Updated Feb 5, 2013 - 12:15 pm
Sacramento Kings watch: Mayor says still not time to announce major investors
Comments (16)
Print
E-mail
Johnson told reporters at his regular weekly news conference Tuesday morning the potential investors are "doing their due diligence," and he now hopes to reveal their identities in the next week, despite stating last week he would announce them this week.
"I think we're really close. This is not a negative by any means, it's a complex deal," Johnson said.
The Mayor reiterated any investment is especially complicated because it involves both the NBA team and partnering to build a new Sacramento arena.
Johnson said he hoped to have a counter offer in place at least several weeks before a March 1 deadline for teams to apply for relocation.
"This is about being quick but not hurried," Johnson said.
Meantime, a new report says an examination of the original partnership documents between investors in the Kings seems to support the argument of minority owners that they have first right of refusal to match or top any offer for the Kings.
NBA insider Aaron Bruski with Pro Basketball Talk reports a 1992 agreement and 2003 addendum "specifically clarified any confusion regarding the Right of First Refusal, amongst other pending issues."
According to Bruski, the agreement specifies a minority owner would have 30 days to notify the majority owners they plan to match the offer, then another 45 day window to complete a purchase.
The Maloof family and another partner own 65 percent of the franchise, while several other investors own the remaining shares. Further complicating matters is a 7 percent stake owned by bankrupt businessman Bob Cook, whose assets, including his share in the team, are currently being reviewed in U.S. Bankruptcy Court.
Bruski reports numerous sources have told him the Maloofs have not submitted any notice of a sales agreement with investor Chris Hansen and his Seattle group. But based on the original partnership agreement for the Kings, it's looking more likely what was thought to be an easy deal to sell the team and move it to Seattle is increasingly complicated.
With the NBA offering Sacramento the opportunity to present a counter offer at the Board of Governors meeting in April, and potential legal challenges to a sale, it's clear the matter won't be resolved any time soon.
Follow Josh Kerns, MyNorthwest.com Reporter
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.
-
Fakename70 wrote...Time To Cut The Cord?February 5, 2013 12:16 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }- Reply
- Report this as abuse
-
Zagnut wrote...Fakename,February 5, 2013 4:22 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }- Reply
- Report this as abuse
-
Fakename70 wrote...Mr Know-It-All?February 6, 2013 11:48 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Frogsplash wrote...It's actually pretty simpleFebruary 6, 2013 9:52 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Scrapiron1937 wrote...SupesFebruary 5, 2013 5:05 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Nomad_bychoice wrote...it's a done dealFebruary 5, 2013 12:29 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Scrapiron1937 wrote...Its a done dealFebruary 5, 2013 5:08 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Hawkman wrote...signed deal or no signed deal...February 5, 2013 1:43 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Nomad_bychoice wrote...it is signedFebruary 6, 2013 11:57 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Nickatnyt wrote...Tuning out from now on.February 5, 2013 1:46 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
TonyS wrote...Full of it...February 5, 2013 7:55 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
mpgunner wrote...If the was true then...February 5, 2013 8:14 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Jarhead0228 wrote...Yet again we have optimistic fans.......February 5, 2013 11:03 pm{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
-
Oly80 wrote...ugh...February 6, 2013 9:34 am{ "Thumbs Up":"1","Thumbs Down":"-1" }- Reply
- Report this as abuse
-
rod64 wrote...DEAR MR. JOHNSONFebruary 7, 2013 9:17 am{ "Thumbs Up":"1","Thumbs Down":"-1" }
- Reply
- Report this as abuse
- Brock and Danny
Columnist doubts Russell Wilson will ever be elite
- Bob and Groz
Aaron Harang needs to own up to poor outings
- Bob and Groz
One key issue in Coyotes-to-Seattle scenario
Hamilton hits into 3 DPs as Angels lose to M's
Josh Hamilton has just about hit rock-bottom with the bat for the Los Angeles Angels.For Wilson, still plenty to prove after stellar debut
Russell Wilson showed he's the Seahawks' quarterback of the future thanks to a outstanding rookie season. But that alone hasn't convinced everyone he's destined for greatness. - Time for a reality check with expectations for Wilson
- Columnist doubts Russell Wilson will ever be elite
- 'Hawk Talk' set for Wednesday at 12:30
- Position aside, who's the Seahawks' best player?
- Seahawks' Moffitt pleads guilty to disorderly conduct
- Seahawks' Earl Thomas is on the cusp of greatness
- More Seattle Seahawks »
