Re: Sacramento is going to lose the Kings to Seattle
A source said the Seattle deal puts a value of $525 million on the Kings, an NBA record. The source added that Hansen's group is buying out the 65 percent controlled by the Maloofs, which translates into $340 million.
Only once in the past quarter-century has the NBA rejected a sale and relocation proposal, when the league blocked the Minnesota Timberwolves from selling to a group from New Orleans.
Still, the mayor said Wednesday he believes he can make a compelling case to the NBA with "a fair and competitive" offer for the team and a financial package for a new downtown arena. The city was prepared to pour $255 million into an arena deal negotiated by NBA Commissioner David Stern last spring, but the Maloofs walked away from the project.
Although associates and business partners confirmed Wednesday that Burkle and Mastrov are working on a Kings bid, the mayor still wasn't willing Wednesday to publicly identify his "whales" – the deep-pockets investors who would buy the team.
-- Sacramento Bee