven days since the moving vans rolled in — Seattle is as close as it’s been to getting the NBA back. Investor Chris Hansen was close to a deal to purchase the Sacramento Kings and relocate them to the Emerald City, according to multiple media outlets.

First reported by Yahoo! Sports, Hansen — who already has a deal to build a new arena, this time largely through corporate funding — was offering the Maloof family that owns the Kings more than $500 million. The team’s future in Sacramento has been shaky for several seasons because of squabbling over a new arena in the California capital, with possible destinations such as Orange County and Las Vegas mentioned in the past.

Seattle, via Hansen, has been an interested party from the start, though. According to Yahoo!, the Kings would be renamed the SuperSonics, begin play in time for the 2013-14 season and be based in KeyArena for two years while their new home is constructed.

Just how imminent the sale might be morphed through the day Wednesday; some reports out of Sacramento had the Maloofs reconsidering Hansen’s offer. Details of Hansen’s financing for the arena in Seattle’s “SoDo” section — south of downtown — still must be worked out. In October, he reached an agreement with local government to build the $490 million facility near the city’s other stadiums, Safeco Field and CenturyLink Field. An estimated $290 million would come from private investments, with $200 million in public financing repaid through rent, admission taxes and Hansen’s own sources, the Associated Press reported.

The NBA, meanwhile, has its own requirements for a franchise sale and relocation. For the former, an application for transfer must be filed, due diligence is performed on the people and finances involved and then the league’s Board of Governors votes, with 75 percent approval — 23 out of the current 30 teams — needed for new ownership.

For relocation, a team must apply by March 1 if it wants to move in time for the following season. The NBA’s relocation committee than has 120 days to study the proposal and make its report to the Board of Governors. When the owners vote, a simple majority — 16 of 30 — is needed for approval.

The NBA declined to comment on Monday’s news reports. It is believed that KeyArena, the Sonics’ home before their departure and the driving force in Schultz’s decision to sell, would be acceptable as a temporary home should the deal go through.

Hansen is a Seattle native and San Francisco resident who made his fortune working with Blue Ridge Capital and, since 2008, as managing partner of the Valiant Capital firm he founded. Microsoft CEO Steve Ballmer and two members of the Nordstrom department-store family are among his fellow investors in the NBA deal. (more…)

Owners Approve Grizzlies Sale






NEW YORK –
The orderly and extended transition from David Stern to Adam Silver as NBA commissioner over the next 15 months rightly dominated the news coming out of the league’s Board of Governors meeting Thursday. But that wasn’t the only topic discussed and dealt with by the owners.

They also unanimously approved the sale of the Memphis Grizzlies to an ownership group headed by investor Robert Pera and including widely known minority partners such as Peyton and Ashley Manning, entertainer Justin Timberlake and former NBA players Penny Hardaway and Elliot Perry. The group has a number of people with Memphis roots.

“I actually know that someone that lives in Memphis is called a Memphian,” Stern said, “and I am looking forward to this Memphian who is going to connect this team in an even stronger way to the community.”

San Antonio Spurs CEO Peter Holt is the new BOG chairman, taking over for Minnesota owner Glen Taylor, who had served in that role since 2008. “We are being nice to David, but I want to be extra nice to Glen,” Holt said. “This has gone really smoothly. Glen has stayed in the chairmanship much longer than normal to allow the continuity to be smooth from obviously David to Adam, but also throughout the ownership group.  So I want to thank Glen for that.”

A discussion on accepting ads in the form of jersey patches as another revenue stream was pushed to the BOG’s next meeting.

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Blogtable: Karl’s legacy

Each week, we’ll ask our stable of scribes to weigh in on the three most important NBA topics of the day — and then give you a chance to step on the scale, too, in the comments below.

George Karl and 1,000 wins: What will be his NBA coaching legacy?

Steve Aschburner: I think George Karl is going end up as sort of a pocket Nellie – and I mean that as a good thing. The two coaches have been linked in myriad ways: It was Don Nelson who kept Karl in the league after he’d been fired in Cleveland, putting him to work as a scout/consultant in Milwaukee. It was Nelson who had Karl as a coach in Golden State – then replaced him on the Warriors’ sideline. Like Nelson, Karl has moved around, with a sense that he can wear out his welcome. Like Nelson, he has coached some terrific basketball: His Seattle teams were Karl’s variation on Nellie’s ’80s Bucks: talent, regular-season success and lack of postseason payoff. Both have been fascinating, entertaining, dramatic, candid sideline figures. And I don’t think either would mind being linked to the other.

Art Garcia: I’ve always believed that George Karl is possibly one of the top 10 coaches in league history. Other than the wins and the fact that he hasn’t won a title, George makes his teams better wherever he goes. That’s an underrated talent in a culture that lives by numbers and tangible results. If I owned a team, I’d be happy with someone like Karl coaching my guys. And I’m not sure he’s worried about his legacy. He just wants to coach. (more…)