The team returns . "We are happy to announce that we have entered into a binding agreement with the Maloofs to purchase a controlling interest in the Sacramento Kings NBA franchise," Hansen said in a statement. You just hope the final chapter is being written, he said. Words simply can't express how much your support has meant to me personally and to our city. With a population of over 600,000, it's bigger than Sacramento's, which is less than 500,000 people. If anything as earth-shattering as the Kings leaving Sacramento were to happen, in hindsight I believe it wouldve happened in 2020 during the pandemic and all the other crazy things going on. The Sacramento Kings may be setting up a new home very soonright in the Emerald City. The NBA? The Maloof family that owns the Sacramento Kings has reached an agreement to sell the controlling interest in the franchise to a Seattle group intent on moving it in time for next season. Although he disputed the widely held belief that his family does not want to sell to Ranadive's group, George Maloof added that he'd have to speak with other family members -- as well as Hansen -- before deciding what steps to take next. Hansen hoped to move the team to Seattle and rename it the SuperSonics, the franchise that moved to Oklahoma City in 2008. Ill never forget the Here we stayed everything, including the Playing to Win tour featuring CD with Uriah Faber joining in. Seattle Mayor Mike McGinn said he would not comment on Twitter rumors. ), First published on April 29, 2013 / 6:55 PM. Hansen said in his statement he couldnt go into much more detail. Don't have an account? From 2006 to 2013, the Sacramento Kings organization was under constant threat of the team moving. Investor group led by Chris Hansen plan to spend $525m to buy Sacramento Kings from Maloof family and relocate them as the Seattle SuperSonics, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. The deadline for teams to apply for a move for next season is March 1. I remember Bap Bap Bap, and "I'm a developer" and finding out there was some new investor named Vivek Ranadive. An agreement to build a $390 million arena with the city council was announced last February, but fell through just two months later. Sacramento mayor Kevin Johnson, a former NBA All-Star point guard, has been given permission by NBA commissioner David Stern to present a counter-offer, complete with a financing package for a badly needed new arena in a last gasp chance to attract investors and keep the Kings in California's capital, where it has been since 1985. He won't hire Eric Musselman for the head coaching position. Maybe a change in ownership will spur a change in the man who constantly acts like a 14-year-old child. Maybe he just hates living and playing in the city of Sacramento. It can't get much worse than that, unless you're counting Kwame Brown, Michael Beasley and Greg Oden. If I remember correctly you had a source that had a lot of inside information regarding the negotiations. "And now we hope that they will, having really forcefully projected support for the Seattle bid until the end now we think that because the Maloofs have overall been very good for Sacramento and the Kings and the NBA that they will be motivated to do something fast, so that the franchise can get cracking," Stern said. Hansen's 65% share was estimated at $357.5 million and was expected to further increase the values of all NBA franchises. However, other reports suggest the remaining 35 per cent of the franchise is to be owned by minority investors, not the Maloofs, who have owned the franchise since 1999. But then I saw the crowd gather down near the floor. "I played against those fans . At the time, I wasnt really the Twitter bug that I am now, so I relied alot on radio (and the Seattle relocation saga was also when I discovered Sactown Royalty, but I wasnt a member yet, so I followed them for Kings news too). Hansen, a Seattle native and San Francisco-based investor, reached agreement with local governments in Seattle last October on plans to build a $490 million arena near the city's other stadiums: CenturyLink Field and Safeco Field. The sale figure is a total valuation of the franchise, which includes relocation fees. Seattle, on the other hand, boasts famous landmarks such as the Space Needle, with Mt. The NBA ruled on Monday that the long-speculated move of the Sacramento Kings to Seattle will not come to fruition and they will remain in Sacramento for the. Official confirmation of the sale, which had been rumored for almost two weeks, came Monday morning in a series of statements from Hansen, the Maloofs and the NBA. The announcement Monday of an agreement by a Seattle group to purchase the Sacramento Kings made the NBA's return to this city as close as it has been since the Sonics left in 2008. Ask Kings die-hards about the loss to the Lakers in seven games in the 2002 Western Conference finals, and you will soon see the bugging of eyes and curses aimed at Robert Horry, who is to Sacramento what Bucky Dent is to Boston. Nine years later, and after a league-record 16 seasons without being in the playoffs, Sacramentos team is finally making waves in the N.B.A. I still think they deserve an expansion team. It may depend on how long you've lived here. But it has been 19 since the Kings came out on top in a playoff series and 21 seasons, since early in the George Bush the Younger administration, when the team was a genuine playoff threat. The NBA Board of Governors is expected to follow the recommendation by the relocation committee, coincidentally headed by Oklahoma City Thunder owner Clay Bennett, already a reviled figure in Seattle. The citys investment will be very little, he added. All Rights Reserved. "We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. "Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a top 20 market and owning two of the longest sellout streaks in NBA history," Johnson said. Having another sports team in Seattle would be a big boost in the job market as well, while that same reason will be a huge negative for Sacramento. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the boards committee process for review.. You can find exclusive Sacramento Kings analysis and breaking news here. Other investors in the proposed arena include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family. Lost for words: Aussie stars epic Tour win, ASSRL Nationals: Queensland son of a gun living the dream. Johnson, a former NBA All-Star point guard known best by his initials "KJ," also commended Seattle for its efforts and wrote that the Pacific Northwest city "no doubt deserves a team in the future. Now those same fans are stuck waiting to see what the next move by Hansen and Ballmer will be, including mounting an effort for expansion or buying another team. At one point, Johnson seemed so certain the team was gone he called the process a slow death and compared the city's efforts to keep the Kings a Hail Mary. wilderness. Who knew it would take this long? Also, check out our store for exclusive Sacramento Kings merchandise! Perhaps a change in scenery will force Cousins to smile for once or be remotely likable. log in. During his first postseason action, the 22-year-old took 0.3 shot attempts from 5 to 9 feet, 0.6 attempts from 10 to 14 . According to the Sacramento Bee newspaper, the deal calls for the Maloof family to sell its 65 per cent controlling interest of the Kings for a record $US525 million ($A502 million), with a non-refundable $30 million deposit from the Seattle group by February 1. In 2011, the Maloofs made plans to move the Kings to Anaheim, Calif., before Johnson convinced the NBA to give the city one last chance to help finance an arena. Thats adorable. Additionally, Sacramento's investors needed to provide a different bid by April 3, so the NBA Board of Governors could make a final decision. Sacramento Mayor and former NBA All-Star Kevin Johnson, with the help of local business owners and a rabid fan base, was successful in saving the franchise and persuading the NBA to force the Maloofs to sell the team to the Vivek Ranadiv group. Alex Len, free agency. ", "I feel good for KJ because he's worked so hard," said interim Brooklyn Nets coach P.J. Nothing is done until the vote is done, said Paul Swangard, managing director of the Warsaw Sports Marketing Center at the University of Oregon. It was the culmination of the movement when fans, officials, and whales came together to save basketball in Sacramento. Johnson also pledged some $10 million from local businesses as a show of support from Sacramento. Kings file for 'Anaheim Royals', "Sacramento approves arena plan to keep Kings", "Sacramento Kings Owners Attempting to Halt Plans for New Arena", "Seattle's Return To The NBA Getting Closer? More about Kurt Streeter, A version of this article appears in print on, A Decade After Sacramento Showed Up for the Kings, the Kings Return the Favor, https://www.nytimes.com/2023/04/24/sports/basketball/sacramento-kings-warriors-nba-playoffs.html. Hansen will be a better owner because he grew up in Seattle. Investor Chris Hansen has contacted the Maloof family about buying the Sacramento Kings, setting up the possibility of the NBA's return to Seattle. Big market cities have multiple pro teams in multiple pro sports, bandwagon fans by the thousands, and more money to throw at players than they know what to do with. Two sources close to the process indicated Wednesday that it has been conveyed to the Maloofs that approval from fellow owners is unlikely at this point if they try to sell to a group other than Ranadive's, given the considerable capital and commitment that the prospective ownership team Johnson pulled together has poured into its offer to match the considerable bid from Hansen's side. The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest. The club would play its first two seasons in KeyArena before moving into a brand new 490 million-dollar home, which has already been approved for construction by Seattle local government officials. Wojnarowski reports the deal would be to sell the Kings to Hansen and Microsoft chairman Steve Ballmer for about $500 million. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board's committee process for review.". On January 9, 2013, the National Basketball Association's own official website reported that the Maloofs, majority owners of the Sacramento Kings, were in discussions with a Seattle-based ownership group led by Chris Hansen, Microsoft CEO Steve Ballmer, and Eric Nordstrom and Peter Nordstrom from Nordstrom, to sell and relocate the team. I remember the pure, visceral anger I felt toward the Maloofs, particularly George. "When it comes to keeping the team in our community, Sacramento is playing to win. The Kings' sale price would top the NBA-record $450 million the Golden State Warriors sold for in July 2010. "It's transformative. As a Sacramento Kings news outlet created by Sacramento Kings fans for fans, we also serve as a community that allows everyone to have engaging and fun discussions about the team in a fan forum style. Johnson will be hoping to repeat what he did in 2011, when he was able to help convince the NBA not to let the Maloofs relocate the team to Anaheim. That it kept moving because it is searching for the right home and Seattle was there at the end of the trail for them.. By Fans, For Fans. Sacramento fans have waited a long time for a team that matched their fervor. "The Maloof family announced today that an executed purchase and sale agreement has been reached to sell the family's interest in the NBA's Sacramento Kings to a group led by investor Chris Hansen. Sports reported that the sale to the Seattle group had been finalized, and that the league would shortly approve the sale and relocation to Seattle, with an official announcement to come later in that week. The sale would have been for 65% of the franchise and based upon a $525 million valuation, with the new owners expected to relocate the franchise to Seattle and utilize the SuperSonics name. Critics frothed against Ranadive, claiming he was a meddling owner in over his head. The city would pay more than $250 million up front, raised by leasing city-owned parking lots to a private company. It was later found that the organization went as far as to file for a trademark of the name Anaheim Royals, among others. 3. Seattle has been without an NBA team since 2008, when the Sonics were relocated to Oklahoma City by new owner Clay Bennett. It won't even be close. (The decision to draft Marvin Bagley III over Luka Doncic with the No. Hansen's group is expected to pitch in $290 million in private investment toward the arena, along with helping to pay for transportation improvements in the area around the stadiums. Sacramento Mayor Kevin Johnson said last week he had received permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento. Commissioner David Stern persuaded a new owner to buy the. [21], After the meeting in Dallas, Texas, the NBA owners voted 228 to reject the Kings' relocation to Seattle. I didnt want to leave since it could have been for the last time. Havent used it since. This is your team, and it is here to stay! he said. The announcement Monday of an agreement by a Seattle group to purchase the Sacramento Kings made the NBAs return to this city as close as it has been since the Sonics left in 2008. The Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris . Just filed to http://t.co/b8H6X2SelB: Sources tell ESPN a committee of NBA owners voted against moving the Kings to Seattle today. He won't threaten to move the team to an even smaller market like Virginia Beach. Without a new arena, leaving would always be in the cards. Our day will come and when it does it will just be that much sweeter for the struggle. The Sacramento Kings have released their schedule for the upcoming 2021-2022 NBA preseason. Despite how memorable the whole situation was and how amazing it ended. Who will own the Kings next season is still unclear. The Kings have a 24-13 record in . 2023 CBS Broadcasting Inc. All Rights Reserved. A subreddit dedicated to NBA news and discussion. = Man, no wonder arena beers cost so much. I remember looking at Sactown Royalty and seeing the site explode with GIFs when the news broke. The deal would move the team to Seattle and the franchise would retain the SuperSonics name it had for 41 years before relocating to Oklahoma after the 2007-2008 season. Sports reporter Adrian Wojnarowski began Tweeting about a deal reached between the Maloofs and Chris Hansen, the leader of a group working to return the NBA to Seattle and build a new sports arena. April 29, 2013 / 6:55 PM The Kings franchise is valued at around $525 million, and Hansen will purchase a 65 percent share worth about $340. Seattle also has other major professional sports teams like the Seahawks of the NFL and the Mariners of MLB. As soon as my buddy and I u rolled the banner and handed out signs, they were confiscated by security. ESPN.com also reported that Hansens group will give the Maloofs a nonrefundable deposit of $30 million by Feb. 1. More money would come from television contracts, which would obviously be used on the team (hopefully). And he surely won't drive this franchise into the ground like the Maloofs did. Yahoo.com also reported that NBA approval would be a formality and that the team would play in KeyArena beginning next season. Sacramento Kings Could Move to Seattle. I realize that's a very bold statement, but it's possible. Seattle Mayor Mike McGinn pledged that his city will continue to fight for an NBA team. We would also like to thank Chris Hansen for his professionalism during our negotiation. "In terms of building a brand-new building, it's been very clear and we've said this time and time again: Building a building downtown is bigger than basketball," Johnson continued. The Kings' future in Sacramento has been uncertain because the Maloofs and the city haven't been able to come up with a long-term arena solution. I think it was David Bienick at KCRA who was on that daily beat as the tension mounted. The Kings and the NBA on Monday confirmed the sale of the team to a Seattle based investment group, and the deal has been sent to the league for review and potential approval in the coming weeks. The deadline for teams to apply for a move for next season is March 1. You're going to see a situation where Sacramento will be changed forever for the good because of what's transpired in the last couple days.". The NBA's relocation committee voted unanimously Monday to recommend that owners reject the application for the Kings to relocate to Seattle, the latest - and by far the strongest - in a long line of cities that almost landed the franchise. Read more , About Podcasts Advertise Newsletter Contact Community Guidelines, If you are experiencing issues with the website or your account, please email [emailprotected], Copyright All Rights Reserved | Privacy Policy. Stern added that Wednesday's vote, while technically addressing only the proposed relocation of the Kings to Seattle, has "effectively" canceled the Maloofs' sale agreement with the Seattle group headlined by lead investor Chris Hansen. We have the better movie. On January 20, USA Today reported that a deal had been reached where the Maloof family would sell their majority ownership in the Kings to the Seattle ownership group, although Stern affirmed he would allow Mayor Johnson to address either the Board of Governors, or the Relocation Committee, prior to the approval of the sale or relocation if he desired to do so. Seattle lost its NBA franchise to Oklahoma City in 2008, despite four decades of support for the Sonics. George Maloof, in attendance in Dallas with brothers Joe and Gavin, made no such promises. The Kings have been at odds with the city over a new building for the team. [6] According to this report, efforts by potential Sacramento ownership groups were too late.[6]. We're focused on the on-court product these days, and rightfully so. While we are not at liberty to discuss the terms of the transaction or our plans for the franchise given the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction, we would just like to extend our sincerest compliments and gratitude toward the Maloof family, the statement read. Let's face it; the Sacramento Kings move to Southern California is a done deal. SEATTLE -- A post on Twitter Tuesday night had Seattle NBA fans buzzing about the possibility of a team returning to the Emerald City. "I'm proud of how Sonics fans have rallied together to help Seattle get a team," McGinn said in a statement. They rushed to defend home court, purchasing nearly every available seat at Golden 1 Center, then set out to invade on the road. "The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen," the league said. At an afternoon news conference, Sacramento Mayor Kevin Johnson said Wednesday was significant because for the first time Kings fans know the team is for sale. Ownership representatives from the league's 30 teams met Wednesday for nearly four hours and ultimately voted to reject the Kings' proposed move to Seattle, backing last month's unanimous recommendation from a relocation committee to keep the team in Sacramento. Ownership representatives from the league's 30 teams met Wednesday for nearly four hours and ultimately voted to reject the Kings' proposed move to Seattle, backing last month's unanimous . In January, the Maloofs caught Sacramento - and to a certain extent, the NBA - by surprise when they announced the deal with Hansen's group, which includes Microsoft CEO Steve Ballmer and members of the Nordstrom department store family. The sale is obviously subject to approval by the NBA Board of Governors, and we look forward to working with the league in the coming months to consummate the transaction.. [9] On March 1, 2013, it was announced that Kings minority owner John Kehriotis, who owns 12% of the team, would attempt to exercise his right of first refusal and submit a bid to purchase the Maloof's share of the team. I love you, Seattle!". Representatives for Hansen did not return messages seeking comment. Ill never forget the day the vote happened. championships and six N.B.A. I can remember being on twitter hitting refresh-refresh-refresh for what seemed like months, waiting for his next tweet. Chis Hansen is guaranteed to be a better owner than the Maloofs. Sacramento just has the Kings. Our negotiations with the family were handled with the utmost honor and professionalism and we hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades., ESPN.com reported that other NBA teams were formally notified Sunday night of the deal.. The former All-Star guard didn't want to celebrate at the expense of Seattle after league owners voted Wednesday to reject, once and for all, an aggressive bid to move the Sacramento Kings. With his parents on hand Aussie cycling star Jai Hindley has put himself in contention to win the worlds biggest cycling race. We would also like to thank Chris Hansen for his professionalism during our negotiation. The NBA also released a statement: The NBA received an executed purchase and sale agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. Specifically, the sale of the team from the Maloof family to the Seattle group led by Chris Hansen and Microsoft CEO Steve Ballmer still must be approved by the NBA Board of Governors in April, which could also hear a counteroffer from Sacramento Mayor Kevin Johnson.
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