<blockquote class="twitter-tweet"><p>Just going online now: Maloofs have struck deal to sell 65 percent of Kings to Chris Hansen group in Seattle for $525 million, sources say</p>— Marc Stein (@ESPNSteinLine) <a href="https://twitter.com/ESPNSteinLine/status/293207500898045952" data-datetime="2013-01-21T04:04:50+00:00">January 21, 2013</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet"><p>Kings deal to Seattle group still requires formal NBA ratification but Hansen group intends to file forrelocation by March 1 if approved</p>— Marc Stein (@ESPNSteinLine) <a href="https://twitter.com/ESPNSteinLine/status/293208230904086528" data-datetime="2013-01-21T04:07:44+00:00">January 21, 2013</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet"><p>ESPN sources say no agreement yet reached on remaining 35 percent of Kings shares, which are held by minority investors, NOT Maloofs</p>— Marc Stein (@ESPNSteinLine) <a href="https://twitter.com/ESPNSteinLine/status/293209391874834432" data-datetime="2013-01-21T04:12:21+00:00">January 21, 2013</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
"Sources" say Maloof's keep 35%. Edit: Looks like other folks own the 35%. Has a sale like that ever happened in the NBA before?
I don't think those numbers are right or else it means the Kings franchise is worth over $800 million...
From my understanding the team's valuation is $525M and they will pay 65% of that. So, if you were a minority owner and the team was moving to another city, would you sell your stake?
<blockquote class="twitter-tweet"><p>With sale finalized, NBA's Relocation Committee will approve Kings move to Seattle for next season, sources tell Y! "Formality," source says</p>— Adrian Wojnarowski (@WojYahooNBA) <a href="https://twitter.com/WojYahooNBA/status/293213960876994560" data-datetime="2013-01-21T04:30:30+00:00">January 21, 2013</a></blockquote>
EDIT: Yeah, you're right. <blockquote class="twitter-tweet"><p>The $525 million price is a "valuation" on the total franchise. For 65 percent, Seattle group would pay approximately $340 million.</p>— Adrian Wojnarowski (@WojYahooNBA) <a href="https://twitter.com/WojYahooNBA/status/293219387891126272" data-datetime="2013-01-21T04:52:04+00:00">January 21, 2013</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
I want them to either go back to the Sonics or go with a completely new team name. I love new teams in the league.
It would be fitting since Seattle is in King County in Washington. However, I'm pretty sure they'll go back to using the Sonics. The Kings' name/logo would be staying in Sac-town.
<blockquote class="twitter-tweet"><p>The plan has always been for the franchise to reclaim the Sonics name upon returning to Seattle.</p>— Adrian Wojnarowski (@WojYahooNBA) <a href="https://twitter.com/WojYahooNBA/status/293215981864628224" data-datetime="2013-01-21T04:38:32+00:00">January 21, 2013</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet"><p>NBA source says Sacramento Kings sale to Seattle group is signed & sent to league.Maloofs will retain "small piece" of team.</p>— J.A. Adande (@jadande) <a href="https://twitter.com/jadande/status/293217174984732672" data-datetime="2013-01-21T04:43:16+00:00">January 21, 2013</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet"><p>Deal was struck in principle over weekend of Jan. 5-6, sources told Y! By then, Sacramento mayoral bid to find local group was too late.</p>— Adrian Wojnarowski (@WojYahooNBA) <a href="https://twitter.com/WojYahooNBA/status/293218371103756288" data-datetime="2013-01-21T04:48:02+00:00">January 21, 2013</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet"><p>So the Kings getting sold for 525M!! And the owners ain't making no money huh? What the hell we have a lookout for. Get the hell out of here</p>— LeBron James (@KingJames) <a href="https://twitter.com/KingJames/status/293219795552321536" data-datetime="2013-01-21T04:53:41+00:00">January 21, 2013</a></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
Seattle has generally been good for the nba. Always put together a competitive team. But to let Kevin durant walk in exchange for this crew, shame. Seems like things could have worked out better.
