Skip to comments.Seattle Looks Set to Get Sonics Back
Posted on 01/21/2013 11:46:53 AM PST by MinorityRepublican
The only thing stopping the Sacramento Kings from a sale and move to Seattle 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 approval from the NBA Board of Governors.
A person familiar with the decision said Sunday night that Hansen's group will buy 65% of the franchise for $525 million, move the team to Seattle and restore the SuperSonics name. 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 is a total valuation of the franchise, which includes relocation fees. Hansen's group also is hoping to buy out other minority investors.
Sacramento Mayor Kevin Johnson said last week he had received permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.
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 the next season is March 1.
Johnson, himself a former All-Star point guard in the NBA, said in a statement late Sunday night that the city remained undeterred despite the agreement with the Seattle group.
"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.
(Excerpt) Read more at online.wsj.com ...
You would think, but I have doubts. Public officials pay for “studies” that always tell them what they want to hear.
subsidized businesses are the dumbest things ever.
let them make a profit and buy their own crap
The NFL has probably gotten far more money from not having a team in Los Angeles than it ever would have earned from having a team there. Every time a team wants a new stadium it drops hints of LA Bengals, LA Vikings, LA Panthers, LA (fill in just about any other team) and the city officials grab the taxpayers by the ankles and shake them for money. Once LA has a team the threat of having the Portland Panthers just isn't as scary to cities.
(Portland picked because it is the largest metro area other than LA which doesn't have a NFL team in a couple hours' drive).
All my interest left with Magic Johnson, Larry Bird and Dominique Wilkins.
Baseball used to do this with Tampa Bay. But, I believe “city leaders” are more than happy to give pro teams what they want. Lots of fringe benefits for them.
This is awesome!! Sacramento mistakenly believes that having a major sports team makes Sacramento a world class city. Doesn’t work, won’t work and I can’t wait until the Kings leave to hear all the whining in the Sacramento Pravda.
We’re the state Capitol so it’s not exactly like we’re Rio Linda.
Yeah??? Well, they play half of their games at HOME, so it is a BIG deal tax-wise. Next week Phil Mickelson will be making an announcement as to his future due to both the recent huge increase in state income taxes here in CA and the recent new Fed tax increases on upper income folks. Look for him to be moving out of CA and possibly retiring from Pro Golf. He just backed out of investing in the San Diego Padres due to the recent tax changes. Any high income person would have to be nuts to move into CA on a full time basis.
I haven’t followed the NBA since it was proven the refs are on the take, and the league doesn’t care. It’s professional wrestling on hardwood.
Let's see how many of them remain in the state by 2015.
Why name the team after a defunct aircraft that is literally a relict of the past?
They should pick a name that reflects the character of the city, like the Seattle Gays or the Seattle Potheads.