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» Saturday, May 11 2013

 

» Friday, May 10 2013

 

» Thursday, May 9 2013

With an NBA vote on the future of the Sacramento Kings just a week away, a source says the league is encouraging a Sacramento business group to put 100 percent of its $341 million team purchase offer into an escrow account in hopes of persuading the Maloof family, team owners, to sign a deal with the local group. A league source familiar with the situation said NBA officials are suggesting the private investment group led by Silicon Valley entrepreneur Vivek Ranadive make the move to prove it has the wherewithal to sign what has been described as a back-up offer to purchase the team. Sacramento Bee

Ranadive's group already has put 50 percent of its team purchase offer into an escrow account, sources said. Putting the entire amount down would help "alleviate the Maloofs' concern, and greatly increase the likelihood a deal could get done," the source said. A representative for the Ranadive group declined comment Wednesday, but a source close to the group said it remains in regular communication with NBA officials about its offer to buy the team. An NBA spokesman did not respond to a Bee request for comment. A competing Seattle group reportedly has placed 100 percent of its higher, $357 million offer into an escrow account. The Maloof family signed a sales deal with the Seattle group several months ago, but has indicated it is willing to accept a back-up offer - if that offer is firm and binding - in case the NBA rejects the Seattle deal. Sacramento Bee

 

» Wednesday, May 8 2013

Mayor Kevin Johnson is so confident that the Kings are staying put, he's got some advice for the guys trying to buy the team and move it to Seattle: Back off. While saying he understands why they are putting up a fight, Johnson said Tuesday that hedge fund manager Chris Hansen and Microsoft executive Steve Ballmer should "take the high road and be gracious." Hansen and Ballmer have said they are still exploring their options after the NBA's relocation committee recommended by a 7-0 vote against their plan to move the Kings to the Emerald City. "Once the relocation committee spoke as loud and as clear as it did, I would probably take a step back and understand that I'm probably not going to get this team, so how can I put Seattle in the best possible position to get a team moving forward?" the mayor said. Sacramento Bee

 

» Friday, May 3 2013

It remained unclear exactly what Hansen's preferred course of action is. However, one league source reiterated that one option is for Hansen to still attempt to buy the Kings, even if they can't be relocated. One source said Hansen might argue before the NBA Board of Governors — when it meets in New York on May 15 for a final vote on the matter — that he would agree to keep the team in Sacramento as long as the city came through with its plan to build a new arena. If it didn't, Hansen would then be able to relocate the team to Seattle later. Seattle Times

 

» Tuesday, April 30 2013

Chris Hansen: While we are disappointed with the relocation committee’s recommendation, we just wanted to let you all know that we remain fully committed to seeing this transaction through. As you are all well aware, we have a binding transaction to purchase the Kings for what would be a record price for an NBA franchise, have one of the best ownership groups ever assembled to purchase a professional sports team in the US, have clearly demonstrated that we have a much more solid Arena plan, have offered a much higher price than the yet to be finalized Sacramento Group, and have placed all of the funds to close the transaction into escrow. As such, we plan to unequivocally state our case for both relocation and our plan to move forward with the transaction to the league and owners at the upcoming Board of Governor’s Meeting in Mid-May. SonicsArena.com

 

» Monday, April 29 2013

After a Sacramento Kings saga that lasted nearly three years, It appears the team will stay put. The NBA relocation committee recommended Monday that Seattle's bid to buy the Kings and relocate them to the city that lost the Sonics to Oklahoma City in 2008 should be denied. A full vote of the league's owners won't take place until May 13, but this decision by 12 of the league's owners is expected to set the tone for the final outcome. USA Today Sports

In a unanimous vote of the league's combined Relocation and Finance committees Monday afternoon, 12 NBA owners recommended that the league's Board of Governors vote to deny the relocation of the Kings to Seattle — and, in doing so, deny the sale of the team from the Maloof Family to a Seattle-based group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer. The recommendation will be taken up by the full Board for a formal vote the week of May 13. But it is almost certain that the full Board will go along with the recommendation and vote to keep the Kings in Sacramento, at least for another year. NBA.com

What Hansen and Seattle do from here is unclear. Sources maintain that legal action against the league is a near impossibility, given that the NBA requires prospective owners to sign agreements that prohibit them from taking legal action if their bids are denied. A source with knowledge of Hansen's group's plans said Sunday that the group had never thought about taking any legal action if it lost. NBA.com

 

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