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Kings Not Moving to Seattle

16 May

The Maloofs continue to do everything in their power to sell the Sacramento Kings to a Seattle group led by Chris Hansen. But with NBA owners voting 22-8 in favor of keeping the Kings in Sacramento, Hansen’s offer is now officially out of the equation.

Just last week, Hansen upped his offer from $358 million, to $409 million dollars making the value of the transaction worth $625 million dollars. By comparison, the Memphis Grizzlies were sold for $377 million.

It was really beginning to look like the Kings move to Seattle was going happen, but the tides have turned.

The Maloofs, after refusing to sell the Kings to a Sacramento group, will have to get a deal done with Silicon Valley billionaire Vivek Ranadive, and Commissioner David Stern believes a deal will happen.
“It is my expectation that we’ll be able to make a deal with the Maloofs and the Ranadive group. It’s not a certainty, but we’re going to work toward that result,” Stern said.

Even though the Kings are out of the equation, Seattle is still determined to get an NBA team. NBA Deputy commissioner Adam Silver expects Seattle to get a franchise after a TV deal is made, but no one knows how long that will take.

At least we figured out one thing through all of this, and that’s the Kings will be staying in Sacramento.

 
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Posted by on 05/16/2013 in NBA

 

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