Sacramento Kings sold for 535 million

[Xieveral]

http://www.forbes.com/sites/mikeozanian/2013/05/17/maloofs-agree-to-sell-sacramento-kings-to-ranadive-group-for-535-million/

I'm not a basketball person but living in Sacramento, I can't not turn on the tv or go outside without seeing KEEP THE KINGS all over the place. The whole thing reminds me of our fight to get CoH out of the hands of NCsoft.

Hopefully the Kings keep all the hype built up over the ownership battles and become a big name team.

I sure wish someone would throw a half billion at us...

[downix]

Do recall that the whole issue exists at all due to the authorization to move Seattle's NBA team to Oklahoma in 2008. Had that not happened (breaking several leases and promises in the process, the lawsuits of which are still being worked out) then this would not be an issue. Frankly, the whole thing stinks, especially as the NBA already made a promise that they would move a team into Seattle for the 2014 season in order for the city to drop it lawsuit against the league for lying to the city, and the reason for the Kings being at the center of it was that it was the team promised for moving. Now we may be looking at a very bad situation, as no city can be secure that the NBA will adhere to their contracted obligations.

[JaguarX]

Are they still moving to Seattle? They been talking about moving the Kings again for a while.

They first were the Rochester Royals, then the Cincinnati Royals, then Kansas City Kings, then Sacramento Kings since 1985 iirc.

But hey, I think at one point in time just about every sports teamed moved from somewhere else besides a few.

[dwturducken]

Like the Atlanta Hawks starting off as the Tri-City Black Hawks? :)

(Now I have to watch Baseketball...)

[Heroette]

http://www.forbes.com/sites/mikeozanian/2013/05/17/maloofs-agree-to-sell-sacramento-kings-to-ranadive-group-for-535-million/

I'm not a basketball person but living in Sacramento, I can't not turn on the tv or go outside without seeing KEEP THE KINGS all over the place. The whole thing reminds me of our fight to get CoH out of the hands of NCsoft.

Hopefully the Kings keep all the hype built up over the ownership battles and become a big name team.

I sure wish someone would throw a half billion at us...

I live in Sacramento too!!!  Off of Elkhorn and Don Julio.

[JaguarX]

Like the Atlanta Hawks starting off as the Tri-City Black Hawks? :)

(Now I have to watch Baseketball...)

yup.


(i dont watch sports. And not even sure how I know this history. Probably from hanging around sport buffs.)

[Xieveral]

Are they still moving to Seattle?

I haven't followed the whole thing closely, but it looks like they're not owned by the Maloofs anymore. For now, the new owners will keep them in Sacramento.

I live in Sacramento too!!!  Off of Elkhorn and Don Julio.

Cool! I'm in the Elk Grove area. Transplant from Phoenix a few years ago, I love it here.

[Heroette]

I am from the bay area originally and I don't really care for it but its where I am and I will probably be here until I die.  It's TOOOOO HOT here.

[downix]

I haven't followed the whole thing closely, but it looks like they're not owned by the Maloofs anymore. For now, the new owners will keep them in Sacramento.

That's the question, as the sale has not been approved, and the potential buyers can still back out, leaving Sacramento without a team anyways.

A real shame how the NBA's become a loss leader, killing off successful franchises as a form of exploitation. Because the Seattle SuperSonics was not given a billion dollar new stadium to replace their existing half-billion dollar venue (which was refurbished at public funding at the NBA's insistence), the league moved them to Oklahoma. Frankly, the whole thing stinks.

I am glad that Sacramento got to keep their team. I am upset that the NBA continues to lie to one of the largest sports markets in the United States, first by moving our team of 40 years in violation of both contracted agreements and promises to the contrary, and now having had our "condolence prize" taken away as well.

Although, I still am hearing interesting tales coming out of the NHL....

sports teams in Seattle are money makers. Hell, our soccer team, the Sounders, is more profitable than many major league baseball teams. Our soccer team. Our football team hasn't won a Superbowl.... our baseball team is a joke... and yet, the stands are sold out, game after game. We even have sold out Lacrosse games. We love our sports, no matter what. And if the NBA is so stupid as to ignore that, then they don't deserve Seattle.

[JaguarX]

That's the question, as the sale has not been approved, and the potential buyers can still back out, leaving Sacramento without a team anyways.

A real shame how the NBA's become a loss leader, killing off successful franchises as a form of exploitation. Because the Seattle SuperSonics was not given a billion dollar new stadium to replace their existing half-billion dollar venue (which was refurbished at public funding at the NBA's insistence), the league moved them to Oklahoma. Frankly, the whole thing stinks.

I am glad that Sacramento got to keep their team. I am upset that the NBA continues to lie to one of the largest sports markets in the United States, first by moving our team of 40 years in violation of both contracted agreements and promises to the contrary, and now having had our "condolence prize" taken away as well.

Although, I still am hearing interesting tales coming out of the NHL....

sports teams in Seattle are money makers. Hell, our soccer team, the Sounders, is more profitable than many major league baseball teams. Our soccer team. Our football team hasn't won a Superbowl.... our baseball team is a joke... and yet, the stands are sold out, game after game. We even have sold out Lacrosse games. We love our sports, no matter what. And if the NBA is so stupid as to ignore that, then they don't deserve Seattle.

I thought Seattle Super sonics ended up in Oklahoma because the owner group led by some dude named shultz or something sold the team to oklahoma based owners (some investment group headed by some guy named I think Bennett Clayton or was it Clayton Bennett who naturally moved the team to their location. But shultz sold it to them under the assumptions (see assumptions always come back to bite ya in the ass) that the super sonics would stay in Oklahoma. I dont think the league itself as in the NBA had much to do with it.


But yeah i heard Seattle was hot bed for money in the sports industry. I dont think it will be too long before another basketball team move there one way or another even if one is started up in the future.

[downix]

I thought Seattle Super sonics ended up in Oklahoma because the owner group led by some dude named shultz or something sold the team to oklahoma based owners (some investment group headed by some guy named I think Bennett Clayton or was it Clayton Bennett who naturally moved the team to their location. But shultz sold it to them under the assumptions (see assumptions always come back to bite ya in the ass) that the super sonics would stay in Oklahoma. I dont think the league itself as in the NBA had much to do with it.


But yeah i heard Seattle was hot bed for money in the sports industry. I dont think it will be too long before another basketball team move there one way or another even if one is started up in the future.

Only after being told by both the group and NBA, including under the contract, that the team would not be moved.

The NBA had to approve the move.