For those that wish to go over detail of everything that comes out today about the Sac term sheet and arena. I’ll be updating this thread throughout the day with any information that comes across the wire.
Update #1: Sacramento Playing Catch Up to Seattle
Update #2: Sacramento expected to release arena numbers today
Update #3: As I expected, nothing was going to happen today and their firm deadline became an artificial one. We can not go about the rest of our Thursday.
Nice work, I like the idea of having a couple concurrent threads to keep the discussion on topic.
I agree. It is nice not to have to bombard the NCAA Thread with this stuff going on today…and will be easy to find since there is an entire thread devoted to it! :-)
…And I’ll be at a meeting from 1-5 today so I’ll be looking for you all to keep me updated.
Guess I don’t really understand what’s going on. On a 1 to 5 scale with 5 being the biggest, how big is this?
“For billionaire Ron Burkle and multimillionaire Mark Mastrov, the arena deal is only one half of their investment.”
They still don’t get it, do they?
What’s the consensus here on what we can expect?
I think the consensus is that they will have *Something* but once the NBA gets in there and takes a real look at it, they will find it lacking. Then CMD and Bruski will state that this is a negotation, and you never give all the details in the first shot.
Yeah. Not sure why Sacramento keeps saying Burkle is involved in the purchase of the team, but we keep hearing he’s not. One of us is wrong, and I (shockingly) think it’s them.
1
Thanks Otto, I was thinking along the same lines.
Here at SonicsRising we try to be cutting edge and innovative.
I asked this in another thread and never got an answer, will the term sheet reveal how they plan to buy up the land they want to use?
I would expect them to have a skeletal outline of a deal to present at the public meeting; I also expect a few NIMBY’s to show up and voice their opposition, along with Kings fans voicing their support.
The term sheet is supposed to be announced at 2 today, right?
I expect them to say “sorry, we couldn’t get this done in the time frame provided, and thus, we must pull out”.
Just like we were wrong about ever having whales, KJ meeting his deadlines, and the City coming up with an Arena Term sheet in such a short amount of time. Next we are going to be wrong about the city approving the term sheet. Time to give up Sacramento, apparently fighting to keep something you cherish makes you delusional and ignorant.
The detail level of this term sheet are what I will be looking at. If you look at the old one from the Maloofs it was 17 pages.
http://www.news10.net/news/local/story.aspx?storyid=189929
I spotted lots of issues with this one. As an example the developer agreed to assume cost overruns caused by his errors but specifically excluded cost overruns that were a result of design deficiency or required changes, Nowhere did it say who would pay those costs. Nowhere did it address what would happen in case of revenue shortfalls or anything like that or who would provide security and what that security would be.
So we will see whether the deal announced in a half hour is more detailed or less. I am going to guess it is 10 pages or less. Whats your page over/under?
Ain’t nothing wrong with fighting and keeping hope homey! We Sonic fans have been at it for 7 years now.
Just like we were wrong about ever having whales, KJ meeting his deadlines, and the City coming up with an Arena Term sheet in such a short amount of time. Next we are going to be wrong about the city approving the term sheet. Time to give up Sacramento, apparently fighting to keep something you cherish makes you delusional and ignorant.
Who ever said you were wrong about those things?
(Although I’m not sure KJ really met his March 1 deadline, since the Mastrov bid was so low. But that was an arbitrary, self-imposed deadline to begin with.)
You forgot the 100 or more pages that just say “All work and no play makes KJ a dull boy” over and over. Those count.
+/- 15
Between 1-2 pm is the best guess. They have to release it before the Town Hall meeting to give people a small opportunity to read it. They know who will pay attention, who won’t etc etc though. That’s why they aren’t sweating the small turn around time.
Man the Shining was on last night. I had forgotten what a spooky movie that was. one of the alltime greats and I don’t particularly enjoy horrors.
4 pages, but they’ll use really big font like i did on my papers in highschool. jk, i’d be lying if i said i wasn’t at least a bit nervous for today. we’re still in the driver’s seat.
one thing i’m interested to see is if there is any strategy outlined for them to acquire the downtown plaza land. it’s owned by like 30 different people. it took chris hansen like a year and a half to acquire all of his arena land, and that was all industrial warehouses. in sacramento, the city or burkle or whoever will have to buy out macy’s and a bunch of other retail establishments. seems like quite the process…
Stephen King just finished penning the sequel to the book. Early reports are that its going to be amazing.
I’m guessing they will try to keep it as ambigious as possible, not because that is what they want, but because that is all they have time to do before the ‘deadline’
8 pages.
I can’t wait for the half baked term sheet to come out today and the Sacramento cries of “We are in the lead!” to start again in earnest. I just want them to acknowledge that they have not been leading anything ever since the sale to Hansen was announced and should they somehow manage to pull off a miracle and get that sale rescinded, it will be because the NBA felt bad for them. Just admit it guys.
Chris Daniels is already on the scene down in Sacramento……He has to be tired of flying in to Sac by now
Much better than driving and smelling manure while the windshield gets caked with bugs for the 100 miles leading into the city.
Yes, we think outside the box, and inside the box-and-1.
spot check
Its a terrible drive through there……
Racking up frequent flier miles?
Everyone is saying sheet will now be released at 2.
15 minute drive. Fastest 100 miles I have driven :)
Fortunately, I never had to drive it enough to learn the difference between Williams and Willows.
I mean, KJ is the one who said that Mastrov was investing in the team and Burkle was investing in the arena. So I’m not sure why you feel the need to come here and bitch at us for repeating what he said.
As bad as it can be in the summer time. I admire the space. Just don’t get stuck in traffic next to a dairy. It is brutal.
Michael McCann just that if Hansen needed too that the Maloofs could turn down the bid now and Hansen could re-submit a larger bid. Now I doubt that happens because Hansen has pitched a great bid and everything maybe for show but yeah thats the first time someone credible and unbiased, that Ive heard, has said that Hansen could up his bid but it would take the Maloofs turning down the original
LOL. This can happen in Eastern Washington too, except for the traffic jam part.
Yeah, not what I was saying at all. KJ said during the State of the City that Mastrov was on the purchase and Burkle was on the arena, and I don’t understand why now we are told by people who are not KJ that Burkle is also involved in purchasing the team. I haven’t seen anything official to back that up and I’m wondering why people think that.
I don’t think that is correct. They signed On the bid. Now if both parties agreed maybe but then the NBA would probably have to look things over again.
Do they even have bugs in Seattle? Or do they drown in all the rain?
This guy!
I take it you are not an entomologist?
I wonder how the public in Sacramento would handle the news IF the city had to contribute more than what they were willling to do with the Maloofs. Just with the Maloofs being “broke lol” and Burkle and Mastrov having far more money. Honestly McCann said that the financing has to be Ironclad and that the NBA has to feel without a shadow of a doubt that nothing will come up to make the arena not happen. I dont see how the NBA can be sure of that with just a term sheet
Gotta keep some levity in the situation. I’m concerned what you all will do if the BOG votes against a move…
I don’t like the way this is going ;)
Did Sacramento ever up their offer since Stern said it wouldn’t even be considered? I don’t remember ever hearing anything about it.
O_o
Woe unto the city that does not have to suffer through mosquito season?
Yeah but McCann alluded to that they have already run the background on Hansen and Ballmer and probably wouldnt be that big of an issue to let them plug more money into a new deal. They know that Hansen and Ballmer could afford alot more if needed. If that had to happen or did happen I dont see it being an issue for the NBA to wonder where the money is coming from whether its under Ballmer’s couch or bed
We’ll probably just keep doing what we’ve been doing for the past 5-7 years.
Do they have bugs in Sacramento? Or did they leave for a significantly superior market?
If they have it hasn’t been reported.
Focus on the expansion team (if it happens that way) or figure out which team in next on the NBA for sale list
I saw this coming.
I just don’t get why they would need to offer more. Can the BOG tell them they need to for the sale to be approved? Doubt it
Well it’s like you put the ball on the tee, hand me the bat, and then expect me to play Chutes and Ladders?! Come on people!
Nothing yet. We’re still waiting.
As far as I’m concerned if it gets to expensive I say you can have the Kings. They’ve sucked for years anyways
Squinting Fry…
Not sure if serious, or just trolling…
Oh we have bugs! They usually show up in that time of year called summer. At least their around until it gets to around 110 degrees then they migrate North…
I’m not paying close attention to this stuff. Just keep seeing everyone talk about it on Twitter. So this term sheet is regarding the city’s agreement on the arena, correct? This has nothing to do with the size of the bid to the NBA. Seeing some people think that’s what it is. I didn’t think it was. Right?
True targets are better seen when painted.
second hand bugs
Move on to getting the Nhl here then I guess. Don’t care if it’s a totally different building with new site, as long as someone sticks their name in the hat, and funds most of it, bring it on.
We will continue to fight for an NBA team to bring our Supersonics name back to life, while supporting the Seahawks, Mariners, Storm, Sounders, Huskies, Bulldogs, and for some of us, the Cougs.
This is strictly the arena stuff. I could see city council members asking about the bid in the meeting, though, just like our council members were asking about the BOG process at the arena review meeting a few weeks back.
This is the arena part they need. They have to have it now so they can give the citizens enough time to review it and then vote on it in Tuesday so they have something to go to the NBA with on April 3. So we don’t know how detailed it is or what the breakdowns will be at all.
Hey guys! Sacramento is a better place because it rains in Seattle and Sacramneto gets “a time of year called summer.” Look out r8tard we’re all moving to Sacto now!
The latter.
I can’t wait to learn all about this mysterious “summer”. In exchange, maybe we’ll explain to them this exchange of money for goods and services we call an economy, perhaps they could even build one of their own one day.
Wait, I’m pretty sure our “rains all the time” trick has failed with the number of Californians that keep moving up here.
I’ve been going with telling people that everyday at least 3 Seattlelites are killed by a recklessly thrown fish.
It doesn’t seem to dissuade the refugees fleeing California, though.
One can assume that is the cornerstone of Sac’s “play to win” campaign.
As far as I’m concerned if it gets to expensive I say you can have the Kings. They’ve sucked for years anyways
So have the Raiders, but you still rep them.
You’re welcome
We eat our fish here, don’t play with them.
I think my favorite outta towners are Bostonians. I love it when it snows here in Seattle and they say, “This ain’t snow. You Seattlies don’t know how to drive in snow!” Then these Bostonians hit a ice covered hill at 35 mph and end up in someones front yard. Born and raised in West Seattle here and I see it every winter.
Are we there yet? Are we there yet? Are we there yet? NOO! Just wait an hour. “10 min later” Are we there yet? Are we there yet?
Sorry bro. Won’t happen. Nobody spending the amount of money that Hansen/Ballmer are to bring the NHL. I want hockey too. But this arena isn’t getting built because of the NHL. Hockey is an added bonus that helps the #’s pencil out. Hansen is doing this because he wants a basketball team. There is NOBODY willing to put up even close to the amount of money this group is, strictly to bring the NHL. Harsh reality for hockey fans, I know.
haha yes!
Thread is getting hot
LMAO! LOVE IT!!!
Including a handful who will soon be trading their purple attire for green-and-gold.
Ouuuuuh, what you said.
Per Steve Large’s twitter
Arena term sheet and council agenda now set to be posted at 3pm.
Am told Negotiations continued at least through this morning.
I mean if you really want to compare Sacramento seafood with Seattle’s, please, let’s jump right in. I’ve heard Gorton’s fish sticks are a delicacy down there. :)
Next we will hear at 4:50 so people can’t review before the town hall……
Hey! Trust the Gortons fisherman!
I swear to god I will turn this blog right around and go home.
Don’t think that joke really works…. hmmmmmm…..
Gorton’s, Probably headquartered in Seattle.
Hey its kind of following the time progression of KJ’s non announcement press conferences. First it was 1pm, then 2pm, now 3pm lol. So what are the odds it gets delayed to 3:30pm or 4pm?
Bet it gets pushed back again at approximately 2:50 pm
Not sure if this was already posted..
Seattle SuperSonics @BringBackSonics 54s
The Sacramento arena term sheet was supposed to be revealed at 1:00pm. That was pushed back to 2:00pm. It’s now been pushed to 3:00pm….
Maybe. It might sound strange to someone from Sacramento, but companies actually do have headquarters, and they are often located within American cities. Not that you’d have seen any.
So we should expect it sometime tomorrow………
I interpret that as just finalizing all the details. I don’t see it as a negative. Especially considering the timeline.
Daaaaaaaaaaaaaaaaaad! KennewickKrunk keeps licking his hand and touching me! Make him stop! Daaaaaaaaaaaaaaaaaaaaaaaaaad! I gotta pee reeeeeeaalll baaaaaad! Daaaaaaaaaaaad! Look! There’s a Barbie Museum! Can we stop? Can we stop? Pleaaaaaaaaaaaaaase??? Daaaaaaaaaaaaaaaaaaaad????
Turning ugly. I am just wasting time waiting for an announcement. I have never said anything negative about Seattle at least not in jest. Be cool man.
Yeah, let’s dampen down the hostilities. No need to make fun of Sacramento’s economy.
LMAO, I just watched Rat Race the other night on Netflix.
Although Gorton’s fishsticks was started by Slade Gorton’s grandfather or great-grandfather (or someone like that).
Agreed. Let’s play nice… or else Kevin will turn this blog around and drive it right back home..lol
I thought we were having a playful exchange of thrown barbs. My apologies if that was not the case. I thought sooty had picked up the baton r8rdz had dropped for the fun and games.
I must have seen that movie 20 times. Loved it. Fav part was Kathy Bates as the squirrel lady.
Did anyone’s parents actually follow through with the whole turn the car around thing? Long long time ago for me, but I do remember them pulling over to whoop ass.
I’m 99% sure that the delay is just a result of the sausage making that goes into huge political public-private deals like this, but there’s still that 1% chance that renowned penny pincher Burkle is playing a game of chicken with the city to get some sort of concession.
Never turned around, but pulled over put in ear plugs, took a nap for about an hour or so and then continued on the drive.
Somewhere between 0 and a fraction that hasn’t been invented yet. Whatever they put today will have a 0% effect on the outcome. IT’s all about providing Sac electeds with some political cover.
Ass whooped here. Thanks for the memories :)
Not while in the car, but constant bickering did cut a camping trip 3 days short. Was grounded for 2 weeks when I got home.
The squirrel lady part was pretty good, I think when Jon Lovitz’s family stops at the Barbie museum was pretty funny.
HAHA! That sucks.
Ouch!
I was a Warriors fan till the Kings came to town in 1985.
I’ve been a Raiders fan since 1969 so I’ve seen it all. Even the pathetic years when the Seahawks would beat us lol. I’ll be the first to say yep, they’ve sucked for going on 10 years now. At least the Emperor is finally dead and they’re making wholesale changes to the organization and the team.
(As a side note, I root for the Seahawks in the NFC West) Anyone but the Whiners. Around here the fans are fair weather and arrogant…
I wonder if Burkle came back last minute and said hold up I want you guys to pay more. Actually I wonder if Burkle’s henchmen did that since Burkle hasnt been involved in the negotiations
I think there are a lot of fan bases like that. Seattle too. I’m fairweather with the Seahawks and Mariners lol.
Worst part of this is having to grind through Sac’s process after just having gone through our own.
Yes, this is where businessmen make that profit. Sacramento’s back is against the wall.
theyre puttin the final touches on the negoitiations but that damn burkle keeps goin scissors while kj refuses to pull paper so he keeps wantin a re do. hahaha
Those small details that they are trying to finalize can still be pretty big items
I wonder if the new arena design is cool enough to get seattle to host the ncaa tourney? I know it takes a lot to get the anything up here in Alaska.
Na more like paper scissors delay ;)
the negotiations have probably been done for hours and kj just wont admit it and let go. hahahah
It’ll host region and sweet 16/great 8 games but not final four as long as NCAA wants the final four in stadiums that can hold 50,000 plus
sorry, kj the player bugged me and so does kj the mayor. hahah
Sometimes you just don’t get your homework in on time.
From my experience, I’d guess they probably got stoned, ordered a pizza, and lost track of time after they hooked up their NES to play Rad Racer.
The big announcement will be KJ coming to tell us he’s playing to win. He has whales and we’re gonna have the bestest area ever!
I did hear on espn’s around the horn a while back that Emmert (NCAA pres) said they may be more willing to bring the final four to arenas in the future as well as stadiums.
Chris Daniels @ChrisDaniels5 35m
As of this morning, an #NBAKings arena term sheet was stll being negotiated…. Per Sac City Hall source.
Reminds me Iron Chef; 1:00 to go at Kitchen Stadium, Hansen has his dishes plated and ready while Sac is still pulling stuff out of the blast chiller.
Sacramento… I’m sorry… Please pack your knives and go.
…he’ll also let everyone Sacramento only has one team…so take that Seattle!
We can always watch Softy & CD going at it again on twitter.
The best of Seattle vs. the best of Sacramento.
#crazytrain
Please no…Softy has an actual, paying job, he doesn’t need to prove anything by trading jabs Dave.
Steven large twitter
“City clerk says likely posting term sheet in a window between 3:00-3:15.
Says negotiations were still continuing as of 1:30pm.”
What is this high school where you wait by the window outside the coaches office to see if you made the team?
softy is an enthouastic and exciteable homer. carmichael dave is an unemployed wannabe howard stern and a douchebag. not even in the same universe to me
Lol. The quickest way for public viewing.
Over/under that it’ll be on 3:15pm
Don’t get me started on Howard Stern. Waste of human flesh. I get your point.
Seattle SuperSonics @BringBackSonics 36s
Peter Vecsey on Sacramento radio - “it seems to be a problem for Sacramento. We know if the NBA moves a team, they want it in Seattle.”
Can they even review the thing they agreed to that quickly?
What?
somebody on facebook says carmichael dave is telling people to get google ready and teasing more whales are going to be announced. not sure why i wasted my time typing this. hahahah
Ryan Lillis @Ryan_Lillis 30s
BREAKING: Bay Area software CEO Vivek Ranadivé joins Mastrov bid for #NBAKings. Ranadive head of $4B Tibco Software http://bit.ly/ZPgfhL
Is this “Play to Win” tour just an excuse for him to drive around re-enacting scenes from Breaking Bad? Part of me wishes there was a live cam on him when the BoG announces their decision just to see his face.
3rd bidder ruh roh
Because another whale was just announced obviously Mastrov didnt have more money
Chris Daniels @ChrisDaniels5 37s
Now told 3:10 on #NBAKings Arena term sheet release…
Hmm. New guy on the list?!? Can they just end this already
…oh to be unemployed.
I’d imagine bringing another investor into the fold this late in the game was complicate the term sheet immensely.
The guy owns a 4 billion dollar company dont know his worth yet
Vivek Ranadive, founder of the $4 billion software company, Tibco, and a minority owner of the Golden State Warriors, has agreed to take a lead role in the group that was previously led by 24-Hour Fitness founder, Mark Mastrov, according to a person with knowledge of the move.
http://www.usatoday.com/story/sports/nba/2013/03/21/sacramento-kings-golden-state-warriors-vivek-ranadive-mark-mastrov-ron-burkle/2007283/
He may only be involved on the team side and not the arena
Should we be worried?
Looks like Mastrov didn’t have enough money to up the bid so he found someone who did. Smart move pretty much haha
so let me guess with this “new whale” they are gonna have new offer that matches right?
Wait what he is a minority owner in the Warriors? Or a former one? How the hell does that work if he is still a minority owner?
Article states this new whale is a limited partner of the Warriors? How can he be involved when he’s part of another team? Also, it’s a 1B company.
Ranadive is also a limited partner and vice chairman of the Golden State Warriors - the team Mastrov tried to buy in 2010.
World Whale 3…
Because Lillis will print anything to give them hope whether it’s valid or not.
Changing horses in mid-stream?
“In order to be able to buy the Kings, Ranadive would have to sell his interest in the Warriors.”
Wow!
Ryan Lillis @Ryan_Lillis 2m
BREAKING: #NBAKings #arena term sheet will not be included in City Council agenda when posted shortly. Statement from City Manager Shirey:
Looks like somewhere in the $350 MM range, not a big deal IMHO.
My guess is Burkle said I want 0% to do with buying the Kings because its not equitable at the current price so they had to find someone else and this new guy stepped up.
He has $338m in holdings in the company, I’d guess this guy is probably Nordrstromesque.
Also indicates that the high end projections on Mastrov’s net worth were probably pretty off, if he needs to bring in someone else to remain competitive.
Ha! knew it
Woah…
No term sheet today? Color me shocked. SHOCKED, I say.
But I thought Sacramento was so far ahead of us with their arena???
Lillis is been straight. Comparable to Chris.
Chris Daniels @ChrisDaniels5 53s
BREAKING: RT @dakasler: City says no term sheet today but talks continuing
He gives up his stake in the Dubs. Peter Guber, one of the majority owners of the Dubs, gave up his minority stake with the Celtics when he got approved to be the majority owner with Joe Lacob back in 2010. Happens all the time. It’s no biggie whatsoever.
Well that’s not good for them. That means the earliest they could vote on something would be April 2, the day before the NBA meeting.
Ryan Lillis @Ryan_Lillis 6m
BREAKING: #NBAKings #arena term sheet will not be included in City Council agenda when posted shortly. Statement from City Manager Shirey:
Ryan Lillis @Ryan_Lillis 5m
Shirey: “We continue to make progress and have productive discussions with the Investor Group. It is important to get this right…
Ryan Lillis @Ryan_Lillis 4m
…and not rush to make an artificial deadline. The bottom line for me is to get the best deal possible while adhering to…
Ryan Lillis @Ryan_Lillis 4m
the Council’s adopted core principles including a city commitment comparable to last year, no new taxes, and protection for the General Fund
Ryan Lillis @Ryan_Lillis 1m
Talks continue with Burkle, but no arena financing agreement yet. Doesn’t sound like a deal will be reached today
Well hopefully this new whale won’t cause any issues in NBA approving sale of the kings to Hansen.
I know I’m late…but WOW!
Chris Daniels @ChrisDaniels5 1m BREAKING: RT @dakasler: City says no term sheet today but talks continuing
I agree. I think both the Sacramento and Seattle TV and newspaper reporters do a good job.
Jimmy Haslam was a minority owner with the Pittsburgh Steelers and sold his interest so he could be the primary owner on the Cleveland Browns…so its not unheard of for owners to change teams like this new guy will have to do. Probably a pretty simple transaction
“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.”
“Mayor Kevin Johnson said in a statement that Ranadive’s involvement marks “an historic moment and it’s appropriate that it’s happening here in Sacramento, one of the most diverse cities in the country…..Vivek takes an already strong ownership group to the next level.”"
Read more here: http://blogs.sacbee.com/city-beat/2013/03/new-investor-emerges-in-bid-for-kings.html#storylink=cpy
I wonder if the word was leaked too soon on the 3rd investor and the city manager said hold on just one second…..so we have to flip the bill but you guys have all this money….this aint the Maloofs were dealing with WTF (city manangers thought process)
http://www.sacbee.com/2013/03/21/5282387/new-arena-downtown-plaza.html
This is appears very disorganized. I’m more convinced than ever with a last minute whale and now no arena plan to present, the Sonics are back. I just wish Stern or the BOG would end this charade and put Kings fans out of their misery because this just liking sad.
In other words less public subsidy on the arena?
Do is it over then? I mean can they vote on the 2nd and have it ready to present in a day?
I wonder if this means KJ is going to ask the NBA for more time.
And the announcement of the third investor is an obvious move to soften the blow of today’s failure to get the term sheet done. Pretty hokey.
Sigh. If it ain’t one thing it’s another. Y’all have a good day.
Bwahahaha…too bad will have to read/heard about how it being delayed is all about this new whale. It’s cute that the new guy has a meeting with Stern. Another failure, another day to blindly hope for Sac town…
The highs and lows Sacramento has gone through in the past half hour are pretty ridiculous
they mdae these “deadlines” and now they’re calling them “artificial.” any idea what this new investor brings to the table? i guess he needs to find a buyer for his stake in the warriors IMMEDIATELY before pursuing the kings. even if he does find a buyer for his portion of the kings, would he not need to get the kings sale approved in april making him too late to bid on the kings?
They’re rolling out the third investor to whitewash the missing arena term sheet. Reading the Lillis article, it states that Randavie’s holdings in his company are worth $318 million. I’m sure he has money in other areas…but honestly…are we really calling this a “whale” (by NBA owner standards)?
Brian Robinson @206empire 23s
Game over
And they’re supposed to have a public workshop on the arena tomorrow and a couple more throughout the weekend.
Artificial deadline? Dude, your Mayor was the one who put the deadline up there in the first place
No, but that want stop them from stringing everybody along just like leading up to this belly flop. Pretty embarrassing. I’d imagine everybody involved is simply in CYA mode for when the team leaves.
If this new guy is only a minority owner, I would guess they would need to vet him more thoroughly. Mastrov was already vetted when he tried to buy majority stake in the Warriors, but I would expect the league would want to do more vetting for a potential majority owner than what would be required or even done for a minority owner.
I wouldn’t be too sure of that.
how long is it going to take to financially vet this new guy? do they have that kinda time left? #checkmate
Game. Set. Match. Adios Sacramento. Let’s start talking draft!
Interesting trait…
“Ranadivé sometimes tells potential clients he can do what they want him to do even before he knows whether it’s possible. It’s a ballsy way to win business, but it’s also a way to motivate his company to find solutions, which is what Tibco is supposed to do. This attitude has allowed Tibco to push into all corners of our culture.”
Read more: Vivek Ranadive Profile - Vivek Ranadive TopCom Software - Esquire http://www.esquire.com/features/vivek-ranadive-profile-0212#ixzz2ODQA6TbD
Nope he’s more like this guy
http://bit.ly/11m038N
Yes, exactly.
He looks wirey.
I guess it would depend how much more they’d feel the need to vet him beyond what they did for him being a minority owner for the GSW.
I’m so tempted to look at CMD’s timeline or visit SacTown royalty to see the spin! How many times can you flip a failure into part of the plan?
No way they will have a vote by end of march the earliest they could vote is April 2nd
What a wasted afternoon. Suppose I have to find something productive now.
Whether or not this is game over, today was a huge failure for Sac and a blow to their hopes no matter what anybody tells you. So what if the deadline was artificial or self-imposed? It was still set and failed to be met. This shows that the arena deal is behind where they had projected it should be, it shows that the commitment from Burkle is not nearly as strong as the commitment from our ownership group, and it shows that Sac just isn’t there.
Remind me again what is happening on April 3rd? Is sacramento rapidly reaching SOL status in terms of being prepared for that day?
Can you post images in this?
http://i.imgur.com/Lor4Bxp.png
Jared you tell Brian that…he said it not me
Good enough for me
Perception is always an important part of things. This just shot any idea that sac has a plan out of the water.
I know. I still feel like it’s not over. Maybe KJ asks Stern for more time and gets it. It all depends on how much Stern wants to keep the team there compared with how much he wants a team back in Seattle.
April 3rd is when the BOG is going to compare the two plans and get a head start on deciding which way to go.
Michael McCann said that the meeting will create a consensus of who to vote for so when they officially vote on April 18/19 it will be an overwhelming vote one way or the other.
If there’s no Sac plan to review April 3 then it’s game over
No way this is going to continue on past the BOG meetings.
13 days until the April 3rd BoG meeting
28 days until the April 18th meeting
There is no local group or seattle group vote though its either yes or no hansen though.
Why do Brian, Kevin and others say its game over? Too many twists, turns, details, non-details for me to call anything either way.
I posted this late last night, but it still sums up how I feel:
Logically, stepping outside my Seattleness, I can see that this is almost certainly a done deal. But, as a Seattleite, I can’t help be terrified that this is all somehow gonna be pulled out from under us at the last moment, and in the most painful way possible. It’s just what I’ve been trained to expect.
Marc J. Spears @SpearsNBAYahoo 1m
If Kings stay in Sac with Mostrov group Ranadive will sell his interest in GState, source says. If Kings go to Seattle, Ranadive stays w/GS.
So the guy isnt all in Not suprising
No way it gets extended just because KJ says pretty please. The NBA has to make a decision to allow Hansen to move the team in preparation for next season. If they give KJ more time that could delay Key Arena improvements and amongst other things keep the team in Sac for another season which you DO NOT want to do if Hamsen owns the team.
KJ has had his time. It’s his time to nut up or shut up
Well since Stern after the lwo ball bid told them less time…there will be no more time
If thats the case then this isn’t helping sacramento if he isn’t gonna get involved in the bid unless NBA votes down offer.
There is one good thing that came out today for Sacramento, there are people (with money) that want the team to stay. Some had said Sacramento wasn’t worth investing this proves otherwise.
As the Flying Nun once said, “You like me, you really like me”. Corny as hell, but it does feel good.
Can’t help but get a chuckle out of StR. They posted a story on the new investor and finished with “in other news…” and pushed out a couple sentences about there being no term sheet today.
Cause essentially the vote on the arena deal won’t happen until April 2nd at the earliest.
Nothing has been proven today. We already knew there were people willing to invest in a team in Sacramento, we still have no idea how much those people are willing to invest, or how much they’re willing to valuate a team at in that market.
I do not know this StR you speak of.
Seems logical. Why would he commit to Sonics if he wants Kings.
Just cause there may be people with money doesn’t mean its really worth investing. They still have to match the 525m offer. And sounds like this guy will only get involved if NBA says no to Seattle.
Sacramento is not out of this yet.
The is one instance I can think of that a hastily organized and poorly developed project succeeded: The drill presentation of Bill Murray’s platoon during graduation in “Stripes.”
“That’s the fact, Jack.”
The guy behind me just starting listening to James Brown’s “I Feel Good.”
Uncanny…
If he’s a GS minority owner. He’s already been vetted.
That’s the one thing that worries me about this new development - Software Guy is already “in the club” as far as the BoG is concerned. Have they ever refused to facilitate a sale that involved one of their own? At this point, H/B/N may well be on the outside looking in.
Come on Sean, at least give me one. What’s the hurt.
Wow, this is a big change/shift for Sacramento and they do have a deadline, a big one, on April 3.
Neither do I. That’s what I meant.
Not enough turnaround time between next week and the 3rd
Ahhhh ok fine! Just this one time, though, sooty.
WOW. one step above worst case scenario for them. I can’t believe they came out with nothing.
That. Basically down four, just fouled, no time outs left and there is only seven seconds left. No Reggie Miller on the court.
Okay, my brain hurts. So Mastrov is no longer the lead investor? This new guy is? And therefore, the April 3 date doesn’t mean anything anymore because the Mastrov deal fell apart with the City? And Burkle and the City don’t have an arena deal yet?
Stand up guy.
No, the new guy is partnering with Mastrov. More money to try to bring up the bid.
He doesn’t appear to be a really big-time guy, but they wanted to get something out there to keep spirits high when it came out that the arena deal wasn’t coming together today.
I guess I don’t get why the timing is a bid deal. Seems like they could vote YAY while standing in the hallway before the BOG meeting starts and it would be in time for the BOG. Splain please :)
BIG …. this is not a bidding war
That’s been the case since February, in case anyone hadn’t noticed.
First sign of the city council starting to push back, IMO. And another sign this thing is over, and has been over since January when the sale agreement was signed. Sac can’t compete with this offer and have it work. Sucks for them but that is the hard reality.
he is a minority owner. he aint in the club. he is the buddy who came over once and had to bring the beer and set up the poker table and is still waiting for a call back that isnt coming imo…..
Balmer is one of their own.
They just went back to square one with a new lead investor and they still have no building. This whole scenario was already over months ago, people here just like riding the rollercoaster I guess … now their plan post-Kings just looks a little different. Sac would be better off not putting out anything at all at this point until they have their ownership group and building plans rock solid. It’s all about 2-5 years down the road for them now. They’ve got time.
So far Chris has invested $55M in land for an arena, a $30M nonrefundable PSA deposit, and money for arena designs, legal fees for lawsuits & preliminary traffic studies. ALL UPFRONT!
Yeah. As a Seattle sports fans I’m just used to not being able to have nice things. I’m terrified something is going to happen to destroy what we have in the Seahawks, the Mariners are exactly what we deserve…and this arena, Chris Hansen and the relocation of the Kings is too good to be true, and most likely will end in a heart crushing fashion. But I think 2012 was the dawn of a new age of sports in Seattle. I’m over being the eternal pessimist.
Yech - I had to work for someone like this. Make sweetheart deals with other bigwigs on the golf course, then come back and tell us that the project we’d already signed off on now had to be done a) in half the time, b) with twice the features, or c) both, and that we were going to have to start pulling months of 80-hour weeks (with no overtime, of course) in order to make it happen. At the end of each project, it was common for him to then lay-off the key people who made it possible, expecting the rest of us to pick up the slack for the next project, while touting his “brilliant leadership” to local business journals, as well as his buddies at the BYU Alumni Association and Republican big-money donor’s club.
Sorry to vent, but that brought back some bad memories for me.
Where are people getting that the new investor is replacing Mastrov as the lead investor?
Oh wow. It does say leader. What the hell.
Not sure but it seems there would be quite a difference between being one of the numerous minority owners vs. one of the few majority owners in the league.
In which team is Ballmer a minority owner?
if this new person is the lead investor and he would only sell his minority shares of the warriors if NBA votes down the sale to Hansen then how in the hell are they able to have something a new offer by April 3rd?
Lol new lead investor 2 weeks before they need to present to the owners
Oops. Meant to quote nightfly…
Seattle SuperSonics @BringBackSonics 2m
Reports are now coming out that Vivek Ranadive would be leading the Kings bid over Mark Mastrov. Why is he just showing up now?
I’m sure KJ has the power to call a special meeting anytime, maybe on 24-hours notice or less. The fact that it isn’t on the agenda for the next regular meeting means nothing — they might even have a special meeting to approve it BEFORE the 26th. And, based on previous votes, is there any doubt that there are at least the five votes required to rubber-stamp any term sheet that comes along?
im starting to think the maloofs havent been as inept as they have been portrayed in the media and starting to see why its taken 10 years down there…..
The BOG is going to expect details - Sac won’t be able to deliver that at this point.
If you don’t believe me - just read this.
=============================================
The city manager said he had hoped to have until April 2 to negotiate this deal before asking the City Council for its approval, but he had to move that council decision up one week after Stern said the NBA would hear Sacramento and Seattle’s respective pitches for the Kings on April 3 in New York. Shirey said it would not “be good if the council is acting on the term sheet the day of or the day before the meeting with the (NBA).”
Read more here: http://www.sacbee.com/2013/03/12/5257546/timeline-tight-to-develop-financing.html#storylink=cpy
Can they do that without allowing a specific amount of time for public input and review?
legally no they can not. They can’t have a special meeting to vote on anything with out it going through council review.
I’m sure KJ has the power to call a special meeting anytime, maybe on 24-hours notice or less. The fact that it isn’t on the agenda for the next regular meeting means nothing — they might even have a special meeting to approve it BEFORE the 26th. And, based on previous votes, is there any doubt that there are at least the five votes required to rubber-stamp any term sheet that comes along?
Dunno if a special meeting could be called, but I believe they would have to make a deal public at least 5 days before it could be voted on.
Alright, I’m comfortable celebrating.
but I believe they would have to make a deal public at least 5 days before it could be voted on.
At least that’s what I’ve read. That’s why the deal had to be done today, so that it could be voted on at the council meeting Tuesday.
3 days is the time frame and it may be 3 business days thus why it needed to be today to be on Tuesday’s agenda
I see. My mistake.
They don’t. This is about positioning themselves for a future transaction. This one is over. Always was, really.
ummmm am i missing something? Carmichael Dave@CarmichaelDave47s
Over the next 3 weeks, we will slowly but surely see the Seattle “advantages” begin to crumble. This is the systematic plan leading to BOG.
Bill Simmons is wearing a Sonics shirt in his Grantland Livecast right now.
Oh good god. They have no arena plan they switched lead investors thus there is no offer.
Yep they are just opening themselves up for more litigation. Chances are this doesnt go to council vote until very close to April 3rd…..NBA will literally have no time to dissect and no time to hear what will the opposition be. NBA will assume opposition will arise but not until after they have decided. This is GAME OVER!!!!!!! IMO
Bill Simmons is now wearing a Sonics shirt and talking up Seattle on Grantland Live right now!!! Love that dude.
Grantland.com/live
Can anyone provide a link confirming the requirement for the plan to be made public for a certain number of days before a council vote?
I can’t find anything, and I think that detail would be pretty big.
While politicians have been known to pull all kinds of stunts, even going so far as to unplug clocks just prior to deadlines when they need more time, I’m guessing they won’t be able to get an extension from the NBA. Tick Tock, Tick Tock
You have to give them notice for public input if you don’t than legally the people against the project can sue and have the deal tossed.
So it is over then if that is the case?
Anyone having doubts remember the 4/3 deadline came about in the press conference where Stern admonished Sac publicly for their poor offer. This wasn’t an “artificial” deadline, as the tweets referenced earlier mentioned. They needed this turned in to have anything of substance to show the NBA on the deadline they imposed on Sac.
“Missing self-imposed deadline might not be a big deal”
Dale Kasler @dakasler 1m
Talking #NBAKings and @Vivek Ranadive w/ @GrantNapearshow in a minute on 1140
http://tunein.com/radio/CBS-Sports-1140-s33038/
I’m inclined to believe this, I’d just like to see it in writing and substantiated. Haven’t yet.
Conditional offer. He doesn’t actually have to sell until after he’s approved.
What I see is likely is that Mastrov’s original bid was for around $250m for 65%, at least by Stern’s comments. Now, what you’re probably going to see is Software Guy putting in around $200m, and Mastrov dropping his now-minority share to around $150m, for a total bid higher than H/B/N’s. I wonder if the Maloofs might go for it? I would think the threat of a tortious interference suit would keep them from endorsing it publicly, but there’s nothing to say they wouldn’t give a wink-wink indication to the other owners that they’d be find with the BoG rejecting the Seattle offer.
I linked this earlier. Pretty much covers what you need to know.
http://tinyurl.com/d4nowta
And if i am also not mistake city councils only vote on a specific day. No way they will be able to have a vote no sooner than April 2nd
Haha. Beautiful. As usual, it’s all part of the plan.
When Stern came out to visit the West Coast a few weeks back who did he sit next to at the Warriors game? Who did he talk to? Anyone? That’s correct. Ranadive!
Would have loved to have been in on that conversation….
This is like a REALLY BAD episode of Iron Chef or Chopped…seconds ticking off and the main ingredient was left off the plate….”you’ve just been chopped” is forthcoming.
I think it’s a gigantic leap to say that the Sac group will “probably” make an offer higher than Seattle’s. There’s still no way the team is worth that much in Sac.
I haven’t been over to STR in quite awhile, but I decided to see what Kings fans were thinking after the events of today. Comedy gold if you need a good laugh, head on over. The new investor is the whale of all whales…
In which case, if they reach an agreement tomorrow, they can hold a special meeting to vote on it next Wednesday. The only way this could be a problem is if they still don’t have a deal come a week from this Friday.
In your dream. Haha. Nobody is going in that hard to have a franchise in Sacramento.
You ever heard the term “POYA”?
Legally Maloofs can not accept any offer unless NBA says no to seattle.
I don’t think NBA will take a conditional offer.
Anyone else want to chip in? I figure some good can come out of CMD running his mouth:
@IS3B: @CarmichaelDave Care to wager on that CMD? I’ll put $100 towards the charity of your choice that BOG votes Seattle.
I tend to agree with this considering the guy wasn’t around before hand. But if stern did give him a push to go for it (which I doubt) then that opens the league up to all sorts of legal issues I would think. This thing is certainly past train wreck proportions
Seriously either your in or your not no “i’m only in if NBA reject sale to Seattle”
Let me get this straight. According to this logic, Mastrov was unwilling or unable to bid more than $250M for 65% of the team. That means he valued the team at a maximum of $385M (65% of $385M is $250M). But now he’d somehow be willing to invest $150M for 24% of the team (150/350*.65). In other words, he would be willing to be a minority investor at a valuation of $538M? This makes absolutely no sense from an economic perspective.
This feels like their “gateway to Asia” moment. You know, the way we railed against Stern for moving a team from Seattle to Oklahoma when he’s been all about tapping the Asian market. They’re already pushing this guy as some sort of key to India.
Has to be because the guy doesn’t have that much cash on hand and he’d have to get his share bought out in Golden State before he could even think about putting in a bid for the Kings. Conflict of Interest.
Not to mention, why have another broke ownership group running the team?
LOL
Hey everybody, I just signed up, I’m from Seattle but I actually live in Sacramento ironically enough but I grew up a Sonics fan.
These Sacramento clowns are grasping for straws we got this in the bag, they’re just wasting their breath, once the team moves back to Seattle I’m coming with them, can’t wait!
Is bruce bruce “apple juice” topear on here? Was the biggest fan back when I used to go to games, I know he’s on here.
I’ll take that bet with CMD
Sorry - the above should say 27% in place of 24%.
This is what we call grasping for anything
Count me in, I only have 34 dollars right now, let’s get them.
stevelarge_cbs13 @largesteven 5m
Source: Ranadive has been in negotiations for weeks. Not just now joining burkle/mastrov group. Would have appeared on term sheet 2day
“Deadlines are only important if we meet them on time”- essentially what they are saying right now. What if we missed a deadline? Sac would be ecstatic
Exactly - and software guy is going to magically come up with $200MM.
POYA
Pulled
Out of
Your
A
So this new guy is supposedly a good thing because he would open up the India market to the NBA. Since he’s been a minority owner with GS wouldn’t that market already have been open with this guy promoting GS in India??
Why now that he would be the lead guy with Sac would it be any different than now?
The guy wins either way since he would keep his stake in GS when the team is officially sold to Hansen
BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS BRING BACK OUR SONICS
Right so he still can’t get involved unless he sells his shares and that won’t happen unless NBA says no to seattle.
Weeks = since Stern said Mastrovs bid was impotent.
So, if he has been in negotiations for weeks he was likely part of the original bid … hardly a night in shining armor.
stevelarge_cbs13 @largesteven 7m
Source: Ranadive/Burkle/Mastrov now all investing on team side and arena side.
…..
Right i don’t believe that.
That was on 3/11 (at least publicly). Can 10 days be called “weeks”?
It sounds like they have two prospective owners for the team but neither one has pockets deep enough to be the majority owner. Then the arena deal is nowhere. There are 37 separate parcels that have to be acquired. The cost for the land will exceed what Hansen paid in Sodo.
No wonder they didn’t have a term sheet today. They are talking to 3 different people *rolls eyes*
Can we get a new thread on this please?
Who wants to bet Bruski is Large’s source?
Seriously
In Sacramento yes….
sucker bet
No kidding. I want to know is why the hell would sac still providing 250m in subsidy if there are 3 investors involved in the arena?
So when are the other 15 whales going to come out of the woodwork? This is getting beyond stupid.
Let’s take this to a new place and a new thread.
https://www.sonicsrising.com/as-the-crown-turns/
Whenever the next round of bad news hits Sacramento.
There is a new thread.
If anyone wants to see Simmons wearing the Sonics shirt.
https://twitter.com/EJJ206/status/314877050936778752/photo/1
To elaborate. He said it’s a Durant shirt. Said that it’s to show his support for the great fans in Seattle and that we deserve a team. Also added that he doesn’t think it should be the Kings, but instead the Bucks or Pacers. Went on to talk about how Sac is fighting for the Kings and how Milwaukee and Indiana seem a lot less passionate about their teams. I can’t really disagree with him. Indiana has one of the most exciting teams in the league and is bottom 5 in attendance right now. Still cool seeing Simmo stick with us. He was the only national guy at all that stood up for us during the OKC nonsense. We need to invite him to the new arena when it opens up.
I’m not shaving anything until the Sonics are back in Seattle.
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
TMI
WHAT “Burkle/Mastrov group?” Isn’t Burkle still just in on the arena?
Also, would like confirmation that Software Guy is really becoming the lead investor, or merely joining the group.
This should have been done years ago - two words: sacremento is for bitches, seattle iz 4 kings #seemeonthemic
Nor do I. If Burkle was fully in on this, it would have been decided in Sacto’s favor weeks ago. At the very least, you wouldn’t have seen a lowball initial offer. And weren’t there reports the Maloofs wouldn’t sell to a group that includes Burkle, period?
This should have been done years ago – two words: sacremento is for peasants, seattle iz 4 kings #takeemdown
What? Where are you getting this? There is no indication that Burkle being in would have decided this in any way shape or form. You’re making some bold statements with no evidence here.
If the city approves the term sheet, don’t they then have the power to invoke eminent domain on parcels held by people unwilling to sell? Or does that only apply to 100% public efforts with no private investment nowadays? I know that, back in the late 1950s, Los Angeles (presumably using the same California laws) was able to use eminent domain to seize the Chavez Ravine land that was them handed over to the O’Malley family to build Dodger Stadium.
I’m saying that Burkle is a heavy-enough hitter that, with him fully in, they would have been able to submit an equal or better offer to ours.
Yes, technically him being all in would mean they’d have the requisite money, that’s far from the whole thing being decided. Even with a matching offer it’d still be a rough shot for Sac to see the BOG veto a sound PSA. That’s been the case from the beginning. A matching offer only enters “the state of consideration.”