Seattle group gets Kings

[Johnny Kilroy]

It appears official finally. The Sonics are returning to Seattle!

Marc Stein reports that the Hansen group bought 65% of the Kings at a valuation of $525 million. Seems like giving the Maloofs a residual interest was the only way to make this happen.

[boogie-reke]

Not official yet, the move or the sale that is.

[Johnny Kilroy]

Not official yet, the move or the sale that is.

Official in the sense that the league and teams have all been notified.

[gamer555]

So the Kings are worth $810M? That crazy money. Sorry for the Kings fans. I can't see the owners not allowing this. This makes all their franchises worth alot more money, plus Seattle has an arena deal in place.

[boogie-reke]

So the Kings are worth $810M? That crazy money. Sorry for the Kings fans. I can't see the owners not allowing this. This makes all their franchises worth alot more money, plus Seattle has an arena deal in place.

I'd find that very hard to believe.

That's most likely a 525 million valuation of the franchise, and they'd pay for 65% of it.

Surely he will edit and explain that further soon.

[uzy]

well looks like we spammed the GB with 5 separate topics on this

Marc Stein ‏@ESPNSteinLine
ESPN sources say no agreement yet reached on remaining 35 percent of Kings shares, which are held by minority investors, NOT Maloofs

[The Flyest]

can someone explain where the other 35% is? Does this mean the Maloofs are still involved

[branny]

Uh oh

[Johnny Kilroy]

525 mil is the valuation, not the purchase price. Hansen's group is forking out somewhere in the range of 340 mil.

Apparently leaving the Maloofs a residual interest was the only way to get this done.

[dockingsched]

can someone explain where the other 35% is? Does this mean the Maloofs are still involved

a bunch of minority owners. maloofs only own 65% of the kings.

[gamer555]

525 mil is the valuation, not the purchase price. Hansen's group is forking out somewhere in the range of 340 mil.

Apparently leaving the Maloofs a residual interest was the only way to get this done.

Makes sense. ESPN is reporting a $525M deal. Still early, so $525 valuation makes more sense.

[RIPskaterdude]

This was reported as a done deal a week ago. What's changed?

[dockingsched]

This was reported as a done deal a week ago. What's changed?

it was never reported as a done deal, woj said its "1st and goal at 1". now its being reported as a done deal.

[boogie-reke]

This was reported as a done deal a week ago. What's changed?

Still does not change anything for us, only thing changed is we will know our goal in terms of the offer we'll need to present at the BOG.

[RIPskaterdude]

This was reported as a done deal a week ago. What's changed?

it was never reported as a done deal, woj said its "1st and goal at 1". now its being reported as a done deal.

Nah, it was also reported that they had a "handshake" deal already done too. It was going to be announced eventually, we'll see what happens after this. It's not over yet.