kingsfeb4.jpg
Sacramento Mayor Kevin Johnson says work continues, and he hopes to announce the deep-pocketed investors backing an effort to buy the NBA's Kings by next week. (AP image)
Sacramento Mayor Kevin Johnson says he's still not ready to announce the major equity partners who are expected to join the city in a counter offer to buy the Sacramento Kings and keep them in the California capital, and a new report raises serious questions about the deal to sell the NBA team to investor Chris Hansen and his Seattle group.

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

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Comments (17)


  • Add A Comment

  • Fakename70 wrote...
    Time To Cut The Cord?
    February 5, 2013 12:16 pm
    If this is true, then exactly what was the purpose of the NBA announcing the Maloof/Hansen agreement if they're (the Maloof's) not obligated to stick with it? And, PLEASE don't tell me they're still entitled to that non-refundable, multi-million dollar deposit from Hansen/Ballmer, even though they're apparently in the process of selling to local ownership, something they supposedly had no interest in, so we were led to believe. I'm starting to think it'd be best for Hansen/Ballmer to join forces with Don Levin and go headlong towards the Phoenix Coyotes instead. At least there's no David Stern or Maloof brothers to have to contend with there. Truth be told, like a lot of Sonic fans, I'd be kind of lukewarm towards to prospect of embracing a relocated franchise as the new Sonics. It just wouldn't be the same. No such qualms with a relocated NHL club, though. I wouldn't care if the absolute worst club in the entire league was up for grabs. If Levin/Hansen/Ballmer brought it to Seattle, I'd be all in with absolutely no thought whatsoever to ever seeing the NBA in this city again. There's just far too much bad blood spilled between the league, its' commissioner and the city in the last 6-7 years to the point where I don't think that their actions have been forgivable to the point where they can be trusted to do anything other than dangle that golden carrot...just like they still occasionally do to Vancouver. If the NHL is a more realistic probability, I hope all interested parties in Seattle concerned can and will get together to find a way to make it happen. Because if they don't, Quebec City most certainly will.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Zagnut wrote...
    Fakename,
    February 5, 2013 4:22 pm
    Hansen has made it very, very clear from day one that he is NOT interested in purchasing an NHL team. He wants and expects an NHL team to be a tenant in the arena, but he is ONLY interested in owning the Sonics. And a shovel will NOT be put in the ground for the new arena until Hansen has an NBA team. That is why Seattle will NOT have an NHL team until an NBA team is acquired.

    That being said, it will likely not take long from the day Seattle officially has an NBA team coming until the day Seattle will officially have an NHL team coming.

    But a Seattle NHL team will NOT be announced before a Seattle NBA team. You are not alone with this misunderstanding. There are a shocking number of sportswriters and professional commentators who don't seem to get it.

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Fakename70 wrote...
    Mr Know-It-All?
    February 6, 2013 11:48 am
    I'm actually very well aware of Hansen's NHL stance, but, if there's no teeth to Mayor Johnson's 11th hour stand, then why would the NBA elect to go through all the motions as if something was going to be accomplished in Sacramento when there's a sure thing warming up in the bullpen in Seattle? No one registered at this site knows for sure what's going to happen one way or the other. I merely raised the prospect of Levin entering the picture if things don't turn out the way Seattle's NBA investors want them to, especially since there doesn't seem to be another team other than Sacramento on its' death bed at the moment and there's no telling when there will be. And, anybody in Seattle hoping for an expansion team instead of a relocated one is dreaming. It was with all that in mind that I raised the NHL question, as it seems to be less of a hurdle than having to deal with the aforementioned characters involved with the NBA. The NHL may be inept, but, it isn't shady, unlike the NBA. IF the Sacramento bid falls through, do people in Seattle 9especially ones named Hansen and Ballmer) REALLY want to wait around for something else to fall into their lap when, by joining up with Levin, they can make something ELSE happen with the quickness? Contrary to what YOU think, I really don't believe I "misunderstood" anything about the situation at all. I merely raised the probability of turning to a more concrete Plan B if/when Plan A is taken off the board. I think you're being totally naive and somewhat arrogant if you really think the NBA is above any sort of Tom Foolery in regards to the Sacramento-to-Seattle situation.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    It's actually pretty simple
    February 6, 2013 9:52 pm
    A NHL tennannt alone will not provide the revenue required to make the new arena financially viable, where as the NBA as the only tennant would. Adding an NHL tennant after the arena is up would increase the arena's revenue.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Scrapiron1937 wrote...
    Supes
    February 5, 2013 5:05 pm
    Hanson main deal is getting a BB team here........Lets concentrate and put all of our efforts into that....Once you get a BB team then go after a hockey team.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Nomad_bychoice wrote...
    it's a done deal
    February 5, 2013 12:29 pm
    Stay positive fans, it's a done deal. A lot of the specifics of the signed agreement cannot be discussed Owner NBA rules until the NBA BOG (board of governors) either approves or disproves the sale. I am no biz man or lawyer but I find it hard-very hard-to believe that Hansen paid 30mil to the Maloof's with their history of flip flopping; without having a clause in the purchase and sale that prohibits the Maloofs from negotiating with another potential buyer, local or not.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Scrapiron1937 wrote...
    Its a done deal
    February 5, 2013 5:08 pm
    If it wasn't a done deal Hanson would never put up a 30M nonrefundable down payment.......We are getting the Kings I don't care what the Ice Princess (Johnson) says...Take it to the bank.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    it's a done deal
    February 5, 2013 1:14 pm
    4 the Kings. A friend of a friend told me so.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Scrapiron1937 wrote...
    its a done deal
    February 5, 2013 5:11 pm
    I wouldn't hold my breath my Sacramento fan.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Hawkman wrote...
    signed deal or no signed deal...
    February 5, 2013 1:43 pm
    thats the question. Chris has a signed contract with 30 Mil in deposit. It is what it is. They will try there best to come up with all they want, it dose not matter. It over, all but the wait for League approval. The League dose not want to deal with the wave of hate that would come from breaking a valid contract over a group of people trying a long shot. We all went through it with all the investors trying to save our Sonics. Little to late and many days to short as it is in CA. Kevin failed at the numerous attempts. It over. Go Sonics!!!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Nomad_bychoice wrote...
    it is signed
    February 6, 2013 11:57 am
    Hawkman..Mr. Hansen has a SIGNED PURCHASE and Sales agreement.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Nickatnyt wrote...
    Tuning out from now on.
    February 5, 2013 1:46 pm
    Please just report the final decision once the trucks have pulled up to haul the Kings stuff northward.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • TonyS wrote...
    Full of it...
    February 5, 2013 7:55 pm
    Kevin Johnson just likes to talk- he is positioning himself for CA governor, he has to show his fighting spirit to CA voters! He knows it's a done deal- besides his so called investors are not solid, reason why they are trying to recruit Ellison! The mayor is just full of hot air, and it's ready to exhale anytime now!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • mpgunner wrote...
    If the was true then...
    February 5, 2013 8:14 pm
    Seattle would still have a team, right?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Jarhead0228 wrote...
    Yet again we have optimistic fans.......
    February 5, 2013 11:03 pm
    On both sides who don't know anything! It is not a done deal until it is a done deal! Both sides can point to a report that says the Sonics are reincarnated and Kings fans can point to a story that says they are staying. A 30 million dollar deposit is nothing to a league grossing over 4 or 5 billion a year! A possible clause providing a right of first refusal means nothing if those owners don't have the money to buy the team. At the end of the day the Commissioner and the NBA as a whole would not allow Sacramento to go through all this if it was a charade! They are clearly not a charitable/non-profit organization. If Sacramento's efforts didn't have teeth they would not be doing this! Business deals fall through everyday, companies go under as well and I am confident they all have smart people negotiating those deals as well! Does anyone remember billions of our tax dollars used to bail out "good companies with smart people" running them? The only difference in this deal is a successful hedge fund manager and CEO of a huge company are dealing with a collection of unsuccessful and lying bachelors who have screwed up every business venture they have been involved with! So any of us who says, "this is a done deal or they are coming back or they are staying" is simply fooling themselves and others. One thing is certain either the start of the 2013 season will have the Sacramento Kings or the Seatlle Sonics opening at home or on the road! And no one writing an article or reading one and putting their biased opinion in a comment really knows!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Oly80 wrote...
    ugh...
    February 6, 2013 9:34 am
    either get it done, or let it go.

    this process is pretty lame.

    also, i'm SURE this isn't the most popular article on MyNorthwest. the article about two ladies where were getting married AND were not sold a cake by a religous baker is STILL the most popular.

    mynorthwest just doesn't want that article getting attention anymore. even though it's more interesting than "BREAKING NEWS!: sonics still not back yet and the mayor of a city still doesn't want his team to leave" cause we've never heard that story before.

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • rod64 wrote...
    DEAR MR. JOHNSON
    February 7, 2013 9:17 am
    OK MR.JOHNSON where are your so call investors at know it too late MR. JOHNSON. SEATTLE IS GOING HAVE YOUR TEAM. IT OVER
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }








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