This is such a complicated mess. Don’t ride the roller coaster.
Here’s some info about these guys:
JMA, founded in 1986 by Chapman’s father, Art, has grown in the last decade from a small,
family-owned boutique business into a company with a range of high-profile, upscale
investments, most of them in San Francisco and Tahoe.It owns Homewood Mountain Resort in Tahoe, where it plans a major expansion, and has a share of the combined Squaw Valley-Alpine Meadows ski resort. It recently bought and is marketing million-dollar-plus homes on the ski slopes at Northstar in Tahoe, and owns an exclusive time-share residence hotel at Ghirardelli Square in San Francisco. It teamed with investors a few years ago to build a bayfront restaurant, EPIC Roasthouse, in San Francisco. In the last two months, it has bought office buildings in Austin, Texas, and outside of Seattle. JMA has run into troubles, too. During the recession, it lost control of the retail portion of Ghirardelli Square to its lender on a technical loan default….
Westfield, a huge international shopping center owner and builder, struggled to make the plaza work during the recession. Will JMA Ventures, a company with about three dozen employees and a modest retail résumé, be able to do better?
Stop the ride, I’m getting off this crazy thing.
Wake me when the deal is announced yes or no :)
This group should build the arena first and get an expansion team when it is completed. The NBA should allow the Kings to move to Seattle and then Sac can get another team later. Isn’t this fun?
Hopefully if there are viable groups in both Sacramento and Seattle, this will force the NBA to try and make everyone happy-meaning expansion.
So much for the ink being dry?
The ink is dry. But the NBA has to approve any sale and apparently wants to give sactown a chance to match. So while there probably is a signed deal - that means nothing.
The ink IS dry, but the NBA has every right to toss out the Hansen deal and accept a local sale instead.
SonicsDawg,
That’s the rumor. Stern gave a comment and its being treated as if the NBA is allowing Sac to match the offer.
Stern nor the NBA actually came out and officially said that they will allow Sac to match the offer.
The Sac be is actually misquoting the statement which I don’t know makes too much of a difference
The Sac be is writing that Stern said it was reasonable for Sacramento to be given the opportunity to match
Jeff Zillgitt actually tweeted that ‘David Stern said it was fair point from Kings fans who want Ron Burkle to have a shot at matching any offer in effort to keep team in SAC.’
John_S,
Indeed and i see that only as a personal comment rather than actually official word from NBA.
Seesh I don’t know whats words twitter or Sac bee regarding this situation.
Then sacTown matches..Hansen/Ballmer raises..it just becomes an auction?
Chris has always used the word “auction” to describe the time when he would purchase a team from another city. In other words, he is prepared for an auction like situation. One would think he has not made his highest and best offer.
Well that bares the question how high is he willing to go.
I don’t know how solid the story is but it’s anonymously sourced and there’s nothing in there about public v. private funding. Story might be completely true but there is some mysterious plausible deniability in there as well.
I think there’s also a real land rush going on right now to get the story first, which, combined with no one wanting to go on the record, has meant respected journalists giving conflicting accounts.
I’ve been a (non-sports) journalist for a while and this thing is a mess.
Personally, I wish I could fall asleep and wake up March 1st to find out what happened on the relocation deadline.
So how much is it really going to cost to get the Kings?
Nothing in the article about how the arena would be financed. Kind of important.
It’s a hard news environment when everyone wants to be the reporter breaking the big story and no sources will go on record.
Sheesh.
I am hoping we still get the Kings. Keep the Faith Sonics Fans!!!
The NBA wants Seattle, Hansen and Ballmer. We will get a team.
I have zero inside knowledge. But from following all this news, it seems likely to me that that Hansen and the Maloofs really did have an agreement in principle on a deal. So to create a bidding war-which was the goal of the VA Beach charade all along-one of the idiot Magoof clan leaked the Hansen deal to Wojnarowski, with every intention of driving up the price even further.
The Maloofs act in such bad faith with everyone they come into contact with that I would almost prefer waiting years for a team through expansion or otherwise. They are scumbags. I hate that Seattle’s need for a team to replace our stolen team would enrich them and screw Sacramento.
It’s a bad scene.
We don’t have years. The Arena plan will expire if we don’t get a team in 5 years.
“5 years” sounds like years to me. I’m not saying it would be enjoyable to wait as long as 2017 to get a team, but I do think the NBA would expand or otherwise find a way to get Seattle a team by then if no team can be purchased. Dealing with the Maloofs is just that distasteful. We’re not exactly covering ourselves in glory by potentially aiding and abetting these jackasses.
I’m not sure, but I think NBA would want to know how is their arena plan before paralizing the deal to Seattle. Maybe NBA prefers a local bidder, but the Seattle deal is anyway a good deal for the NBA and they will not paralize it, at least if Sac’s group hasn’t an approved arena plan.
At least is what I hope =S
as EJ pointed out in previous thread, Sac already signed off in a plan. Unless this arena idea is being built else where.
Yeah this proposed arena would be built elsewhere. Some talk in twitter that it’s to be self-financed. That seems optimistic.
I rather hear the words 100% privately funded than to hear self financed cause that can mean anything.
It’s being built in a different location.
Also there’s new city council members and Sac has even more debt than last year.
If the funding is the same can Sacramento really afford to divert money buy selling the rights to parking to help finance an arena?
Jane, get me off this crazy train.
If there are two viable options for the Kings; 1) sell to Hansen who already has an arena planned and B) this new group actually has the financing to pull off this new plan, how does there not be expansion by 1 team?
The big question is, where have these guys been all along? How feasible is this plan? Sounds like they just thought about this plan is just in the idea phase and threw it out there.
Ugh, that last sentence should read, “sounds like its just in the idea phase and they threw it out there.”
I hope you’re right. I’m fucking scared.
This “new” Sacramento arena plan sounds so much like Fred Brown’s Emerald City Center idea (with all due respect to Downtown Freddy Brown).
http://seattletimes.com/html/nba/2004321314_soni02.html
I’m convinced that Twitter and today’s insane level of social media would’ve saved the Sonics. Had we this much rumor and innuendo back then, we probably would’ve been able to keep Clay from working in the shadows. It’s amazing how every little thing is able to make me more and more bitter. Good for Sacramento if they are able to save their team. But it really isn’t fair that we got fleeced without knowing until it was too late the way we did.
And I am so sick of all of this back and forth, I want to puke. Brian says to avoid the roller coaster. But I don’t see how that’s impossible. Especially when Brian himself is giving us the ammo. lol. The only option is staying off Twitter, turning off the internet, turning off the radio, and shoving your head in the sand. Got dang, I hate Daina Falk. lol.
I was thinking the same thing. Social media has made everything so transparent and may be the downfall of our chances to get a team again in the near future.
and a NHL team with no building with out a NBA team.
I agree i hate the back and forth too.
Read the tea-leaves.. This plan is being brought to the board not the Malloofs. The team is sold! This is a plan, just a plan. It takes 6-18 months to get a dam permit. The NBA will not approve a plan unless all the ducks are in order. Like Seattle this is why these deals are kepted quiet, to the last minute. The seattle times sold a bunch of papers selling hope. This is a done deal the nba get to move back to the seattle market and gets the threat to move to sactown.
Barring a press conference I am considering taking a week or two off from checking up on things.
Just a note - I have no inside information whatsoever, but I am an attorney that works on a lot of contract issues. If it is true that Hansen and the Maloofs had an agreement in principle at $500 million, I highly doubt that Hansen would up the offer to $525 million without getting a deal in writing at that point. Hansen’s group would have to know that it doesn’t make sense to continue to drive up the price without getting any guarantees in return. It would make more sense that Hansen said, “fine, we’ll up the offer to $525 mil, but at that point we’re going to need a deal in writing.”
Even if it is simply a term sheet, heck even an oral agreement, it is enforceable. The question is if they ever agreed to the material terms of the deal. If they did, any new plans or offers coming out of Sacramento are moot. Let’s just hope that they got to that point.
Also a lawyer. Agree with you if this were a normal contract. It’s not. The NBA has unilateral authority to accept or reject any sale.
So even if there is a signed deal (there is) the NBA has the right to sit on it while they wait for a local to match. The NBA can’t force the Maloofs to sell but the NBA can’t be forced to accept a sale either.
I agree that the NBA approval process makes it a bit different, but I would have to think that if they have an agreement in principle, the board would at least have to hear the proposal and either approve or reject the deal on the table. I don’t see how the NBA’s involvement could give the Maloofs the ability to agree to multiple deals, and make them unenforceable. There’s no privity there.
I agree. No doubt. But the NBA still ultimately controls the process.
I am just thinking that Chris has followed through on everything he has promised to do. Each detail has been so well thought out and I think we are all amazed each time everything just falls into place, just as he intended it to. Call it wishful thinking, but I have to believe that everything will happen just how Chris planned it would. I also believe that because of the economic situation in Sacramento, his sights have been on the Kings from the beginning. That doesn’t make this any easier though.
Seems like much ado about nothing to me. Nowhere does it say anything about how they finance the arena nor if they actually have the money to buy the team. Also, the $100 million relocation fee doesn’t really factor in and the team will still have to assume the debt to the city. You could say that comes out of the asking price, but at some point it will have to be paid back. That debt has to be a factor in the sale if anything about debt obligations for the new ownership group. I would just wait to see what comes out of this but I am skeptical at best.
I guess we really need to heed Mr. Hansen’s calls for patience…
You’re right we do need to be patience hopefully in the end we still get the kings even if it means he pays more.
The plan is to get the board of directors to force the Maloofs to sell out of the 12th market? Owners want to hold cities under their gun, not vice versa…
Let me just say this. If the ink on the contract is indeed dry and the NBA rejects the sale to allow a local group keep the team in Sacramento, then the NBA had BETTER grant us an expansion franchise. How many times can David Stern pee on us?
Unfortunately, Stern really has no power other than what the owners give him. And with these things, the owners ultimately decide. Hopefully Stern would use his sway though to convince the league a Seattle team is in their best interests.
One thing seems sure though is that the Maloofs are going away.
A Thought to consider how does Stern want to end his legacy as NBA commissioner as the person that screwed Seattle twice or the person that brought back the sonics?
I don’t think the NBA wants to have a even bigger black eye after the whole sonics issue.
I guess that I do not have as high opinion of Stern as many here. I do not think that Stern cares about any “wrongdoing” to Seattle, or that he cares about Seattle. Shoot, I don’t think Stern even cares about any “legacy”.
I believe he has been quoted stay he wants to see a team back in Seattle before he heads out. Of course i could be wrong.
Stern has said he wants a team in Seattle; but I figure that is more because Stern wants a new arena in Seattle, than that he is concerned about a legacy, or Seattle. Stern wants all new arenas. Stern probably tells Columbus, and any other city that is attempting to get a team the same thing. So, no you are not wrong in what you heard about Stern. I just do not think it is because Stern has some kind of conscience, I think it is because Stern thinks it would be good business for Stern.
There is that. One thing to think about is that a team in Seattle with this ownership group and a likely huge tv deal would be one of the top revenue sharing team in the league. Sacramento would still probably be one of the lower revenue teams so some owners might want to get the revenue sharing/tax money from a rich Seattle team? There really are a lot of different things that could go into approval of an owner.
are we to assume this sacramento arena would be entirely privately funded and that they have the investors to get it done? wow. seems weird that if they have almost a billion dollars (team acquisition/arena funding), land already obtained, and investors in place, that it would wait until the team had one foot out the door to finally step up and make an offer to buy the team. it takes serious time to get all of those elements in place.
I’m guessing KJ has been working on this for quite a while.
What he said during the press conference kinda paints a different picture though. Plus hasn’t he said he wants to use the same deal that signed before maloofs backed off?
i know they could have been working on it for a while. if that were the case i just would think they would have come out of the woodwork earlier. before another sale of the team looked complete.
Indeed it doesn’t make sense. Especially coming out at the 11 hour. How does NBA feel about that?
Supposedly, KJ and Burkle have been working on a plan for several years. Supposedly, they have not made an offer because they say that the Maloofs have not officially put the team up for sale.
But, you know what? Who knows if any of the “supposedly” is true. We have all seen over the last few days that no one is really telling us what is really going on.
But last i read/saw that Burkle has been already rejected so i don’t see how he is still in the picture.
Really, who knows?
If they are going to submit an arena plan different from the plan that was originally agreed with the Maloofs, they still have to vote it, no?
Not sure does a 100% privately funded (supposedly) still need city approval?
I’m not sure too, but I think it will be needed at least revisions, environmental impact forecasts, traffic reports… Al lot of things that Hansen has already made. I think this is an important point.
Yea does the NBA want to wait another year in Sac just to wait on the environmental review stuff.
I assume nothing other than this is another rumor that has come out. Could be true, but it doesn’t say anything about anything other than there are some people there. There is even the part about presenting to the NBA in the article that makes it seem like they really might not have the finances in order. With all the rumors flying around recently it just seems like people are trying to get the word out there just in case. I am sure more will come out, but it seems like something that could happen not necessarily what is actually there. Who knows though…
we do have 1 edge though the price offer for team. Nothing came out where someone is offering more $$ than what Hansen has offered so far.
Like what paul said the other day why would NBA accept a 450m offer over a 525m offer.
If NBA is allowing them to match the offer than they have to pay the 525m that Hansen has offered not what KJ is aiming at 450m
It all depends on what the valuation of a team could be after a sale. Should the loan not really affect the value, then an equivalent sale in terms of the loan staying on the books may be acceptable. I don’t really know how any of that works though.
I guess its a huge wait and see what happens regardless of what happens.
Just one point: The Sac group doesn’t need to buy out the minority owners, meaning they only hypothetically need to come up with the Maloof percentage (53%) of the 450 million (525 minus the 80 owed to the city) so that the family clears the same profit. The minority owners are all from Northern California
Good point,
however couldn’t that lower the value of the team though since we are talking about 238.5m just for maloofs share.
Whatever happens, man. Best of luck. It’s ridiculous how fans like us are drug through the mud by idiots like the Maloofs and Schultz.
Not sure about that. I would assume there is a contract with the ownership structure since minority owners are responsible for contributing to capital calls and whatnot. I have no clue how these minority owner contracts work at all though, so who knows?
It turns out that the Maloofs purchased the Kings with the Kings already having the debt to Sacramento. The already existant debt was about 68 million dollars. The debt would go to 77 million dollars as a penalty for moving the team; and the moving of the team would make the debt payable immediately.
This is a big mess, and Brian is correct in that people should not “ride the rollercoaster”. These twitters, rumours, and news stories all seem designed to manipulate people to effect the deals (if any). Do not let yourself be manipulated.
If the kings stay i hope Chris has a plan B, C and D. Time is against him.
If the ink is dry and NBA rejects the deal, what they are really saying is “we will NEVER let you have a team again”, unless they grant expansion.
What if Hansen turns to Charlotte next and gets ink on a contract with MJ? Would Charlotte have a chance to match? Would Milwaukie? Would Indianapolis? Everyone would get a chance to match but us?
They would be making a statement that it doesn’t matter what we do. Get a stadium approved? Too bad. Get a stellar ownership group together? Go pound sand.
If the NBA rejects a deal that has been signed by both parties, the only way my animosity toward that league won’t return 10 times worse than it was before Hansen surfaced is if they make an immediate commitment for expansion to Seattle within three years.
I still kind of think we’re getting the Kings, but if we don’t and aren’t granted an expansion team? I don’t want to think about it.
Paul,
I’m starting to think getting a NBA team secured before shove meets ground as part of the Seattle agreement was a bad idea.
Well the only way shovel hits ground without a team is if it is 100 percent privately funded and the investor is a gambling man.
Hmm question since Seattle was never given a chance to match a offer and the NBA screws Hansen after he did everything he needed to do. Wouldn’t be there a possible legal issue. I’m no lawyer i was just curious.
There’s no legal issue. Who has standing? The City? We already capitulated. I mean settled.
The NBA also would “claim” this was different because Hansen bought with intention of leaving town. Bennett - according to Stern - tried to get an arena in Seattle before moving.
We know that’s horseshit. But we signed away any opportunity to challenge Bennett’s “good faith best efforts” when Mayor Moron sold out.
There is no legal standing. We work with the NBA or we pound sand.
Well i was just wondering. I did say i am no lawyer.
I’m sooooo tired of this roller coaster. I used to love roller coasters! I’m going to feel we got burned all over again, if I it comes out that we had a deal, and they gave Sacramento another shot to get their s*i$ together. We’re where these opportunities for us to save our team when Ballmer tried to save the day? Why didn’t Stern step in and say look Clay, they have an owner who is willing to step in and keep the team in Seattle.
Stern is a creep, thats why
because Bennett already owned the team. That’s the disadvantage we’re at compared to then. They can block a sale, but they can’t force one.
Just one more thing. If the ink is indeed dry and Sacramento comes up with a group to match, the NBA should let Hansen take the Kings and grant expansion to Sacramento.
I hope we hear announcement next week i do not want to see this drag out any longer.
I’m turning my full attention towards the hawks for a bit. This rollercoaster is making me sick.
And i thought the rollercoaster over the arena deal was annoying.
I’m doing the same Omar.
GO HAWKS!
EJ did you see the latest Real Rob Report? Or that Beast mode and Coach Pete music video?
Both were amazing.
Just in case someone hasn’t seen it here’s the Beast mode and Coach Pete video
http://bit.ly/Uf7qw9
Should the team be sold I could see the Maloofs charging an outrageous rent for Sleep Train arena. They own it right? Just a random thought I had.
Just a couple of misconceptions on here about the Sac arena deal as well…
This new arena proposal is out of left field, and no one know what it is right now. What is known is that the arena deal that the Maloofs passed on last March is still a go, KJ publicly offered it again a few weeks ago, and ready to be moved on with new ownership. KJ has been in constant contact with the principal parties, including AEG and they are all on board.
All cost overruns on the new Railyards arena were agreed to be paid by the developer David Taylor. Why? Because the new arena there is the key to unlocking the largest undeveloped urban landfill in the country, which would nearly double the size of downtown Sac and be worth billions (http://www.bizjournals.com/sacramento/print-edition/2012/07/13/railyard-moves-forward-after-arena-plan.html). The City of Sacramento will pump in 200-250 million by privatizing the city parking and receiving the money up front from a company, thus not jeoparding the general fund. The only money the Maloofs would have paid would have been the 30 year lease up front, or around 80 million. And they weren’t even going to pay that, the NBA was going to loan them the money.
These guys are going to use both of our cities, and in the end may screw both and move to Anaheim, which is where they really want to go. http://www.sactownroyalty.com/2013/1/12/3868836/maloofs-ownership-sacramento-kings-sale.
Unless the sale is final, which it isn’t these guys are like playing with a loaded weapon. They could change their minds a ton over the next month.
Its gonna be sad for the NBA if kings move to Anaheim against the wishes of the league(no choice if it involves the courts)
FWIW
Per Dave Carmichaels twitter
Word is Gavin Maloof is emptying his house here.Gave a $2300 chandelier to his car wash guy. Giving other employees TVs, etc as thank yous.
He was the one Maloof that Sac fans didnt 100% despise. If he’s leaving then safe to say they’re all getting out of town…. Interesting.
Actions speak louder than words.
Could this be a good sign for us? I think so
Yea makes me wonder if Kings to Seattle is a done thing if Gavin is packing up and leaving.
I can say one thing about this rollercoaster ride. Whether you’re a Kings fan or a Sonics fan if you don’t like the latest news/rumors wait about 10 minutes(figuratively speaking of course) there should be a tweet that contradicts the last.
I think at this stage the only people who know what’s going on is Hansen’s group, the Maloofs, possibly this new Sac group, and the NBA. Beyond that we have a lot of Twitter noise from anonymous sources who supposedly say stuff that is either great news for Sonics fans or great news for Kings fans.
I’m taking a bit of a break from the rollercoaster, I have too many games I bought from the Steam winter sale that I haven’t played. I figure after I get done playing one of those for a bit, the bi polar rollercoaster will have thrown a few more twists and turns.
ladies & gents, this roller-coaster stuff always happens every time a team moves. . .
Goodbye Rollercoaster ride, I have some games that I should probably play that I bought during Steam’s Winter Sale. So figure when I check again in a couple of hours there will be some more twists and turns.
Anyway the Denver against the Ravens is on. So, I am thinking that there will be at least 3 to 4 more twitters about the Kings by this time tomorrow; and I bet that none of them will have any more substance than the ones we have seen.
Denver just got a fumble, but a penalty takes it away. Make sure you get a peek at the sun before it goes down.
Don’t allow others that you do not even know to manipulate your emotions.