HoopsHype Kevin Johnson rumors

May 7, 2013 Updates
May 3, 2013 Updates

Meanwhile, a group calling itself the Coalition for Responsible Arena Development sued the city of Sacramento this afternoon, claiming officials are illegally withholding information about the $258 million arena subsidy tentatively approved by the City Council. The group contends that Mayor Kevin Johnson, City Manager John Shirey and others added secret "sweeteners" that put the subsidy well beyond $258 million. In the lawsuit, attorneys Patrick Soluri and Jeffrey Anderson scold the city for ignoring a request they made for documents under the Public Records Act. Sacramento Bee

April 29, 2013 Updates
April 17, 2013 Updates

The Sacramento contingent seeking to buy the Kings and block the franchise's move to Seattle submitted its bid to purchase the team Tuesday night. The amount of the bid was not revealed. NBA spokesman Tim Frank said the bid will now be examined by a committee of owners today during meetings at the NBA Headquarters in midtown Manhattan. Those owners - members of the relocation and finance committees - will eventually recommend whether to approve the Kings' proposed sale and relocation to Seattle or accept the Sacramento offer. Sacramento Bee

McGinn said the NBA was looking to “tee up” the decision with its discussion this week and that Stern was in the “same place” he was after a meeting with representatives of each city in New York two weeks ago. Stern had said after those meetings, when each city made 90-minute presentations to the league’s Relocation/Finance Committee, comprising eight team owners, that the league might not be ready to vote by the time of the Board of Governors (BOG) meetings. Those meetings are held each year at the conclusion of the regular season. Seattle Times

April 14, 2013 Updates

The increased bid was made public late Friday, just hours after a source close to the situation told The Sacramento Bee that the Sacramento contingent had notified the NBA it planned to match the original Seattle offer. Earlier Friday, Sacramento Mayor Kevin Johnson announced that former Facebook executive Chris Kelly had joined the group, which also includes Silicon Valley software tycoon and Golden State Warriors minority owner Vivek Ranadive; 24 Hour Fitness founder Mark Mastrov; members of San Diego's Jacobs family, founders of telecommunications giant Qualcomm; and Sacramento developer Mark Friedman. A source said the group had begun turning away wealthy investors seeking to join the bid. Sacramento Bee

A franchise in Seattle would pay into the NBA's new revenue-sharing plan, while Sacramento would be receiving bailouts from revenue-sharing. The economy of Seattle is growing, while Sacramento's is shrinking -- and media rights for an NBA franchise in Seattle would be almost double the rights fees earned by Sacramento. A new arena in Sacramento cannot be built within three years, as proposed by Sacramento mayor Kevin Johnson. Based on an intrinsic set of checks-and-balances in California that have delayed local stadium projects by the Giants and 49ers, the Kings can expect to need at least six years to complete a new arena in Sacramento. The current site for a new arena in downtown Sacramento may not be viable. SI.com

April 12, 2013 Updates

According to two people with knowledge of the situation, the bid from Seattle's lead investor, hedge fund manager Chris Hansen, for 7% of the Kings that belonged to Bob Cook and was available through bankruptcy court is not expected to be matched by the Sacramento group as was previously expected. The Sacramento side, which had until midnight Friday to exercise a first right of refusal and was planning on doing so through minority owner Dave Luchetti, has decided it is no longer a priority. The people spoke to USA TODAY Sports on the condition of anonymity because of the private nature of the situation. The key to this component of the deal and so many others in this saga is the potential transaction still will require the approval of the NBA. As a result, the Sacramento side, headed by former NBA point guard and current Mayor Kevin Johnson, is making this strategic choice based on the common-sense assumption that the league would not approve the minority stake if they reward Sacramento with the majority share. USA Today Sports

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