Chris Hansen has signed deal to buy Sacramento Kings
SEATTLE (AP) - Nearly five years after their colors, banners and history were packed away into storage and their franchise relocated, the SuperSonics are one significant step closer to returning to Seattle.
And the Kings are on the edge of leaving Sacramento.
All that appears to stand in the way now is approval by NBA owners.
The Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen, the league confirmed in a statement Monday morning. The deal is still pending a vote by the NBA Board of Governors.
A person familiar with the decision said that Hansen's group will buy 65 percent of the franchise, which is valued at a total price of $525 million, and move the team to Seattle and restore the SuperSonics name. The deal will cost the Hansen group a little more than $340 million. The Maloofs will have no stake in the team.
The person spoke to The Associated Press on condition of anonymity because the deal was waiting approval.
The sale figure works off a total valuation of the franchise, which includes relocation fees. Hansen's group also is hoping to buy out other minority investors.
The Maloofs will get a $30 million non-refundable down payment by Feb. 1, according to the deal, the person said. They will still be allowed to receive other offers until the league approves the sale. The Kings sale price of $525 would surpass the NBA record $450 million the Golden State Warriors sold for in 2010.
The plan by Hansen's group is to have the team play at least the next two seasons in KeyArena before moving into a new facility in downtown Seattle. The deadline for teams to apply for a move for next season is March 1. The office of Seattle Mayor Mike McGinn confirmed Monday it is already working with Hansen on an agreement for using KeyArena, including scheduling and short-term upgrades to the arena.
"While we are not at liberty to discuss the terms of the transaction or our plans for the franchise given the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction, we would just like to extend our sincerest compliments and gratitude toward the Maloof family," Hansen said in a statement. "Our negotiations with the family were handled with the utmost honor and professionalism and we hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades."
Hansen was not available for further comment.
Momentum was building toward a sale agreement after word of talks between Hansen and the Maloofs leaked nearly two weeks ago. Sacramento will get its chance to counter with Mayor Kevin Johnson already receiving permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.
Johnson, himself a former All-Star point guard in the NBA, said in a statement that the city remained undeterred.
"Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a top 20 market and owning two of the longest sellout streaks in NBA history," Johnson said.
Yet Johnson will be fighting an uphill challenge trying to pull together an ownership group in a small window of time while Seattle begins preparing for the return of the green and gold.
The SuperSonics became a historic footnote when owner Clay Bennett moved the franchise to Oklahoma City in 2008. It was the conclusion of a contentious two years of lawsuits, broken leases, negotiations and ultimately a settlement that allowed 41 years of pro basketball history in Seattle to be moved away.
While Seattle was excited about Monday's news, there was an air of caution as well, with many fans still stung about the Sonics previous departure not wanting to believe in their return until everything is signed and delivered. Others in Seattle have wanted an expansion franchise rather than taking a team from another city.
"It tore the hearts out of the city when the (team) left the first time and it's just wonderful news to get a team back," said Jerry Brown, who was at KeyArena Monday buying college basketball tickets. "I feel sorry for the people of Sacramento, they have good fans there, but we want our team back."
Ironically enough, it will be Bennett that has a say in whether Seattle returns to the NBA portfolio as the head of the league's relocation committee.
Caught in an awkward spot is the Kings' basketball team itself, some of whom have Seattle ties. Guard Isaiah Thomas grew up in Tacoma, Wash., and before the Kings played in New Orleans on Monday was already feeling the discomfort of being wedged between two cities.
"It's just a little weird (but) at the same time I love Sacramento, I love everything about it. Love the fans, the organization just brought me in with open arms. That's all I really know in this league is Sacramento," Thomas said. "But then I am from that area back home, it's just kind of a different situation. Whatever I say about Seattle, Sacramento fans might be mad at me and whatever I say about Sacramento, Seattle fans might be mad at me. I just love both cities.
"It's out of my control."
The saga of the Kings' future in California's Capitol city has dragged on for nearly three years and now faces its most daunting challenge.
Hansen, a Seattle native and San Francisco-based investor, reached agreement with local governments in Seattle last October on plans to build a $490 million NBA/NHL arena near the city's other stadiums, CenturyLink Field and Safeco Field. No construction will begin until all environmental reviews are completed and a team has been secured. The arena also faces a pair of lawsuits, including one from a longshore workers union because the arena is being built close to port and industrial operations.
Hansen's group is expected to pitch in $290 million in private investment toward the arena, along with helping to pay for transportation improvements in the area around the stadiums. The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest.
Other investors in the proposed arena include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.
"While there is more work ahead, this is a major step toward bringing the Sonics home," McGinn said.
Sacramento fans hope this is not the final chapter in their quest to save the Kings. Johnson has once already saved the Kings from relocation when he made a pitch to the Board of Governors and bought the city time to broker a deal that appeared to solve the team's arena woes. But the Maloofs backed out of that tentative $391 million deal for a new downtown venue with Sacramento last year.
Johnson said recently he's heard from various parties interested in trying to put together an ownership group that would keep the team in Sacramento, but only with a new arena.
"We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like to thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise," Kings co-owner Gavin Maloof said in a statement on behalf of the family.
Important dates:
___
AP Sports Writers Antonio Gonzalez and Bernie Wilson contributed to this story.
And the Kings are on the edge of leaving Sacramento.
All that appears to stand in the way now is approval by NBA owners.
The Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen, the league confirmed in a statement Monday morning. The deal is still pending a vote by the NBA Board of Governors.
A person familiar with the decision said that Hansen's group will buy 65 percent of the franchise, which is valued at a total price of $525 million, and move the team to Seattle and restore the SuperSonics name. The deal will cost the Hansen group a little more than $340 million. The Maloofs will have no stake in the team.
The person spoke to The Associated Press on condition of anonymity because the deal was waiting approval.
The sale figure works off a total valuation of the franchise, which includes relocation fees. Hansen's group also is hoping to buy out other minority investors.
The Maloofs will get a $30 million non-refundable down payment by Feb. 1, according to the deal, the person said. They will still be allowed to receive other offers until the league approves the sale. The Kings sale price of $525 would surpass the NBA record $450 million the Golden State Warriors sold for in 2010.
The plan by Hansen's group is to have the team play at least the next two seasons in KeyArena before moving into a new facility in downtown Seattle. The deadline for teams to apply for a move for next season is March 1. The office of Seattle Mayor Mike McGinn confirmed Monday it is already working with Hansen on an agreement for using KeyArena, including scheduling and short-term upgrades to the arena.
"While we are not at liberty to discuss the terms of the transaction or our plans for the franchise given the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction, we would just like to extend our sincerest compliments and gratitude toward the Maloof family," Hansen said in a statement. "Our negotiations with the family were handled with the utmost honor and professionalism and we hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades."
Hansen was not available for further comment.
Momentum was building toward a sale agreement after word of talks between Hansen and the Maloofs leaked nearly two weeks ago. Sacramento will get its chance to counter with Mayor Kevin Johnson already receiving permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.
Johnson, himself a former All-Star point guard in the NBA, said in a statement that the city remained undeterred.
"Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a top 20 market and owning two of the longest sellout streaks in NBA history," Johnson said.
Yet Johnson will be fighting an uphill challenge trying to pull together an ownership group in a small window of time while Seattle begins preparing for the return of the green and gold.
The SuperSonics became a historic footnote when owner Clay Bennett moved the franchise to Oklahoma City in 2008. It was the conclusion of a contentious two years of lawsuits, broken leases, negotiations and ultimately a settlement that allowed 41 years of pro basketball history in Seattle to be moved away.
While Seattle was excited about Monday's news, there was an air of caution as well, with many fans still stung about the Sonics previous departure not wanting to believe in their return until everything is signed and delivered. Others in Seattle have wanted an expansion franchise rather than taking a team from another city.
"It tore the hearts out of the city when the (team) left the first time and it's just wonderful news to get a team back," said Jerry Brown, who was at KeyArena Monday buying college basketball tickets. "I feel sorry for the people of Sacramento, they have good fans there, but we want our team back."
Ironically enough, it will be Bennett that has a say in whether Seattle returns to the NBA portfolio as the head of the league's relocation committee.
Caught in an awkward spot is the Kings' basketball team itself, some of whom have Seattle ties. Guard Isaiah Thomas grew up in Tacoma, Wash., and before the Kings played in New Orleans on Monday was already feeling the discomfort of being wedged between two cities.
"It's just a little weird (but) at the same time I love Sacramento, I love everything about it. Love the fans, the organization just brought me in with open arms. That's all I really know in this league is Sacramento," Thomas said. "But then I am from that area back home, it's just kind of a different situation. Whatever I say about Seattle, Sacramento fans might be mad at me and whatever I say about Sacramento, Seattle fans might be mad at me. I just love both cities.
"It's out of my control."
The saga of the Kings' future in California's Capitol city has dragged on for nearly three years and now faces its most daunting challenge.
Hansen, a Seattle native and San Francisco-based investor, reached agreement with local governments in Seattle last October on plans to build a $490 million NBA/NHL arena near the city's other stadiums, CenturyLink Field and Safeco Field. No construction will begin until all environmental reviews are completed and a team has been secured. The arena also faces a pair of lawsuits, including one from a longshore workers union because the arena is being built close to port and industrial operations.
Hansen's group is expected to pitch in $290 million in private investment toward the arena, along with helping to pay for transportation improvements in the area around the stadiums. The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest.
Other investors in the proposed arena include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.
"While there is more work ahead, this is a major step toward bringing the Sonics home," McGinn said.
Sacramento fans hope this is not the final chapter in their quest to save the Kings. Johnson has once already saved the Kings from relocation when he made a pitch to the Board of Governors and bought the city time to broker a deal that appeared to solve the team's arena woes. But the Maloofs backed out of that tentative $391 million deal for a new downtown venue with Sacramento last year.
Johnson said recently he's heard from various parties interested in trying to put together an ownership group that would keep the team in Sacramento, but only with a new arena.
"We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like to thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise," Kings co-owner Gavin Maloof said in a statement on behalf of the family.
Important dates:
- Feb 1: $30 million deposit
- March 1: relocation deadline
- April: NBA decision on the franchise
- April 17th: final Kings home game
- Spring-Summer: EIS released
- October: tip-off
___
AP Sports Writers Antonio Gonzalez and Bernie Wilson contributed to this story.
Welcome Seattle Super-sonics !
Just my 3 cents worth here.
Â
One, keep the Sonics name, and I want the banners and history back. We got hosed on that deal and league owes it to us.
Two, I really, REALLY hope that Hansen is better to Sacramento than Bennett was to us. If there is any possible way for them to keep their team, I hope it comes through. It leaves a pretty bad taste in my mouth to do to another region what Bennett and Stern did to us.
Three, doesn't the Association own controlling interest in the Hornets? WTF hasn't The Rectum Named Stern made an offer to Hansen for them? IIRC, they haven't made money in years and are perennial basement dwellers.
Â
Keep the change.
I want a new name. They aint the Sonics. Sonics are in OKC. Let the Sonics go. Get them a name that doesn't revolve around a city scandal.
Wanted the NHL!
Can here it now "Good golly Miss Molly!!!"
This comment has been deleted
 @SUN_RUNNERÂ
 Wow........ really?Â
Â
1. its called CAPSLOCK...look it up.
Â
2. Bitter much?
Â
3. Who pis*ed in your cheerios?
Â
4. Go away.
Â
 @SUN_RUNNER WHEN DID THE COMMA REPLACE THE APOSTROPHE?
Welcome to seattle Kings/Thank you chris for bring back our team.
 @Seattle He didn't bring back our team. Our team is in OKC. He got us a new team. Give them a new name.
Thank you Chris!! Screw what the haters say, Seattle is glad you brought back our team. Way to keep the spirit alive for us Sonics fans, we won't let you down this time :)
Can we get a hockey team now?
Â
You NBA fans can go see yer highly paid thugs, and the rest of us can see our highly underpaid thugs.
That building won't work without both teams. Why did the team move to OK to begin with? Not profitable.
They said the Key sucked so it was rebuilt. Then they said the Key sucked and moved the team.
Â
Who really sucks here? The NBA? The team? The facility? The fans...
Â
That's a lotta suck if ya ask me.
All i want to know is this... I hope Kevin Colabro is back doing radio for the sups.....
Thank you Chris Hansen for giving us our Sonics back! I am more than appreciative..I am grateful.. And want to tell the fans of Sacramento how sorry I am for them, and I feel their loss..as we went through that not long ago..but Praise God he saw fit to bring the Sonics home through another team. Thank to Sacramento, and Mr Hansen.
CHRIS HANSEN IS THE MAN!!!Â
Seems Chris Hansen is the only one that can get "stuff" done in Seattle. Every thing else is citizens committee, Task force, Environmental Studies, Congressional review, special council ....etc.
Â
Wonder if Chris would like to be mayor??
 @al_wa You forgot about five lawsuits per project.
Who would want to be.
 @Throbbinhood Sounds like you are pretty negative towards our city, hopefully not as negative towards our team. Go Sonics!
 @Throbbinhood Mike McSchwinn
Transit is a huge concern around here. Thankfully there is already light rail in place right where the new stadium will be built. No light rail near the Key Arena and none planned in the near future.
Seattle deserves NBA team, of course, the new Sonics should be full participants in the playoffs for following years  if they want the support of the citizens of the rainy city.Oklahoma city is now a very strong team because they have a strong ownership with Cley Bennett
I think that Hansen knows what he want do with new team,
Look out Thunder! We're out for blood! Go Sonics! Altho at the same time, I have to feel for Sacramento. But at least Hansen was honest and he didn't screw with them the way Clay Bonnett screwed with us. If anything, Sacaramento should be pissed off at that douchbag 'cause if it weren't for him, we wouldn't be bringing the Kings here.
 @Zoso OKC and Sacramento have traded places in terms of major professional sports franchises. That is the life of the small sports market city. I'm glad Seattle is a bigger sports market city. Seattle!
Finally!  We can all be happy and go back to our normal lives of pretending we are all die hard fans from the beginning, not attending basketball games, and then be at the next rally desperately not wanting our beloved sonics to go!Â
 @AdAckbar I half expect this.
will the poor people be allowed to come and see the sonics play?
 @Harrison , I think they will be able to attend as long as they have a ticket, but I could be wrong.
@Harrison just need a ticket or a tv or a soda at a McDonald's with a tv
I feel a bit sorry for Kevin Johnson - here is a mayor that genuinely WANTS to save his city's team, but he doesn't seem to get that this deal essentially "seals the deal" - there would be no reason for the Maloofs to reconsider a different offer.
Sorry, Kev.
 @Throbbinhood
 There are 30 million reasons for them to consider a counter offer. The league's decision comes a full month after the non-refundable deposit deadline. They can take Hansen and Friends' $30 million, then turn around and say "uh, sorry, but we like the other guys' offer better, thanks for the dough" and stay in Sacramento after all.
 @Throbbinhood The Maloofs saw it for what it was. Another stall.
Historically it's kind of interesting hearing the complaints about any public money going into sports venues. It used to be that venues were built entirely by public money in order to attract professional sports. The Kingdome was all public money, and it's the reason we have the Seahawks and Mariners today. And yes, we're still paying it off. Allen's deal with CenturyLink was considered a good deal at the time compared to other stadium deals, but it's nothing compared to the deal Hansen's group is offering. How many other arena deals have a smaller percentage of cost coming from public money? When we throw around the $200 million number, remember that right now it's only $140 million. The extra kicks in if Hansen also secures an NHL team.
You guys keep saying that there is no public money involved, but that just isn't true.Â
Â
The deal that the city council approved has 200 million in public funding through municipal bonds.Â
 @lakeview So what if tax payer money WAS involved? What if I don't mind it?
 @lakeview But it also isn't true that this will cost the taxpayers anything.  These are bonds that will be repaid by revenues from the new arena.  These are revenues that wouldn't exist without the arena.  And if these revenues come up short, then Chris Hansen is on the hook to pay the difference.  So yes, there is public money involved, but it won't cost the taxpayers anything.
 @doubleoevan I'd like to see the final deal before assuming that tax payers won't be held ultimately responsible for the interest paid out on these bonds.Â
Â
It's easy for them to say that they will cover that interest now. Let's see what actually happens.Â
Â
The fact is that despite what everyone promises now, the city is still responsible for the muni bonds that it issues.Â
 @path_tech  The NFL is significantly "safer" as a revenue stream than the NBA.Â
@lakeview  So, what you're talking about is "Risk". It's a valid point. My counter to your arguement is look up Safeco Field financing & Seahawks Stadium financing. Not one cent of tax-payer money (unless you rented cars, hoteled up in King County) was used. Safeco Field was paid off early. The Seahawks so far haven't had a problem, that stadium is being paid off on time.
Â
The best part of this is that the new arena is even a sweeter deal than the previous two examples.
 @lakeview Who is "you guys".  I don't remember reading anyone saying there wasn't public money involved but I'll look through the comments again.
Go Super Sonics!
Welcome back Seattle SuuuuuuperSonics. Are we going to have Kevin Calabro and Marcus Johnson back as commentators?
 @Koreanman012 Kevin Calabro has been waiting around for this moment. Of course he'll be back!
 @MossMan  @Koreanman012 Kevin Calabro may try broadcasting football (both kinds) but his main calling is basketball.
Oh goodie... they do not have a stadium built yet but he is committing money to buy a team already... I personally won't be saying yes to anything that funds yet another stadium... if people want the basketball team back let them pay the bill I won't be volunteering my money for it... less they are going to be playing in Key Arena! ... and then I will say why don't they just stick with that instead of building a new one... I personally hope the deal gets torpedoed as this sport like the others are full of overpaid athlete's who just dodge taxes, break the law, etc. not any sort of role model I would want my kids looking up to...
 @Freespeech You obviously haven't read anything to do with this whole proposal.
@Freespeech They will be playing at Key Arena initially, which will bring back quite a bit of local revenue during each game. And since you said you rarely come to seattle but curse when you do because you have to pay so much to parking coffers, well I have a solution for you. Take the bus, light rail, walk, ride your bike, car pool, or dont come at all.
 @Freespeech did you read the article? The Sonics will be playing at the Key for two years while the new stadium is built. Part of the deal with the city is we have to have a team before the new stadium can be built. Damn I wish people would read past the first paragraph once in a while.
 @Freespeech You sure do have a negative outlook on life. Most of the players are stand-up guys, you only hear about the few bad apples on the media. Sometimes you need to look past what the media says in order to see the real picture.Â
I love how all of the anti-sports crowd comes out and make lies up to try to prove they're right every time. Follow this: IF YOU DON'T ATTEND THE GAMES, YOU WILL NOT BE PAYING FOR THE STADIUM AT ALL. DO YOU GET IT?
 @Laracco  What part of 200 million in public funding don't you understand?Â
 @Freespeech It's insulated. Read up.
 @lakeview It would be insane for the city to back out because they might "weasel out of their commitment." Since you do a lot of investing, you also know that sometimes you have to take a chance in order to get a big return.
 @Freespeech I would rather NO public financing go toward the Seattle Opera and Pacific Northwest Ballet, but we can't always get what we want.
 @lakeview Now that is a legitimate concern and I can respect that.Â
 @JK15  Since I do a lot of investment, I guess I am just more cautious than you guys. There are always way for "developers" to weasel out of their commitments.Â
 @Laracco  @lakeview I am not a sports fan and have no issue with a new stadium. In fact, being from NJ where we have top teams that play in updated stadiums, I am surprised people don't want a new stadium here. Seattle lacks a hockey team, because there's no place to play and the Sonics left because Key Arena is outdated. Safeco and CL are beautiful stadiums. Glad to see Seattle back on the map for basketball. I hope hockey is next.Â
I would rather see NO public financing period!
 @lakeview  @Laracco "The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest."
Â
What part of "financing will be paid back" do you not understand?
 @Laracco  @lakeview Also the city will own the land and the arena.
@lakeview
I understand that it will ALL be paid back by taxes, concessions, parking, etc. from the facility by people that attend the events and you won't lose one nickel out of your pocket unless you attend. So I say don't attend and then you won't have to worry about your precious little dollars. And if there is an event at the facility other than sports that you would like to attend, don't, because then you'll be a hypocrite.
 @Laracco You see, after public money was redistributed to sports teams even after the public voted it down, we just don't trust them or our politicians any more.
Â
We are taking preemptive steps to keep it from happening again.
@mike Anymore? Why would you ever have trusted politicians in the first place? They're all liars and crooks.
 @Freespeech It's all part of this mans brilliant plan, don't you just love it when a plan comes together?
 @oledawg if it came together we would not be having a debate over bringing back yet another sports team... *yawn
 @Freespeech oh it's coming together quite nicely, it's not complete but I have faith it's will be.
 @Freespeech Well you're in luck. You don't pay for it unless you go.Â
 @Hachee_Bungwhy but I will still be paying yet more $$$ for when on game nights parking gets snatched up... by game attendees... I goto Seattle very little but when I do I always curse how much money I Have to pay to parking coffers - otherwise when I have the opportunity to push a activity away from Seattle all together I go that route instead!
 @Freespeech Yeah, I hear that the waaaaaahbulance is pretty cheap.Â
  @Freespeech  So, on the rare occasion you go to Seattle, you spend it in an industrial area? That seems strange.....
 @Freespeech  @Hachee_Bungwhy You can always get there earlier and pay less or use public transit. There are alternatives.