Seattle v. Sacramento as Calif. group submits Kings bid
The Seattle vs. Sacramento showdown is set.
The NBA received an official offer Friday from 24 Hour Fitness founder Mark Mastrov and billionaire Ron Burkle to buy the Sacramento Kings and keep the team from moving to Seattle, league spokesman Tim Frank said. No financial details of the proposal have been released.
Sacramento Mayor Kevin Johnson announced the Mastrov-Burkle bid during his State of the City address Thursday night, calling it a "competitive offer." Johnson tweeted Friday: "The proposal is IN!! A proud day for Sacramento!!"
The Associated Press has reported since Jan. 22 that Mastrov and Burkle were working on a plan to keep the Kings from relocating to Seattle.
Johnson finally announced the proposal publicly on the eve of his self-imposed March 1 deadline. With the league confirming the prospective Sacramento buyers, the only major announcement left is the future owners - and location - of the franchise.
The NBA Board of Governors is expected to vote by mid-April on the Seattle bid. If the league blocks the deal, the Maloofs would still have to agree to sell the team to any potential buyers.
The choice appears to be a tough one for owners. About the only certainty in the seemingly never-ending Sacramento saga came in NBA Commissioner David Stern's statements during All-Star weekend in Houston.
"I don't see any scenario where both cities are happy," Stern said.
Mastrov, among the final bidders for the Golden State Warriors before Joe Lacob and Peter Guber bought the team for an NBA-record $450 million in 2010, is hoping to become the majority owner of the Kings. Burkle, co-owner of the NHL's Pittsburgh Penguins, will lead the effort to build a new downtown arena that he hopes will lure back a WNBA franchise.
A Seattle group led by hedge-fund manager Chris Hansen and Microsoft Chief Executive Steve Ballmer has had a signed agreement since January to acquire a 65 percent stake in the team for $341 million from the Maloof family. The group already has petitioned the league to relocate the team to Seattle for next season, restore the SuperSonics name and play in KeyArena for at least two years while a new downtown arena is constructed.
Sacramento is hoping to revitalize the city with an arena at the Downtown Plaza shopping mall owned by JMA Ventures, whose officers have said they are eager to participate. To show Sacramento support for the Kings, Johnson also lined up at least 20 local investors who each committed $1 million.
The local group hopes to buy a 7 percent share of the team now under control of a federal bankruptcy court. One of those investors is former Sacramento Kings standout Mitch Richmond.
The mayor also said Sacramento businesses have committed $50 million in sponsorship and season-ticket sales for the Kings over the next five years, which he hopes will be enough to convince NBA owners of the market's viability.
Seattle hoops fans, meanwhile, have been reeling since owner Clay Bennett - now the chair of the NBA relocation committee - moved the Sonics to Oklahoma City in 2008.
Hansen has been at the forefront of bringing the NBA back to the basketball-loving Pacific Northwest city. He 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 on that project until all environmental reviews are completed and a team has been secured.
The NBA received an official offer Friday from 24 Hour Fitness founder Mark Mastrov and billionaire Ron Burkle to buy the Sacramento Kings and keep the team from moving to Seattle, league spokesman Tim Frank said. No financial details of the proposal have been released.
Sacramento Mayor Kevin Johnson announced the Mastrov-Burkle bid during his State of the City address Thursday night, calling it a "competitive offer." Johnson tweeted Friday: "The proposal is IN!! A proud day for Sacramento!!"
The Associated Press has reported since Jan. 22 that Mastrov and Burkle were working on a plan to keep the Kings from relocating to Seattle.
Johnson finally announced the proposal publicly on the eve of his self-imposed March 1 deadline. With the league confirming the prospective Sacramento buyers, the only major announcement left is the future owners - and location - of the franchise.
The NBA Board of Governors is expected to vote by mid-April on the Seattle bid. If the league blocks the deal, the Maloofs would still have to agree to sell the team to any potential buyers.
The choice appears to be a tough one for owners. About the only certainty in the seemingly never-ending Sacramento saga came in NBA Commissioner David Stern's statements during All-Star weekend in Houston.
"I don't see any scenario where both cities are happy," Stern said.
Mastrov, among the final bidders for the Golden State Warriors before Joe Lacob and Peter Guber bought the team for an NBA-record $450 million in 2010, is hoping to become the majority owner of the Kings. Burkle, co-owner of the NHL's Pittsburgh Penguins, will lead the effort to build a new downtown arena that he hopes will lure back a WNBA franchise.
A Seattle group led by hedge-fund manager Chris Hansen and Microsoft Chief Executive Steve Ballmer has had a signed agreement since January to acquire a 65 percent stake in the team for $341 million from the Maloof family. The group already has petitioned the league to relocate the team to Seattle for next season, restore the SuperSonics name and play in KeyArena for at least two years while a new downtown arena is constructed.
Sacramento is hoping to revitalize the city with an arena at the Downtown Plaza shopping mall owned by JMA Ventures, whose officers have said they are eager to participate. To show Sacramento support for the Kings, Johnson also lined up at least 20 local investors who each committed $1 million.
The local group hopes to buy a 7 percent share of the team now under control of a federal bankruptcy court. One of those investors is former Sacramento Kings standout Mitch Richmond.
The mayor also said Sacramento businesses have committed $50 million in sponsorship and season-ticket sales for the Kings over the next five years, which he hopes will be enough to convince NBA owners of the market's viability.
Seattle hoops fans, meanwhile, have been reeling since owner Clay Bennett - now the chair of the NBA relocation committee - moved the Sonics to Oklahoma City in 2008.
Hansen has been at the forefront of bringing the NBA back to the basketball-loving Pacific Northwest city. He 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 on that project until all environmental reviews are completed and a team has been secured.
I agree with not needing another stadium,seriously. If it does happen is there a way for the citizens of Washington to "Opt Out" who do not want fund it? And the die hard's who want a stadium built and a team, could pick up the taxes themselves?Â
@rightandexact Only a small amount of public money will be spent on the arena construction and THAT will be paid back through admissions tax levied on tickets to the various functions held in the arena. That means that NO ONE that does not attend a function in the proposed arena will pay one thin dime towards its construction. In addition, the financial backers of the arena project have personally guaranteed repayment of the bonds if taxes on ticket sales drop below a level that would pay off the bonds on schedule.
Further, if no team is found to relocate then the arena will not be built.
In other words, NO TAXPAYER FUNDING IS AT RISK!
@Furd @rightandexact Thats great, we still don't need another stadium.
@Furd Whatever. I'm sure I'm not the only one. Sorry, not everybody thinks this is a good idea. No need to be rude. I guess I'm not "forward" enough for you.Â
@rightandexact@Furd In YOUR opinion we do not need another arena. Most forward thinking people take the other stance.
The last thing we need is another stadium ,which we can't afford, within 3 blocks of 2 other stadiums. I hope Sacramento gets to keep their team.
@jdoll88You are opting out by not supporting the franchises. IF you don't buy a ticket there is no cost passed on to you .How many times does this have to be spelled out for people to understand?
Not worth the battle, let them have this loosing team. We should wait for a new expansion team if were gonna start over with a NBA team here in Seattle. Sacramento sucks, look at their record. So do we really want to  fight to bring a loosing team to Seattle if were gonna spend all of this money to get them here? Â
@Seahawker You not UNDERSTAND ..!!  You not LISTENING...!!  Winning or losing isn't the issue.  The whole idea is suck more people into downtown Seattle to patronize the hotels, bars,  taxis, restaurants, hip-trendy establishments, souvenir sales, etc., that will be making big (even bigger) profits than already...........
Sacramento's team is NOT the Sonics!
If they have the deal, they should keep their team!
@Man Seveneleven But they don't and the owners here do. it's signed and sealed.
Sounds like this would've been a hot auction on ebay. ;) Go Sonics!
Washington State and California both boast the Nation's highest Gasoline Tax. (Washington being #1) Now the two State's have downgraded to arguing over a Basketball Team. Liberals should follow their leadership on this issue (Both Nickels and Gregoire were all too happy to see the Sonics go) and focus on real issues. Imagine all the plastic bags the NBA will illegally bring to Seattle?
@shamrock178  Your info is outdated and wrong. A few states increased their gas tax already. Washington is not one of them. California, Hawaii, New York, Connecticut, Illinois, Indiana, Michigan, and North Carolina all have higher gas taxes than us. Â
And we have no state income tax, unlike all of those states. Â
Maybe if I close my eyes, all of this will go away.....
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@al_waHow so? Key Arena only has a 17,000 seating capacity, and before they renovated it, it only had 14,000. Looks like they had nearly sold out for the last 13 of 14 years.
@R. Pierson @al_wa 14,096 to be exact before the remodel. Even at that the seating was tight. I never went after the remodel (for various reason and excuses) but I can't imagine how uncomfortable the seating must have been after expanding it some 3,000 seats.
The NBA Board of Governors is expected to vote by mid-April on the Seattle bid...... Like sands in the hour glass.....another soap opera.
"the only major announcement left is the future owners - and location - of the franchise"
That said, the proposal they're fielding isn't complete as we have it all worked out AND we've put money down. You know the saying Sac town, money talks, B S walks.
Lower the Tax for the team and they will come.
Go Sonics!!!!!!!!!!!!!!!
The horse already left the barn. They are wasting their time.
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@the unvarnished truth @zombie1210 Based on previous commments, I believe he is saying Sac. is wasting their time
To the person who posted that Sacramento should get to keep the Kings because teams shouldn't be able to move - this is not a new thing. The Kings are originally from New York (named the Royals), then the Cincinnati Royals, then the Kansas City Kings, and then the current Sacramento Kings. Teams move for a variety of reasons. If you don't want them to move, then you want the city themselves (taxpayers) to buy them? Otherwise, they are a property of the owners, and have the same issues as any other business.The fans are customers, but if that isn't supporting the team then they are going to move. You hope that a good agreement is agreed between city and team, but sometimes it just doesn't work.
@wstr I assume you were talking about my post and you just haven't figured out how to use the reply button.
I never said teams shouldn't be allowed to move, I said it should be difficult to move--priority should be given to keeping teams in a city with an established fan base. I know teams are property of owners and owners can move teams if they want, but this article states that there are buyers who want to keep the team in Sacramento. I still believe that the league should give high priority to approving the sale to buyers who will keep the team in its city rather than moving it.
@Steve98028Â @wstr Why? Its business. It make much more sense to have a team in Seattle. And they aren't expanding.
@Steve98028 @zombie1210 @wstr What history? They had nearly sold out the Key Arena the last 13 out of 14 years. Sac fans can't come close to that.
@zombie1210Â @Steve98028Â @wstr History of the Sonics doesn't really support that statement.
Besides, following your logic the Seahawks should be moved to Los Angeles immediately, since it is a bigger market and doesn't have a team. However, I would be opposed to that move as well for my previously-stated reasons.
Where were they last year when this saga began? If the Sonics can be bought and snuck out of town even when Seattle was trying to accomodate them, I don't see why Sacramento should be given 2nd, 3rd, etc chances to keep their team. Besides, ever been to Sacramento? That's like having an NBA franchise in Tacoma or Olympia - Seattle is much better location, and the league knows it.
@wstr Sacramento is nothing more then an extension of Stockton, Ca.
Crime and thugs.
I hope they succeed. The sports leagues should make it very difficult for teams to move from cities that have an established fan base. They certainly should have worked harder to keep the Sonics in Seattle.
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@the unvarnished truth @Bubba Gunners BS, hockey is big here.
@Furd @oledawg @the unvarnished truth @Bubba Gunners It already is.
@oledawg @the unvarnished truth @Bubba Gunners At least it would be if we had an NHL team and a place for them to play.
@the unvarnished truth @Bubba Gunners that's why there are 2 major junior hockey franchises in the area? Because folks around here don't understand the game of hockey?
@Bubba Gunners Unfortunately we need the Kings first, arena, then the NHL.
@Bubba Gunners good luck with that LOL
OK. Game on. Let's Go SONICS!!
Jeebus, call us when all of this is done....
Can I buy a team toooooooo?
@The Truth Sure, for a cool half billion you can have a team too.Â