City of Seattle Rumors | Hoops Rumors

Kings/Seattle Rumors: Tuesday

January 22nd, 2013 at 10:41pm CST by Luke Adams

The Maloof family reached an agreement over the weekend to sell the Kings to the Seattle investment group led by Chris Hansen and Steve Ballmer, a deal confirmed yesterday by all involved parties. However, even with the agreement in place, the sale is far from finalized. Here are Tuesday's rumors related to Sacramento, Seattle, and the future of the Kings, with any new updates added to the top of the page throughout the day:

Ron Burkle and Mark Mastrov, the "heavy hitters" among the five investors rumored to be interested in heading up a bid for the Kings, are considering teaming up, USA Today's Sam Amick reports.

Earlier updates:

The NBA board of governors meeting, in which Sacramento's group is expected to make its formal pitch to keep the Kings in town, is scheduled for April 18th and 19th, tweets Scott Howard-Cooper of NBA.com.
Johnson has already added a 20th local investor willing to pledge $1MM to the group of 19 he unveiled today, reports Ryan Lillis of the Sacramento Bee (Twitter link).
Sacramento mayor Kevin Johnson confirmed last night that an announcement is coming this afternoon regarding efforts to put together a local ownership bid, tweets Bryan May of News10 in Sacramento.
Sports-law expert Michael McCann tells the Sacramento Bee that he doesn't think the Kings' potential move to Seattle is a slam-dunk, but "the odds are highly in favor of the move."
California politician Darrell Steinberg has sent a letter to the California Department of General Services outlining his concerns about Ballmer's involvement in the purchase and relocation of the Kings, as Sam Amick of USA Today details.
While Adrian Wojnarowski of Yahoo! Sports reported yesterday that the Seattle group would target Spurs GM R.C. Buford to run the team's front office, a source tells Mike Monroe of the San Antonio Express-News that Buford isn't going anywhere. TNT's David Aldridge also hears that Buford has no interest in leaving San Antonio (Twitter link).

Sacramento Putting Together Offer To Keep Kings

January 22nd, 2013 at 4:32pm CST by Zachary Links

Sacramento mayor Kevin Johnson has worked feverishly to hold on to the Kings over the last few years and despite this weekend's agreement for the club to be sold to Seattle investors, Johnson is not ready to give up his fight. The mayor called a presser this afternoon to announce that he has put together a group of perspective owners and hopes to unfurl his plan in full soon, possibly by the end of the week, tweets David Aldridge of NBA.com.

Johnson originally hoped to line up three to five local owners for the Kings but in three days he has already found 19 people to commit at least $1MM to buying the team (Twitter link). There is a sense of urgency about the committee and Johnson says that he even 86'd plans to attend President Obama's inauguration to help put together the plan, Aldridge tweets.

You can check out the rest of today's news on the future of the Kings right here.

Kings/Seattle Rumors: Monday

January 21st, 2013 at 4:45pm CST by Luke Adams

The possibility of the Sacramento Kings moving to Seattle appears to have taken a big step forward, as news broke last night that the Maloofs have reached an agreement to sell the franchise to the Seattle group led by Chris Hansen and Steve Ballmer. According to various reports, the Seattle group will buy 65% of the franchise for about $340MM, with the total valuation of the team at $525MM. Sacramento and mayor Kevin Johnson will still receive an opportunity to present a counter-offer to the NBA Board of Governors, but it sounds as if it may be a long shot. Here are the latest details on the team's potential sale and move:

Hansen and the Seattle Center are already working toward preparing the KeyArena for the fall, tweets Chris Daniels of KING 5 TV in Seattle.
According to Matt Steinmetz of CSNBayArea.com (via Twitter), the Maloofs approached Larry Ellison about the $525MM price, but Ellison wasn't interested. Ellison was involved in the bidding when the Warriors were sold, and reportedly inquired about buying the Grizzlies as well.

Earlier updates:

Hansen and the Maloof family have each released official statements confirming the agreement between the two sides. Jason Jones of the Sacramento Bee shares Hansen's statement and the Maloofs' statement via Sulia.
The NBA confirmed this morning that it has received an "executed purchase and sale agreement" for the transfer of the Kings' controlling interest. The statement reads: "The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board's committee process for review" (link via Sam Amick of USA Today).
The relocation committee has been briefed several times on the possible move to Seattle, and is fully behind it, according to Adrian Wojnarowski of Yahoo! Sports. An official announcement detailing the agreement is expected to happen this week.
Wojnarowski also reports that the Seattle group is already targeting candidates to run the team's front office, including the Spurs' R.C. Buford and former Pacers president Larry Bird. With Hansen's group expected to overhaul the front office, current Kings president Geoff Petrie will likely retire at season's end, says Wojnarowski. Peter Vecsey also throws Phil Jackson into the mix as a possible candidate to run Seattle's basketball operations (Twitter link).
While the Hansen/Ballmer group has agreed to buy just 65% of the franchise initially, the group would like to buy out the remaining 35% in the near future, reports TNT's David Aldridge on NBA.com. According to Aldridge, the final agreement was signed by the Maloofs and Hansen late Saturday night.
Given the transition in ownership, the Kings aren't expected to be active at this season's trade deadline, but could make "major changes" in the summer, tweets Sam Amico of FOX Sports Ohio.
In an Insider-only FAQ for ESPN.com, Kevin Pelton rounds up the key details on the potential sale of the Kings.
ESPN.com's latest 5-on-5 discussion focuses on the Maloofs' agreement with the Seattle group.

Maloofs Reach Deal To Sell Kings To Seattle Group

January 20th, 2013 at 11:25pm CST by Alex Lee

11:25pm: The 65 percent stake in the franchise is made up of the Maloof's ownership in addition to one minority owner, clarifies Stein, further adding that the NBA is expected to approve in order "to end this saga." Even with all of these details coming in, it is worth noting that Sacramento mayor (and former NBAer) Kevin Johnson was told by David Stern last week that he could present a counter offer for the Kings directly to the league's Board of Governors.

Dale Kasler of the Sacramento Bee, per a Johnson advisor, tweets that the mayor's camp considered this deal "fairly expected." Jason Jones of the Bee tweeted a statement released by the mayor's office:

"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. When it comes to keeping the team in our community, Sacramento is playing to win. In particular, we have been focused like a laser on identifying an ownership group that will both have the financial resources desired by the NBA and the vision to make the Kings the NBA equivalent of what the Green Bay Packers have been in the NFL."

11:07pm: The $525MM is a valuation of the total franchise, tweets Wojnarowski, meaning that the Seattle group will pay approximately $340MM for their 65 percent stake. While it is far less than $800MM, the $525MM valuation is still significantly more than the $300MM Forbes figure listed below.

10:56pm: Now that the sale is finalized, the NBA's relocation committee will approve the franchise's move to Seattle for next season, tweets Yahoo's Adrian Wojnarowski, calling the process from here a "formality." Wojnarowski adds that the plan has always been to reclaim the "Sonics" name upon returning to Seattle. The deal was struck over the weekend of January 5th-6th, reports Wojnarowski, and by then Kevin Johnson's attempt to halt the process was too late. ESPN's J.A. Adande confirms Stein's report and tweets that the Maloofs will retain a small piece of the team.

10:32pm: The Maloofs have reached an agreement to sell 65 percent of the Kings to a Seattle group led by Chris Hansen for $525MM, reports ESPN's Marc Stein (via Twitter). Stein also tweets that the deal still requires "formal NBA ratification," but should it go through, the Hansen group intends to file for relocation by the league's March 1 deadline. The figure reported by Stein implies the franchise is worth north of $800MM. About a year ago, Forbes valued the Kings at $300MM.

As for the remaining 35 percent of the franchise, Stein's sources tell him that no agreement has been reached and that portion of the ownership is made up of minority investors, which obviously does not include the Maloofs. However, Stein reports that the Maloofs will receive a non-refundable $30MM deposit from the Hansen group regardless of whether sale is approved. According to Tony Bizjak, a reporter from the Sacramento Bee, the Kings have declined to comment.

Washburn On Hunter, Rivers, Kings, Celtics

January 20th, 2013 at 4:35pm CST by Sean Highkin

Gary Washburn of the Boston Globe has a new column in which he reports and comments on several topics of importance from around the NBA.

Washburn touches on the recent controversy around NBPA director Billy Hunter's handling of the union's finances, writing that Hunter has made it clear he has no intention of resigning as union boss.
Hornets rookie Austin Rivers has had a rough rookie season, but is trying to remain confident through his struggles, Washburn writes.
NBA insiders tell Washburn that although the feeling around the league is that the Kings will ultimately move to Seattle, the commissioner's office has made it clear that the city of Sacramento will have a fair shot at making a competitive offer.
The Celtics recently waived Kris Joseph and Jarvis Varnado not because of their play, but because the team was approaching the $74MM hard cap.
The Celtics are among the teams interested in Greg Oden, although the former Trail Blazers center is not close to being healthy enough to return to the court.

Amico On Gay, Kings, Millsap, West, Oden

January 20th, 2013 at 8:38am CST by Chuck Myron

The latest piece from Sam Amico of Fox Sports Ohio is brimming with juicy material, so let's dive right in.

Even though the Grizzlies are reportedly in a "holding pattern" regarding trades, Memphis is still talking to other teams about moving Rudy Gay. The clubs engaged most heavily in those discussions are the Bobcats, Timberwolves, Suns and, more recently, Hawks. Nonetheless, a source tells Amico not to expect a Gay trade until after the All-Star break.
Speaking of holding patterns, that appears to be the current state of any potential Kings sale, Amico writes. Whatever happens, it's "pretty clear" this is the final season for Geoff Petrie as GM. He's in the final year of his deal, and the 64-year-old reportedly wants to retire.
We heard Friday about the Nets' possible interest in Paul Millsap, and Amico confirms Brooklyn, along with the Bucks and Nuggets, are among teams that could make a push for Millsap at the deadline. Most of the teams in that mix would want to offer Millsap an extension immediately upon acquiring him, since he's in the final year of his contract.
Like Millsap, David West is another power forward set to hit the unrestricted free agent market, but the Pacers are confident they can re-sign him, Amico reports. That's why the team is largely ignoring trade offers for him.
Greg Oden hopes to sign with a team around the All-Star break or right after the trade deadline. Interested clubs include the Celtics, Heat, Mavericks and Cavaliers.

Kings/Seattle Rumors: Friday

January 18th, 2013 at 5:47pm CST by Chuck Myron

Scott Howard-Cooper of NBA.com argues that while the city of Sacramento faces an uphill battle to keep the Kings, there's also a fair amount of pressure on the group of prospective owners from Seattle. The Kings are the only NBA team on the market for the foreseeable future, and though an NHL team may be obtained for a cheaper price, the Seattle investors, led by Chris Hansen and Howard Ballmer, would prefer a basketball team as the anchor tenant for their arena. That gives the Maloofs leverage to inflate their asking price as Sacramento prepares its counteroffer, Howard-Cooper surmises.

We've got more on Sacramento's bid right here:

Ron Burkle, the supermarket mogul whose involvement in a push for the Kings two years ago angered the Maloof brothers, is one of two significant investors in the plan Sacramento mayor Kevin Johnson is organizing to keep the team in town, reports Sam Amick of USA Today. Fitness company founder Mark Mastrov is the other money man involved.
In the same piece, Amick passes along commissioner David Stern's acknowledgement that he's been in contact with the Seattle group, even though he's unaware of any sale agreement between those investors and the Maloofs.
Ryan Lillis of the Sacramento Bee notes that Johnson is also trying to get local business leaders to join a bid for the team as minority partners.

Odds & Ends: Seattle, Finley, Heisley, Arenas

January 17th, 2013 at 3:52pm CST by Luke Adams

Addressing the media in London today, commissioner David Stern didn't share many new details about a possible sale of the Sacramento Kings, but he did confirm that the NBA hasn't been informed of any sale agreement with Chris Hansen's Seattle group, according to Ryan Lillis of the Sacramento Bee. As Stern watches the Knicks and Pistons play at the O2 Arena, let's round up a few more odds and ends from around the NBA:

Following up on his piece yesterday in which he argued the NBA should give Seattle an expansion team rather than moving the Kings, Tom Ziller of SBNation.com addresses the arguments against expansion.
Michael Finley's agent has been in touch with 5-10 NBA teams that have expressed some level of interest in his client, Finley tells BasketUSA.com (link via Sportando). It's not clear how serious any of that interest is, but it seems Finley is still attempting to make an NBA comeback.
Although he says he hasn't had any conversations with team owners who may be interested in selling, former Grizzlies owner Michael Heisley has expressed some interest in buying another NBA team, writes Jeff Zillgitt of USA Today. "At least some people around the NBA know I am interested," Heisley said. "David Stern called me and asked if that was the case, and told him, 'Yeah.'"
Gilbert Arenas will explore his NBA options upon returning from China this season, but suggests that he may play in the CBA again next year, according to a Hupu.com report (translation via HoopsHype).
In their latest Insider-only draft preview piece on ESPN.com, Chad Ford and Jay Bilas discuss the current frontrunner to be picked first overall in June.
In another Insider-only piece, ESPN.com's Chris Broussard talks to executives and scouts about John Wall's current stock.

Kings/Seattle Rumors: Wednesday

January 16th, 2013 at 6:43pm CST by Zachary Links

The Kings have been rumored to be Seattle-bound for some time now, but the deal still has a ways to go before it is 100% finalized. Here's the latest on the Kings..

Sacramento mayor Kevin Johnson will appear in front of the NBA's board of governors to present a competing bid that would prevent the Maloof family from selling the Kings to a group from Seattle, write Ryan Lillis, Dale Kasler, and Tony Bizjak of the Sacramento Bee. Johnson acknowledges that any plan he brings forth has to include a new arena for the Kings.
Meanwhile, a new lawsuit has been filed in Seattle attempting to block construction of an arena that could house the Kings, writes Lillis. The suit cites a 2006 voter-approved initiative that requires the city of Seattle to profit from public investments in sports facilities.
The NBA needs to take the long view when it comes to relocating teams from good basketball markets, opines Tom Ziller of SB Nation. Ziller instead suggests that the league should look into an expansion team for Seattle, but that seems far-fetched to me given the current economic climate.
The Maloofs could save their legacy in Sacramento by selling the team to a local group interested in keeping the team where they are instead of owners who want to move them up the west coast, writes Ailene Voisin of the Sacramento Bee.

Kings/Seattle Rumors: Tuesday

January 15th, 2013 at 10:49pm CST by Luke Adams

A pair of columns yesterday from Adrian Wojnarowski of Yahoo! Sports and TNT's David Aldridge featured plenty of details on the Chris Hansen/Steve Ballmer group's bid for the Kings. But the sale of the franchise to the Seattle investment group still appears to be far from a done deal. Here are Tuesday's updates on Sacramento, Seattle, and the Kings:

Ken Armstrong of the Seattle Times tracks the rise and fall of the Maloof family's ownership of the Kings, saying that should the team move north, Seattle would be the beneficiary of their downfall.
The goal of Sacramento-based investors hoping to buy the Kings is to force the NBA's hand, writes Sam Amick of USA Today. While virtually all the factors fall in favor of the Seattle group, Sacramento mayor Kevin Johnson and local investors hope to come up with the sort of capital that would make it hard for David Stern and the NBA to turn them away.
According to Amick, John Kehriotis, who currently owns 12% of the Kings, has been in talks with one of the local groups organizing an offer for the franchise. Mark Mastrov is also involved in local efforts, though the interest of Ron Burkle has been overstated, says Amick.
Wojnarowski's report, which indicated that the Seattle group intended to buy 65% of the franchise, actually gave some hope to Sacramento groups, according to Amick. A 65% portion of $525MM would only be about $341MM, which is much lower than the $425-450MM that Johnson estimated he'd need to raise to make a local bid for the team.
Johnson said this morning that he has received approval from Stern to present an offer for the Kings directly to the league's Board of Governors, reports Ryan Lillis of the Sacramento Bee. A potential deal must include a new arena and local partners, according to Johnson, who says he wants this "to be the final act of a saga that's gone on for far too long."
AEG, the entertainment company that was involved in last year's bid for a new Sacramento arena, is still interested in a partnership, according to Tony Bizjak of the Sacramento Bee. "We remain committed to the mayor and the city, and we would be more than happy to meet with a potential new owner," an AEG spokesman said.