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Old 04-02-2013, 03:38 AM   #1
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Default Rich guys continue to fight over future of Kings in Sacramento

Dueling teams of billionaires and mayors are heading to New York for a pivotal Wednesday showdown over the future of the Sacramento Kings.

Before an elite committee of NBA owners, delegations from Sacramento and Seattle will present their arguments on the issue that's been making headlines for weeks: Should the Kings stay put or be allowed to move to the Pacific Northwest?

The meeting, to be held at a Manhattan hotel, comes a week after the Sacramento City Council approved a non-binding term sheet for a new $448 million arena at Downtown Plaza - a crucial piece in the city's attempt to keep the team.

The committee is likely to make a recommendation sometime this month. A final decision is expected April 18 or 19, when the league's Board of Governors, consisting of all the team owners, convenes in New York.

-- Sacramento Bee
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Old 04-11-2013, 03:45 AM   #2
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Default Re: Rich guys continue to fight over future of Kings in Sacramento

The Maloof family has given the Sacramento investors seeking to buy the Kings until 5 p.m. Friday to submit a written, binding "back-up" offer that matches the deal the family has in place to sell the franchise to a group in Seattle, a source close to the deal told The Bee today.

The source told the Bee that if the Maloofs receive a matching offer by Friday, they will consider it as a serious back-up proposal should the NBA nullify their tentative deal with Seattle. If the offer doesn't arrive, or doesn't match the Seattle bid, the Maloofs have said any talks are off with the Sacramento group. The source declined further comment about who issued the ultimatum, when, or why.

The source said the NBA a few weeks ago forwarded a "statement of interest" in buying the team to the Maloofs from the Sacramento group, but NBA Commissioner David Stern said the dollar amount in that offer was substantially lower than the offer on the table from Seattle. The source described the initial offer as "not even close" to the reported bid from Seattle of $341 million.

-- Sacramento Bee
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Old 04-14-2013, 08:00 AM   #3
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Default Re: Rich guys continue to fight over future of Kings in Sacramento

The Sacramento contingent seeking to buy the Kings held back Saturday from delivering a counter to an increased bid for the franchise from Seattle, instead portraying the new offer as a move of desperation that is unlikely to sway the NBA's decision on which city will get the franchise.

It remained unclear Saturday when the Sacramento group would file its own formal and written offer for the team or whether that bid would match the new offer on the table from a Seattle contingent led by hedge fund manager Chris Hansen and Microsoft executive Steve Ballmer.

A legal expert told The Bee that the NBA has the right to accept a lower offer.

-- Sacramento Bee
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Old 04-17-2013, 09:36 PM   #4
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Default Re: Rich guys continue to fight over future of Kings in Sacramento

2 days to go :) goodluck
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