The deal to sell the Sacramento Kings to a Seattle group, led by investor Chris Hansen, has finally been signed, and will go through pending approval from the NBA Board of Governors.
BREAKING: A source tells the Bee the Maloofs have reached an agreement to sell the Sacramento Kings to Seattle group. Kings decline comment.— Tony Bizjak (@TonyBizjak) January 21, 2013
This is a heartbreaking story to the folks of Sacramento, but even the people of Seattle, who went through a similar situation just over five years ago, have to have to be excited about this latest development.
Sacramento mayor Kevin Johnson did his best to put together a comparable deal to keep the franchise in California's capital, but ended up falling short.
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.— Adrian Wojnarowski (@WojYahooNBA) January 21, 2013
The Seattle group will be purchasing a 65 percent controlling stake in the team, meaning the Maloofs will be able to keep a chunk of the team for themselves going into the future.
The $525 million price is a "valuation" on the total franchise. For 65 percent, Seattle group would pay approximately $340 million.— Adrian Wojnarowski (@WojYahooNBA) January 21, 2013
It's obvious here that the people of Sacramento are the losers in the sale, and the city comes in a close second. But that's the evident half of the transaction. Who wins from the sale is an entirely different matter.
Many believe Seattle should have a team, few believe it should be Kings, well supported in Sacto by a city that did everything to keep them.— Brian Mahoney (@briancmahoney) January 21, 2013
Sources say deal calls for Maloofs to receive non-refundable $30 million from the Hansen group by Feb. 1 whether or not sale is approved— Marc Stein (@ESPNSteinLine) January 21, 2013
Maloofs getting insane deal. Had to do it RT @jadande NBA Source: Sacramento Kings sale to Seattle group is signed & sent to league.— darren rovell (@darrenrovell) January 21, 2013
How great is it for the NBA that the Maloofs are (somewhat) gone? That's all that really needed to happen from this deal. And, even though it's doing it at the betrayal of Sacramento, the league gets to put on the façade that they've done something for the city of Seattle.
Even still, it's hard to see this as anything much more than a lateral move for the league. The team is moving to a bigger market, but it's one that lost a team before for similar reasons.
Seattle lost Sonics to smaller market looking to raise its profile; they gain a team fleeing one where Kings were only show in town.— Bethlehem Shoals (@freedarko) January 21, 2013
At the very least, the NBA has gained a forced (albeit interesting) rivalry between the new Seattle Supersonics and the Oklahoma City Thunder.
Gonna be a little awkward when Kevin Durant & the Thunder travel to Seattle next season.— Royce Webb, ESPN NBA (@RoyceWebb) January 21, 2013
Let's call it a win-lose situation for David Stern. Sure, the people of Sacramento are going to hate him, but at least he comes through on his promise to bring a team back to Seattle.
Whether or not the move works out is for the future to decide, but for now it looks like the commissioner's not impeded the progress of the league, and even gave Sacramento a chance to keep its team (if they could have come up with the money).
C'mon now guys, how complex is this one? Seattle gets the team they've been begging for ever since the Supersonics were stolen away from them back in 2008.
It's a bit of a conflict of conscious for the obvious stated reasons, but the fans will get over that and get to complaining about DeMarcus Cousins' attitude quickly enough.
Even better, the news coming out about who is going to be a part of Seattle's new front office should thrill every single basketball fan in Washington.
Source says almost living lock Phil Jackson will become front office face of Seattle-bound Kings' franchise. Won't coach. Will mentor choice— Peter Vecsey (@PeterVecsey1) January 21, 2013
And that, most certainly, can only serve to be a positive for the franchise.