Seattle group gets Kings

Johnny Kilroy · Post #1 » by **Johnny Kilroy** » Mon Jan 21, 2013 4:13 am

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 · Post #2 » by **boogie-reke** » Mon Jan 21, 2013 4:14 am

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

Johnny Kilroy · Post #3 » by **Johnny Kilroy** » Mon Jan 21, 2013 4:15 am

boogie-reke wrote:Not official yet, the move or the sale that is.

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

gamer555 · Post #4 » by **gamer555** » Mon Jan 21, 2013 4:16 am

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 · Post #5 » by **boogie-reke** » Mon Jan 21, 2013 4:17 am

gamer555 wrote: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.

WaffleRecord · Post #6 » by **WaffleRecord** » Mon Jan 21, 2013 4:17 am

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

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

Aventador · Post #7 » by **Aventador** » Mon Jan 21, 2013 4:17 am

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

branny · Post #8 » by **branny** » Mon Jan 21, 2013 4:19 am

Uh oh

Johnny Kilroy · Post #9 » by **Johnny Kilroy** » Mon Jan 21, 2013 4:19 am

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.

Post #10 » by **dockingsched** » Mon Jan 21, 2013 4:20 am

The Flyest wrote: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 · Post #11 » by **gamer555** » Mon Jan 21, 2013 4:21 am

Johnny Kilroy wrote: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 · Post #12 » by **RIPskaterdude** » Mon Jan 21, 2013 4:23 am

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

Post #13 » by **dockingsched** » Mon Jan 21, 2013 4:25 am

xx_skaterdude_xx wrote: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 · Post #14 » by **boogie-reke** » Mon Jan 21, 2013 4:28 am

xx_skaterdude_xx wrote: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 · Post #15 » by **RIPskaterdude** » Mon Jan 21, 2013 4:30 am

dockingsched wrote:
xx_skaterdude_xx wrote: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.

No Offense · Post #16 » by **No Offense** » Mon Jan 21, 2013 4:31 am

Woj:

@WojYahooNBA: With sale finalized, NBA's Relocation Committee will approve Kings move to Seattle for next season, sources tell Y! "Formality," source says

deanwoof · Post #17 » by **deanwoof** » Mon Jan 21, 2013 4:33 am

For next season? That's mightily fast ... All I know is supersonics merchandise going to be number one seller

No Offense · Post #18 » by **No Offense** » Mon Jan 21, 2013 4:34 am

deanwoof wrote:For next season? That's mightily fast ... All I know is supersonics merchandise going to be number one seller

Not that fast when you consider that they will play in Key Arena until the new facility is built.

RIPskaterdude · Post #19 » by **RIPskaterdude** » Mon Jan 21, 2013 4:35 am

No Offense wrote:Woj:

@WojYahooNBA: With sale finalized, NBA's Relocation Committee will approve Kings move to Seattle for next season, sources tell Y! "Formality," source says

Woj wasn't right before about the deal being done, I doubt that relocation committee would already be 100% behind the move. Still a month to go.

branny · Post #20 » by **branny** » Mon Jan 21, 2013 4:35 am

Farewell Sacramento