We were expected to finally see Sacramento’s financial term sheet for their would be arena. Details were supposed to be released at 1pm. It was delayed to 2pm. It was then delayed at 3pm. A few minutes before 3 o’clock we find out they are still in negotiations and they were not going to make the artificial deadline that was set out by Mayor Kevin Johnson.
In another twist to the story, turns out that Mark Mastrov is no longer the lead investor in the fiasco. It’s not Burkle either, nor is it John Kehriotis.
It’s current Golden State Warrior minority owner, Vivek Ranadivé. He only has a few weeks in which to have his shares of the Warriors bought out and figure out how much of his paltry $381M net worth he’s willing to throw in.
That’s the only number I can find, but his yearly salary is $550k and he recently sold about $8M worth of stock. Not sure how this makes him a lead investor, but I guess he’s going to have fun spending all his money and becoming the new George Shinn.
Wow- don’t even know what to say. Night and day with how lucky we are with having Chris Hansen in our corner.
Crowntime is over…..
Isn’t being vetted for minority owner different than vetting for majority ownership of a team?
Yep, officially still don’t get it. Why this guy? He doesn’t seem to have anywhere close to the kind of money he would need, and if he’s truly the lead guy than Mastrov’s contribution would go down not up.
I can’t wait until this is all over and we at least have a chance of figuring out who all these people were and why they were doing this. A bit like all the goofball stuff that happened in Seattle near the end.
“but it’s not just any bus boy who wants to buy the team, do you know who took David Stern’s appetizer away last time he dined out in California?
dO you? taht’s right! Derek!
Would be interesting to hear their conversation… :)”
“You have Derek?!” - David Stern when KJ dropped the Derekbomb
If there was any truth to the twitter saying he will only sell his shares of the warriors if NBA says no then legally how can he be involved now?
I would say so.
Per Sac Bee “The India-born Ranadive, 55, is chairman and chief executive of TIBCO Software, a $1 billion-a-year company in Palo Alto. He controls about 8 percent of the publicly traded company, putting his holdings at $318 million. It’s unclear what his total net worth is.”
Read more here: http://blogs.sacbee.com/city-beat/2013/03/new-investor-emerges-in-bid-for-kings.html#storylink=cpy
False Assumption Central is rockin’ it today!
Waiting to see how sac twists this to look positive in their favor…..
If so then how can there be enough time for NBA to vett him as lead investor in time nevermind why would they vet him at all if he’s still minority owner of the warriors.
Peyton Siva is awesome.
That’s all.
This guy thinks he can take our Sonics away from Seattle? No way punker bruiser.
I gotta 12 pack of non-alcoholic alcohol here and a lawn chair with an attached umbrella ready to sit outside Key arena for the first game back in Seattle!!!!!!
Funny how it seems like Hansen and us are standing up waiting on the sidelines, tapping our feet, and constantly looking at our watches with nothing else we can do, while the other side seems to have all the breaks in getting more and more and more whales, and inside info from stern, ect. All of these whales should have come out of hiding in the last 4 years. Not a month before the bog meeting.
Just go over to STR, they are in denial. Calling him the whale of all whales. Term sheet not getting done, not a big deal. The comedy of it all amuses me.
He will still need to be vetted (if he has been involved for “weeks” it has probably started) - but there is a big difference in being a minority v lead investor.
I don’t think the minority ownership in the Warriors would be a problem. That’d be extremely easy for the NBA to deal with. There’s a lot more relevant things hampering Sac’s efforts right now.
Changing the plan at the last second, that always works out well.
Arena not getting done is a big deal though. You have to have both not one or the other if kings every have a shot at staying.
Whoa. Scale it back there buddy.
Everything today has been positive for the good guys
It is shocking what a clusterF*** it is down there, and yet I cannot imagine that an additional millionaire would bother hitching his name and reputation to KJ’s scheme if there was not at least some chance of it working. Why would anyone bother at this late stage? I am encouraged I guess by the obvious fact that they have nothing finalized down there, but I am not at all ready to celebrate a victory for Seattle
And they have 13 days to give NBA the new offer and with a new lead investor.
They will figure something out
Because you can put your name into something to make yourself look good and never have to actually spend a dime?
He wins either way no risk for him so why not?
Exactly, I don’t buy Sacramento’s claims that the Maloof’s reassured the city of Sacramento that they weren’t selling team or interested in moving the team.
you cannot have OUR team OUR Sonics
How about NBA fans?
These are 2 of the 3 worst news items Kings fans could possible have received today.
NBA teams are owned by individual owners. Sure, there are lots of investors, but one owner. For the Sonics, it will be Hansen. Ballmer may be the biggest investor in terms of dollars, but Hansen is The Owner. For the other guys, Mastrov was going to be The Owner. Today, he basically conceded. In fact, he probably conceded a couple weeks ago, and Stern found a ringer, Ranadive, to put out in front of the group so that Mastrov would not have to publicly concede. The Sacramento group now has what you could call, at best, a back up offer.
Equally bad news is that there is no deal for the arena. There is either too much to do in to little time, or the numbers simply don’t pencil out. Or both. I expect Sacramento will still put something together in the next couple weeks. It may even include more money being promised by Ranadive.
The only worse news for Kings fans would be if either Mastrov or KJ or the Sacramento city council came out and said they were withdrawing their bid.
I so can’t wait for this to be over! I wish we’d get lucky and hear good news on April 3rd, but more than likely going to have to wait to April 19th. This is going to he the longest 4 weeks…..ever!
Was about to say that. No need for that kind of language. Calm down man :)
So they’re still having a meeting tonight. Wonder if it’ll be online, and if they’ll bring anything up?
Dude.
1. Can it with the talk about the guy’s race/nationality/etc. Not acceptable
2. It makes us look silly to call the current Sacramento Kings OUR Sonics.
you cannot have OUR team OUR Sonics
Please, no racism on this site.
Here is why I think the term sheet is an big issue (in terms of getting it done). This whole time the city is sitting here prepared to flip the majority of the bill while feeling pressure, public or not, to do whats best for the city. Meanwhile you have 3 “whale” involved who could easily go for the same kind of financing that Hansen has done or something resembling it. The city could hose itself. Their city manager has already screwed up once in Cincinnati with the Bengals stadium…if he likes having a job or the job he has with major cities then he cannot leave another city flipping the bill on deal that ends up as a negative. Lots of things in play here and really very little if any time
You’re not a Sonics fan, right? If so, your racism is shameful and frankly embarrassing. Please step away from the keyboard.
I hope that you’re just an StR poster trolling here under the guise of being a Sonics fan. That seems like something those people would do.
I think NBA fans are mostly on seattle side
Yeah, it’s insane how much of this is being glossed over. What happened to Mastrov wanting to own an NBA franchise? Now he just wants to be a minority owner? Those are two very different things. This whole thing is bizarre.
Time for a time out
I’m guessing this is a Sacramento fan posing as a Sonics fan to make us look bad. He claims he’s a Sonics fan living in Sacramento, and then posts 3 times before spewing racist garbage? Pretty transparent.
Minnesota vs. Sacramento game thread?
It’s rightfully our team though, you’ll see.
Its not our team until BOG votes to approve the sale until then its Sacramento team.
Yeah, I’m pretty convinced of that.
Now, he’s right about Sacramento and Seattle both deserving teams, but I would actually feel worse about us taking the Bucks or the Pacers. Those teams started in their respective cities, have been in Milwaukee and Indiana longer than the Kings in Sacramento, and have better histories.
Please
I think most of them would like to see both places have teams.
No, no game threads. Not while they’re still the Sacramento Kings.
… really?
Is there a mod that can ban this Kings fan? Thanks.
Now, he’s right about Sacramento and Seattle both deserving teams, but I would actually feel worse about us taking the Bucks or the Pacers. Those teams started in their respective cities, have been in Milwaukee and Indiana longer than the Kings in Sacramento, and have better histories.
Another team I would feel worse about is Charlotte, since they had a great thing going until George Shinn screwed up the market and then bolted. The Bobcats so far haven’t given them much reason to come back from all that. New Orleans and Memphis I wouldn’t feel as bad about. But those teams appear locked in to where they are for a while.
People in Baltimore don’t care. They think the sonics are returning.
Well, the only thing I can take from today is more ?s. I’m still at 50/50 though. Just a bunch more ?s
+1
Kings fan? lol I’ve probably been more to Sonics games than any of you here
[IMG]http://i.imgur.com/sm4vMtX.jpg[/IMG]
Yeah
My take on this is that by bringing in a new majority owner at the last minute it allows Burkle and Mastrov to exit the scene before the fan anger happens. This guy will be turned down for majority ownership unless he has a lot more money than we think he has. Burkle and Mastrov can continue to be heros in Sacramento for trying. No one is going to do the deal in Sacramento. It does not pencil out.
You would think if there was a BOG vote, the Warriors would have to recuse themselves from voting due to conflict of interest….
If that’s true the get your douchery out of here with that racist crap.
Your no true Sonics fan if you spew that stuff
Why would the new guy volunteer to be the fall guy though?
Meanwhile, has anyone heard of any numbers from the season-ticket signup campaign here?
Will be released in April
No risk? Maybe the NBA asked him to come in to give mastrov/burkle a exit
For that matter, if he’s the majority investor, is there any guarantee he’ll be willing to stay in Sactown? Remember, he’s based in Silicon Valley; maybe his plan would be to pretend to be keeping the team, then throwing up roadblocks to the arena and moving the Kings to San Jose.
How’s the Lee’s Family Donuts next to Frontier Fire Protection. There usually a lot of traffic at the intersection of Palm Drive and Fair Oaks BLVD?
Or maybe positioning himself for the next team to come down the pike — but, as I suggested above, not necessarily to move them to Sacramento.
Maybe not volunteer to be the fall guy but maybe this guy wanted in on the investment group, Stern or whoever paired him up with Mastrov and then if this fails the guy becomes the fall guy by de facto. I’m just throwing the idea out there that might fit with the fall guy scenario.
We’ve already acknowledge I live in Sacramento currently? Good work though, funnily enough though never heard or been to any of those places, prefer Rich’s Donuts on Manzanita personally.
Perhaps, Stern introduced him to the group. The NBA needs a way to turn down Sacramento that makes sense to the public. A majority owner that is not qualified would certainly be a legitimate reason. Like Clay Bennett the guy could just be earning points with the league office for the next time when a team comes to San Jose.
Personally, I could care less if you live in Sacramento or Seattle. Or, honestly, if you’re a Kings fan or a Sonics fan. You’re more than welcome (by me, hah) to be here and post as long as you aren’t spouting racist comments. Cut those and everybody’s happy.
That would make sense then the guy could potentially pair up with Ellison and move a team to San Jose. Both Ellison and this other guy would be vetted making the process slightly easier.
Since many have a theory here is my shot at one. Remember the call? KJ and Stern. Maybe way back then Stern told him Seattle was a done deal but also told him he could use this to put together a group for the next available team. So KJ goes about his mission and during his talks with people they start to notice that their plan is looking really good. Now they are thinking that maybe, just maybe, if they make it crazy enough they can change the NBA position and swap places with Seattle. There. That’s what happened.
Well now it will be a crazier month I suppose. Theories will be out there for sure.
Maybe you guys are right. I just have a hard time writing a behind the scenes narrative that doesn’t come with a bunch of question marks, on either side of the equation.
Heya SuperSonic fans just found this forum a few days ago so I decided to join the fray after today’s news. Listening to Sactown radio right now. They are trying to spin this as more “whales” joining their ownership group. Which one is it?
If that answer was already posted my apologies.
The mood on the local radio there is very somber. Sounds like KJR after they realized the Sonics were likely gone.
Feel really bad for the majority of the Kings fans but its hard to feel bad for some of those fans, writers, and even their mayor.
On a final note, April 3rd is my birthday. I hope that is the day I get my freaking team back for my bday!!….because if I dont… well that will just be cruel and unusual punishment.
Great blog site guise!! Thanks!!
Go Seattle!! :))))))))
#BBOS
Anyone know the link to sacs live meeting? Or if there even is one?
this is exactly what I am thinking. they will get a handshake just like we did and land the Hornets or something down the road.
i am listening to the local CBS sports radio online. seems pretty informative.
After the Sonics fiasco of 2008 one thing we know is that in the NBA David Stern is always the puppet master. Nothing happens that he does not control. He has to find a way for the owners to turn down Sactown without another Sonicsgate episode. If Sactown has no arena plan and no viable ownership group then the public will accept the team being relocated. To this point KJ always maintained Sactown had a strong, viable, local ownership group. Today, that changed.
yet they are pretty giddy over at StR and a few are mocking us…oh well.,,don’t care..just semi curious for a few minutes…who really knows what’s going on except Stern, Hansen/Ballmer and a few others…we shall see soon enough. I think/hope it is looking pretty good for us.
My favorite STR post so far:
“So now where is everyone standing on a scale of 1 (Sonics Rising) to 10 (Jlv)? Personally, I’m getting pretty close to a 9 now. This is getting too amazing! So long as the arena plan goes well, I don’t see anything that can stop us right now.”
Delusion at its finest, I can’t wait to see how much worse it gets.
They think we’re delusional, we think they’re delusional. There’s probably too much groupthink going on in either fanbase.
I guess parking is one of the hurdles too for Sacramento. They just have so much bs to wade through. How in the world do they expect to keep the Kings? We have been through this. Remember when we were optimistically blind? Remember when the Ballmer group tried to step in? It feels very much like that. Its the 11th hour. I dont see the Kings staying in Sactown. They sound like us 6 the years ago. This is kinda painful to listen to but also puts a smile on my face.
No parking at plaza location
And I really don’t care what kings fans are thinking about. Think for yourself is what I’m thinking.
:
Based on TIBX’s March 2013 proxy filing, Vivek does own 8.1% of all outstanding shares (or 13.9 million options/shares), which equates to a monetary value of $321.2 million based on TIBX’s closing price today. However, if we base the monetary value of his holdings on the firm’s after hours price (which fell 15% due to a revenue miss in Q1 and poor Q2 guidance) his holdings drop to $272.4 million. Just wanted to give an updated value.
Where did everyone go? lol. It just died in here.
Only can speculate so much I guess. This is getting to another level of ridiculousness to even comment on to be honest.
To be fair, were I a Kings fan, I would also be grasping onto the news of a new potential owner joining the group. The truth is that the numbers don’t add up. However, I am sure David Stern knows about this gentleman joining the proposed ownership group to keep the team in Sacramento. The idea that he is getting Sacramento prepped for the Bucks in two or three years makes the most sense because right now, Sacramento is struggling to put together a proposal that looks anywhere near as good as the one Seattle is fielding when it comes to the arena.
Look, Sacramento is dead broke. It is what it is. It’s a shame the Maloofs are completely ridiculous and did not just take the arena deal the NBA and Sacramento put together for them, but if I have to put up with taking the Kings to get an NHL team, I am all for Hansen buying ‘em. I have lived through it before. It’s ugly, but that’s how it goes.
Daniels tweeting about the meeting now
This happens every time. Something happens, everybody says what can be said based on the existing information, speculation starts, Peter pops in to the thread to say that IF they deny Hansen they have to give him expansion, we all get into a fight over the e-word, repeat.
Wonder why they felt the need to drag us along for over two hours, since we know they already knew they weren’t going to meet their deadline? What’s with the unnecessary dragging out, just to say, sorry, well do this another day?
Chris Daniels @ChrisDaniels5 1m
Shirey says he hopes he can bring something for recommendation to Sac Council on Tuesday… #NBAKings
Streaming here:
http://sacramento.granicus.com/ViewPublisher.php?view_id=22
Just click ‘view live meetings’
This is perfect synopsis
17-18 page long term sheet. Should have taken the over
Pretty strong team? Overstatement
Translation: “Burkle is trying to squeeze every last cent out of our incredibly broke city, and I really don’t know how we’re going to pay for any of this. Maybe I can get something held together by a Office Max’s worth of paper clips and rubber glue by Tuesday? Maybe?”
And still won’t vote on it until the following tuesday
Oh Bruski…..
Aaron Bruski @aaronbruski 1h
Source with intimate knowledge of the #Kings situation says “things are moving fast and looking very good for Sacramento.”
But he said they have a rock solid arena plan like 6 weeks ago……and that ROFRcopter would take them away to a happy place…..and his sources said the
ILWU suit would tie this up for years….
Thats the biggest pile of patheticness i ever read.
Can’t wait to never hear from this guy again. Just this week he was saying how the arena deal will be done.
But that would imply that their plan is “looking really good” — which I don’t think has been the case at any time since the PSA was announced, and certainly isn’t now.
Link to Sac Council Meeting
http://sacramento.granicus.com/MediaPlayer.php?publish_id=26
I think I am gonna go on hiatus from sac speculation. It is getting to be too much and not worth even worrying about anymore. Hopefully the next few weeks go fast so either way this thing ends
Aaron Bruski @aaronbruski 19m
Multiple sources tell PBT that there are no foreseeable hangups on SAC’s term sheet, and that Ranadive has been immersed in the process.
* Then why isn’t it done Burski? *
Aaron Bruski @aaronbruski 24m
Source on Ranadivé: “As potential 1st major Indian owner in US sports w/ NBA making a big bet on Asia, SAC landed a haymaker”
*That doesn’t give them an edge over anything. *
Agreed. They have some pie in the sky plans here but the city is broke and crumbling and the market over here is sort of saturated. But people in the city would love them for sure. I’ve made lots of casual friends of all kinds just from talking hoops.
That’s a pretty fantastic quote considering the fact that Shirey is saying “Erm, maybe we’ll have that term sheet ready to go on Tuesday?” to the media.
I will again remind people that the term “source”, while often used to obscure the identity of someone taking a risk by divulging confidential information, is more often used by blogger types like Bruski, as to add credibility to an individual who would not be granted such if they were identified outright.
Yea. I hate when people misquote what they are actually saying.
There is no real use in trying to speculate the meaning of all this. It’s a foregone conclusion that a term sheet is finished, but that doesn’t really guarantee anything. There still will be a ton of different hoops to jump through before Sacramento had any real shot at keeping the team. Not the least of which is the HUGE obstacle of getting the BOG to overturn a signed P&A and how to deal with the lost $30m deposit that Hansen/Ballmer would face.
These guys need to realize that players will make the difference not owners. The NBA will be big there no matter what.
I wonder who these mystery ‘sources’ always are, because it pretty much winds up 100% of the time being the opposite of whatever he says
Per Aaron Bruski….Kings moving to Indian
Advertising a date, arbitrary or not, self imposed or not, makes you look silly when you blow it this way.
They want a long term agreement. Whoever the speaker is of this city council also seems to think they have the edge since they’re a one trick pony while seattle has other teams to compete with revenue.
Pretty sure this guy is the same as bboschris. Notice he’s signing #bbos. Nobody here uses that acronym. Then you get two new users both using it? Just found the site, my a$$. This dude needs a boot.
Nothing’s stopping you from ignoring him now.
India sorry
I think I am gonna print out his tweets and mail them to him with articles from the next day disproving what he said…
Not according to the people at StR. It’s not a big deal at all because the term sheet will get done eventually. Also, who cares if they can’t actually pay for their share of the arena? It’s no biggie. They have a whale worth 350M dollars as their new lead owner this late in the game, but I’m sure that because he is Indian and India is a REALLY BIG COUNTRY, the Kings are all but staying forever and ever!
When they try to sell the arena as the miracle cure for their ailing economy I can’t help but think of the Simpsons monorail episode.
Don’t let Bruski put you back on the Roller Coaster, I bet his source is CMD.
Remember when Bennett was trying to move the Sonics and we swore it wouldn’t happen because Seattle “was the gateway to Asia”?
This seems to be hunting under the same delusions.
Also, if adding this guy was going to net them a TV deal in India, why don’t the Warriors have one there now?
Do it. He blocked me on twitter (guess he didn’t like my haiku) but someone needs to call him out
Can’t wait til this is all over. I really don’t understand why you guys immerse yourselves in the Sacto propaganda to ridiculous degrees. Seeing you all do thus over and over is like watching friends smoke cigarettes. You all do realize it’s hazardous to your health and with no positives, right? Lets just focus on us, and leave Sac to themselves. It’s pointless at this point. The confirmation bias is so thick on both sides, we’re always going to take everything as positives for us, and them the same for them. What’s the point of arguing over our diametrically opposed viewpoints?
So now Sacramento County is part of the financing…….hmm they werent before were they? Wouldnt the county council have to approve on that one?
Moderation again? What the heck?
Ryan Lillis @Ryan_Lillis 23s
Assistant CM Dangberg: city won’t lease parking assets to private operator. That plan had received much opposition in City Hall
Wait, so they aren’t paying the arena through the parking assets? Where are they getting the money?
Property Tax and Ticket Surcharge? I thought the taxes weren’t raising for them? Did I hear that wrong?
This message is brought to you by the Ministry of Truth (Minitru) and Victory Gin. It’s double plus good!
LOL ouch no way they’ll get a county approval in time.
They arent leasing it out to a private company they will use their parking money to fund the arena and backfill the general fund
“Mastrov is our whale!!! Woo hoo! Mastrov is our man! Big money! Whale!”
“Mastrov who? We got this Indian guy! He’s a massive whale!”
I’m not generally one to belittle Sac’s efforts. But the way they constantly change their tune and reasoning really is humorous. Almost as humorous as how often Bruski’s narrative from his “sources” is.
Remember how much it sucked getting King Co and Seattle City to vote on ours? Good luck and tick, tock, tick, tock….
They are setting up a non-profit corporation, transferring the parking assets to that corporation, and then having that non-profit take on a ton of debt with the parking assets as collateral.
So the difference is that instead of leasing out the parking assets, they will be gambling them entirely on whether or not this arena subsidy will be paid for by the revenue from the increased property tax values, ticket surcharges, and parking income.
Who knows anything anymore. Need more public review with these changes I would think
My posts seem to be getting eaten alive.
and backfill the general fund with ticket surcharges and Im sure in the end will have to backfill with other ways to get to 9 million
They would issue bonds to pay for the arena, then pay them off over time with money from the parking.
Seems as though the City will be “monetizing” their parking assets by borrowing against projected future revenues. AKA…they (Sacramento) will be taking on all of the risk.
I’m curious to know how much they are getting out of parking money to fund it.
They just said they may have to add to ask to take from county parking assets
Can they actually do that given how much in debt they are in.
Essentially. They are setting up a de facto non-profit corporation that will own the parking assets and incur the debt, but if this doesn’t work out, the parking properties will be lost.
No way this deal is done and approved by the 3rd. If they have to ask for county assets.
Well, since this arena will be taking away some of the parking spots the money generated is going to be less than before.
One thing is for sure, this obliterates the “We already have a deal,” or “We are farther ahead on our deal,” narrative to bits. This is nothing like the railyards deal.
And if they didn’t have bonding capacity then they would look to their county, just as Seattle did more then a year ago.
Anybody still want to argue that they are ahead of us in any way?
I was thinking the same thing Soundersfan
Ryan Lillis @Ryan_Lillis 3m
Speaker asks Shirey why city contribution is majority of #arena financing plan, when 3 billionaires are involved in deal
Retweeted by Northwest Basketball
Sound familiar?
Bet Bruski would.
If they want to, I guess. It probably would be risky, but it’s their business.
I took it that they are getting around not exceeding their own bonding capacity by setting up this non-profit, transferring the parking assets to that corporation, and then having the non-profit take on debt against the parking assets.
Sounds very much like Licata
That is a very good question to ask but not accurate statement there is only 1 billionaire.
Right…kind of seems like a nice way of saying “I’m getting a second mortgage to buy some investment properties in rural Phoenix.”
lol oh snap
No specific footprint yet for the arena. Yes how are they ahead they dont even have a spot on the Plaza grounds picked out
If there were 3 billionaires then why the hell did they lowball the offer?
I don’t see how they are going to run the day to day operations?? Mastrov & this Ranadive clown don’t have enough cash to even equal 1 of the Nordstrom boys!? Not including Papa Nordstrom either… How do you run a basketball team when the 2 investors spend more than half of their net worth on just acquiring the team?!?!
Lol. Or North Las Vegas, but great analogy
We don’t really know how much Mastrov and this new guy are worth. It could be more than we think. They’re not on those Forbes billionaire lists, but neither is Hansen.
So basically instead of:
Leasing parking spaces
Receiving a large lump sum
Losing out on parking funding
They’ll get:
Gambling city parking assets against new debt
Receiving parking funding and diverting much of it to pay the newly incurred debt
Which is better, really?
Shirey is pretty good at politicing because he knows how to spin a question and not answer it all at once. Ill give him that
Bellingham Insider @Bham_Insider 14m
@Ryan_Lillis so, with less parking spots, cities contribution has been decreased?
Ryan Lillis Ryan Lillis @Ryan_Lillis 2m
@Bham_Insider No. Total contribution to remain the same as last year
I would hate to see how long it takes to get the thing paid off.
Ryan Lillis @Ryan_Lillis 16m
Shirey says parking space monetization, land contributions will be city’s subsidy of #arena plan
And how exactly is the land gonna actually provide funds if its not actually owned by city or the investors themselves?
So its gonna create 6,000 jobs for construction. No offense but there wont be 6,000 construction workers. Granted he did say spin off so I guess if you connected enough dots
It’s kind of hard to read all these replies, and listen to the council meeting at the same time. I’m waiting for someone that’s pizzed off to ask some questions, lol.
There is your pissed off constituent
someone needs to ask so when will the deal be approved if the county is involved.
Just tweeted: @sonicsarena: So much great basketball today. Make sure to tell everyone you know to join the #Sonics Priority Ticket Waitlist! http://t.co/x3QyAgpA3n
Listening to these meetings you can sure tell politics is a primary line of business in Sac
lolz
And not only does it not give them an edge, there is league precedence of it not giving them an edge.
Remember that pizza guy who was going to buy the Atlanta Hawks a couple of years back? He was going to be the first Latino owner in the league. And that didn’t last too long either.
If the BoG have better financial options elsewhere, they will go with them. Race, creedence or colour are a non-factor (as they should be).
You’d think it would be packed there, but I see plenty of open seats.
Anybody know what Sacramento’s credit rating is? No beuno is my guess.
If you ask me, CH is more of a true “fan” & dedicated NBA fan, & possible future owner of the new SuperSonics than Burkle/Mastrov/Clown Boy/Sac of cow poo & whomever else they pull out of their arse at this point, could ever hope to be. There’s loads more passion with CH/SB/NB than with their group of investors. I mean, Burkle trying to take every last red cent from Sactown possible is just plain cruel! Where’s the passion there??? And then CH bending over backwards to work with our knuckleheaded politicians, basically GIVING them whatever they wanted!! CH wins on all counts. NBA would have to be delusional to not approve the sale/relo unanimously IMO.
Chris Daniels @ChrisDaniels5
Here is our writeup and VIDEO on the latest from #Sacramento & the fight for the #NBAKings #NBASeattle http://king5.mlnwap.com/article.html#!/10329/f3a4e80e4ff10a3fb7c818e3cd4a3885 …
Onsite and offsite, I can see it. Have to count manufactured jobs as well.
Same would be for Seattle.
How can this lady call KJ a “one issue mayor”, doesn’t she know that 2013 is the year of food?!
lol, lady steps up and disses kj about only caring about one thing as mayor. Kings. We found our pissed off citizen. lol
I wish Bruski didnt block me - Said no one ever.
So it’s JMA’s responsibility to acquire any land they don’t own for the arena site.
Wow, if the city isn’t going to attempt to use eminent domain (which would be its own pile of problems), I’d be asking the moon for my parcel of land.
Where Bruski is concerned, ”source” can mean anything from a CMD tweet, to the voices in his own head, to Miss Cleo and her Psychic Friends.
Damnit my computer was buffering when he answered the private owners of the DT Plaza. Anybody get his answer?
Here is what I do not understand; was the Railyards plan not WAY farther ahead? Why did they not just gussy that plan up and present it? This downtown arena plan seems like a complete pipe dream in every way.
Yet another potential glitch down the road.
Exactly but you would have to negotiate because if the deal falls apart (it will) then you missed your chance to sell for top dollar. Time for some power play negotiating IMO. Have fun JMA having that done in 2 weeks
Shall we change the thread title to “As The Crown Flies”?
stupid lady was wondering if hansen buys the team, would he keep the team there? lol, wtf are they even there for? derrrrrrrr. I wish I was recording this to link it to you guys. that was some funny sht. everyone was snickering.
They keep avoiding the questions about property and sales tax increases to the public that I dont know if I heard wrong earlier but someone asked and they skipped it
No, she was asking about the current arena. If Hansen buys the Kings, he owns the Sleep Train Arena. She was wondering if Hansen buying the team could lead to him fixing up the arena and still holding events there.
No she didnt she was wondering on if he is going to invest in Sleep Train and host venues there that arent the Kings.
Funny how someone brings up the sales tax and property tax potential increases to back fill the general fund and then boom some introductions of some other things and meeting over. they avoided the scrutiny of that hmmmm. This term sheet is going to be interesting if/when it is done. What are the asking for the county to pay and when they may vote on it.
Sorry Sacramento but that just helped my understanding as to why the Sonics WILL play in the Key this fall. There is so much that has to be figured out. Putting out a non binding term sheet for a preliminary vote by the council will do nothing with all the serious matters like land acquisition, cost overruns, bonding capacities, the counties emergence as a needed contributor, possibility of county parking assets involvement, so much more. I dont see itn not in two weeks
That would imply that if hansen bought the kings, then they’ll just throw in the arena to him as well? lol. Ya, I was reading and trying to comprehend some of that while somewhat watching tv. I guess three things at once is too much.
When Hansen is approved he will own Sleep Train but also own the debt against it. Most likely scenario is he leverages the arena and pays the difference to fulfill the loan. Theorrectically he could pay off the loan and own the arena and make money off of whatever venues show up
Seattle still has a many advantages, for one no one really know the details of Hansens offer and potential side deals with the Maloofs to buy the Kings other than the BOG’s. The total could be well north of 525m if he is paying off all their loans ontop of the purchase price.
Well, after it’s all said and done, I don’t know anything more really than I did this morning.
Feeling more and more like this will come to a merciful end on April 3.
Hansen used Seattle’s good credit rating to reduce the interest costs thru the $200 million loan. Sactown is setting up a private corporation to avoid the high interest rates and poor bond ratings from their city. It is just the opposite approach from Seattle but for the same purpose, to lower interest costs.
Eminent domain could take years thru the courts if the property owners do not like the price they are offered. Hansen just paid up to acquire the Sodo property. Sactown hopes to screw the property owners.
Wait…. and here I thought it was “Checkmate” after KJ announced the whales during his State of the City address.
Oh, you do. Sacramento is so far in debt that they have to ask the county for money and they still have to buy all the land for this pie-in-the-sky downtown center. Meanwhile, their latest “whale” needs to beg for change from the Nordstrom Brothers.
It would be funny if it wasn’t so sad.
If the team leaves and Sactown continues with the plan to build at Downtown Plaza, Hansen will have leverage. Their downtown arena will never be viable as long as Sleep Train Arena can compete for events. It is the Key Arena problem all over again. The city will need to buy Sleep Train and tear it down. That is probably not in their cost estimates.
It’d be hilarious if Hansen had to negotiate with the city to sell back Sleep Train
Comic Relief! Bruski deserves one of these … it would be fitting if he updated it to his twitter pic.
http://tinyurl.com/cu2394b
The city manager says they can’t build an arena without a team.
Hansen: “It’ll cost you $Xmill… oh wait, you don’t have any money!”
To be fair, it’s not like India is a very big basketball country. Is there even an Indian born player in the league? If the investor was Chinese or Russian it might make sense though.
I’d venture to say Soccer and Cricket are way bigger sports in India than basketball. I didn’t even know there was any basketball following in India at all.
by their logic their should be warriors jerseys all over the streets of bangledesh since he is a current owner of them, right?…..
“So, Carmichael Dave might not even get his RV out of California before he is told to turn back?”
“No good news was coming out so I was beginning to worry. Today, good news arrives.”
Both of these are post from StR this evening.
Cricket by FAR.
More Cricket. India is surprisingly bad a soccer. You think if you had a population of a billion people you could find 11 decent people that can kick a soccer ball but not at all
Please pardon the following mean and semi-buzzed tangent: Kevin, in the last couple of days, you have disclosed both the value of your home and your annual salary ($350k and $110k, respectively). I find this a little off-putting and unprofessional. I take it that you find those figures quite impressive, since you have unnecessarily injected them into your posts, but I’d kindly request that you tone down the self-promotion.
Allrighty - Seriously, can we cool it with the cruel sarcastic comments regarding Sac’s efforts & calling their supporters morons, etc ?? Geez - we should know better. We post how we know their pain and have empathy for them. We should start acting like it. It’s starting to sound a little OKCish in here sometimes. They are fighting with everything they have and are latching on to any & every hope/possibility. We did all these things too. We wish we would have had our politicos & a Mayor fighting this hard. Let’s keep it classy and stick to the facts.
As I have said many times, I absolutely believe there is no way Sac can get this done. The April 19th vote will be nothing but a formality of an already known conclusion.
Really dude he was making a statement and poking fun at the new whale and his financial amount he actually earns for working (not the inevestment part). Im very poor by anyones standards and in no way shape or form found the upsetting. Dont take things personally because I guarantee they were not meant to be taken that way. Either that or thicken your skin on such things.
Trust me, I am in no way upset or threatened by these figures. I just think it’s extremely weird and lacking in tact to disclose your income on a blog.
Where’s KJ? Shouldn’t he be in front of the cameras right now explaining how well everything is going? This is KJ’s deal, right? He’s leading the charge, right?
The fact is that KJ failed completely today and instead of facing the music, he sent out the City Manager to spin the deadline as arbitrary and bait/switch us with a new guy who has nothing to do with the arena deal. What a joke.
He is on vacation in SoCal…he was at the Clippers game last nite LOL…….he has done his job now if it fails its on the city manager. As long as his political career is unscathed and he is absolved of the Kings leaving on his watch as the city managers fault/whales he is all good.
CMD’s RV?
http://www.youtube.com/watch?v=RjMdrafyPaw
Keep it classy Seattle.
Sorry. The house fit into a previous conversation and I was promoting Wenatchee, the weather and cheap housing. its not that bad. plus i would never disclose my actual salary. I gave my companies high average of the position I’m in. I was using the number in comparison to from what a guy like me makes to what their new lead investor makes.
But the house again, free promotion for wenatchee, great weather, dirt cheap housing, good paying jobs. Don’t see anything wrong with promoting a really under appreciated part of the state.
Baker, you are the man.
No worries Kevin. In the interest of full disclosure, I make $2,500 per year in welfare benefits and live in my mom’s basement. My name is Dave and I hail from the town of Carmichael, CA. I don’t own a home but I have a sick RV.
No worries Kevin. While we are on the topic of divulging personal details, my name is Dave and I hail from Carmichael, CA. My annual income is $2,500 in state welfare benefits. I don’t own a home, but I get to live in my mom’s garage rent-free. My most valuable asset is my sick RV.
Hey you blocked me on twitter!!!! DAVE lol
Great skiing in the winter and awesome mountain biking in the summer, I don’t blame you
Brian had posted on twitter earlier “Game Over” will he or you/Baker/Chris/etc elaborate on why todays news is detrimental to Sacramento’s efforts or is it just another nail in the coffin? I have theories as to why because of the Brown Act that they will not vote before April 2nd and the City Manager even said that he wouldnt expect/attempt to force the city council to vote on Tuesday without them having a perceived “adequate” amount of time to dissect the term sheet.
Will they even have anything by April 3rd and if they do how serious will they be considered if at all? Otherwise why would an executive from another team play this card?
Wow. I spend 10 hours away from my computer and all hell breaks loose.
“Aaron Bruski @aaronbruski 19m
Multiple sources tell PBT that there are no foreseeable hangups on SAC’s term sheet, and that Ranadive has been immersed in the process.”
You guys should take this tweet more seriously. Bruski is absolutely correct here. It’s very difficult to foresee a hangup that has already knocked your arena financing plan five days behind a schedule that was already very short on time.
For my next article, I’m seriously considering adding some Seattle advantages to my last article and reposting.
DAVE!!!! *fist shaking*
You should. Add some nice things about Wenatchee too. :)
Actually, now that I’m getting caught up on the story, I don’t think the Ranadive thing is bad news for them. The arena pushback is very bad though.
Agreed. Investors with $$ are never a bad thing as they will need to propose a bid @ least equal to the Hansen bid. Arena cannot and will not happen.
Both my quotes were cut and pasted directly from StR as I noted…not trying to be mean..just noting they are starting to turn.. I won’t anymore. Sorry.
I disagree. At some point this whole thing starts to look rushed and disorganized. KJ has a press conference announcing his crew, then 3 weeks later some other guy joins in and they claim he was always part of the plan?
I know we should be nice, but we don’t need to lie to and coddle Sac fans. This all looks a bit ramshackle.
Yeah especially since the City manager is saying that he will not force the council to vote on Tuesday without giving enough time to digest and saying it wouldn’t be the end of the world if they didn’t vote till the 2nd. Actually could be part of their plan to force the BOG to go against Hansen because the NBA wouldnt know the ins and outs of the deal as much as they would if released today. I wouldnt be surprised also that it is part of a PR push to announce a new whale have their meetings to avoid main public scrutiny at least on the actual points in the term sheet and also to have HWB2 then announce the term sheet so they have a weekend of news that is spun in their favor locally.
I dont see how changing your main investor this late is a good thing. The Sac fans are saying that it is a good thing and that he has been in league with Mastrov for some time now. If that was the case then why wouldnt this new guy and Mastrov made legitimately competitive bid all along. You cant have it both ways, if he has been involved all along then no excuse for the low bid or he hasnt and its last desperate attempt. Plus I think this guy is just hedging his bets to have more power in the NBA. Worst case scenario he maintains himself as a minority owner and best case becomes a majority/controlling owner/partner. Low Rish High Reward for this Radavine or whatever his name is.
Obviously Mastrov didnt have the dough to match up on his own because he wouldnt now be the 2nd guy in power behind the new guy. Also maybe this guy has been apart of negotiations and maybe he hasn’t. Its not like the new guy is Burkle rich, in fact Mastrov may have more money and the fact that this new guy is a minority owner means that some of his money is already tied up.
Finally the fact that the City Manager says he is “optimistic” a deal will be completed on the non-binding term sheet means that somewhere there is some pessimism. The other part is that at that meeting he was painting a very rosy picture on everything. Sorry to say but a good city manager will paint the rosy picture and the not so rosy picture and weight the two and in this case look for public input on the negatives and positives. All he was doing was trying to give a best case scenario in a situation that will likely have a negative impact on the ability to make the city whole while leveraging the parking revenue and having the backfill the general fund for 9 million dollars through ticket surcharges, newly authorized tax increases on property and sales taxes. Not the same deal as before where they werent actually stating they had to use tax revenues to backfill if they had too.
Agreed. They are scrambling and fighting with everything they possibly can to get something done with a clock ticking down in no-win situation. We did that too. We don’t need to be “nice”. We need to be respectfully understanding of their efforts. If anybody know that - it should be us. For me it just feels OKCish when we amp up the trash talking when we’re up by 30 with 2 min to go.
No need for apologies —- - - that quote was quite funny. I’m just reminding myself and others to keep it classy and not OKCish.
This has been a long and stressful process for Sonics fans as well, though. There is bound to be venting, celebrating, etc., what’s important is that we contain it to among ourselves and not turn it into gloating at Sac fans and on Sac sites. I agree with not being blatantly insulting, but I think having this site to break down Sac’s plans for what they are, maybe with a touch of humor here and there, is probably healthy and definitely necessary. I do think directly quoting Sac fans from StR on this site is a bit questionable, though, not that the poster was totally out of line, but it does get a bit personal there perhaps.
And obviously rambis’s intent wasn’t too be directly insulting. I like having this site to debunk Sac fans’ sentiment or talking points as a whole, but perhaps not on a verbatim quote level. I know our own jenn_gp didn’t take kindly to one of the Sac sites quoting her directly, nor would I, nor would they. That’s fair.
Just to be clear - - I love some trash talking Richard Sherman, Gary Payton types on my teams. Politically correct & polite Seattle doesn’t typically have those type of players. And I enjoy the heck out of them. For me - - - there’s a big difference here. This isn’t trash talkin’ in a game or an on-going rivalry with a team or player that you’ll see again next game or next season. This is about a City losing their team.
Not just “always part of the plan,” but the MAIN part of the plan, even though he seems to have officially become part of it only this afternoon.
Also, I was thinking of their claim that his ethnic identity might be seen as a P.R. asset for the league. The thing is, he ALREADY IS the “first Indian-origin NBA owner in history,” and will remain so even if the BoG approves Seattle’s offer over Sactown’s. So why should merely adding “major” to that title be the knockout punch for Sacto’s bid?
I guess maybe I just don’t really care about that part of the dialogue. Ziller quoted 2 of my posts when he posted his response on this site several days ago. I’m not sensitive about it, not offended by it. I like the convo and reading other points of views - educates me and can make me re-evaluate my own views. I just think it can be done respectfully. Humor always helps. No doubt about it - - Fans from both sides have been thru H**L.
SOOO many posts!! Glad to see the Seattle fan community is posting!
I still think today was a win for us!
Sim Bhullar is of Indian decent. He’s from Toronto, is 7’5″ tall center who is a freshman with NM State. Get this, he also has a 7’3″ tall brother who is a senior in high school up in Toronto! NBA execs are salivating over the potential of these two & what they could possibly mean for building the NBA brand in India. They would be the first Indian born players if/when they both eventually become lottery picks…
I love Wenatchee! Been there several times. I love smaller towns myself…
That guy from NM State looked as slow as molasses and probably would get destroyed in the NBA, but teams will always take fliers on anyone over 7 feet.
Exhibit A: http://cbsseattle.files.wordpress.com/2013/02/77260082-e1361566780310.jpg?w=300
Yeah, if Wally Walker comes back to the Supes, he’ll have this kid in a Sonics uni in no time. Ugh! lol