- 2 Post By Arsis
- 2 Post By Bogey
January 9th, 2013, 11:16 PM #1
report: Sacramento Kings moving to Seattle
The Maloof family is finalizing an agreement to sell the Sacramento Kings to a group that hopes to move the franchise to Seattle for the 2013-14 season, league sources told Yahoo! Sports.
The deal will sell the Kings for approximately $500 million to a group led by hedge-fund manager Chris Hansen and Microsoft chairman Steve Ballmer. The group is seeking to relocate the franchise to Seattle's KeyArena for the 2013-14 season.
The Seattle group's plans, with support of the NBA, is to play two seasons in KeyArena before moving into a new Seattle arena, sources said.
No agreement has been signed, but one source with knowledge of the talks described the deal as "first and goal at the 1." Sources said it will take "some time" to get a formal agreement in place. The Maloofs' history of changing course late in negotiations still has some uneasy about getting the sale completed. The Maloofs previously neared a deal with Sacramento leaders to help finance a new arena in the city before backing out.
The Maloofs are expected to keep an extremely small percentage of the team, but will have no real input or say in the franchise, sources said.
Once the sale is completed, the Seattle-based group will have until March to file for relocation. NBA commissioner David Stern has been a big proponent of the Hansen-Ballmer group, and league officials will work diligently to help the franchise move to Seattle if the sale is finalized, sources said. The Seattle-based group is determined to not have the franchise spend a final lame-duck season in Sacramento.
The prospective Seattle ownership plans are to change the Kings' name and logos back to the original proprietors of the city's NBA history: the Sonics. "Same name and logos," a source working with the group told Y! Sports.
When owner Clay Bennett moved the Sonics franchise to Oklahoma City in 2008, he left behind the name, logos and history.
The Kings' status in Sacramento has been tenuous since the arena deal fell apart near the end of last season.
January 9th, 2013, 11:18 PM #2
this is the best NBA related news I have heard in a long time, we will no longer have to deal with the LA Kings getting mixed up with the NBA one once they rename the team back to the SuperSonics
Last edited by Arsis; January 9th, 2013 at 11:29 PM.
January 11th, 2013, 06:59 AM #3
Originally Posted by arsis
Let there be only one NA professional sports team named the Kings!
January 11th, 2013, 07:48 AM #4
I like this a lot, also glad they already know SuperSonics or GTFO.
Also, not that most hoop fans give a ****, but will their 'history' records etc. be that of the Sonics?
Or does the Thunder have the following jersey's retired?
1 Gus Williams
10 Nate McMillan
19 Lenny Wilkens
24 Spencer Haywood
32 Fred Brown
43 Jack Sikma
Also, has the team resigned Squatch?
(I'm having too much fun with this today)
Last edited by Noble Savage; January 11th, 2013 at 07:52 AM.
January 11th, 2013, 08:49 AM #5
Good, although it amazes me that the one of the worst teams in the NBA is worth half a billion. The Maloofs owe Sacramento 77 mil and the NBA 150 mil. Everything that family touches turns into a money pit.