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Final NBA Vote on Kings Likely May 13



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(Sacramento, CA)
Friday, April 26, 2013

National Basketball Association Commissioner David Stern has told a gathering of Associated Press editors that a decision on the future home of the Sacramento Kings will likely happen on or about Monday, May 13.  

A special relocation and finance committee composed of twelve owners has been analyzing the details of competing offers for the team, and corresponding arena-construction proposals.  The committee will make its recommendations and submit a report this coming Monday, April 29. 

Twenty-three of the 30 owners would have to approve a sale of any portion of a franchise.   Sixteen owners are needed to approve a team's relocation.  

Each bidding group will be given the opportunity to make a final presentation before the full Board of Governors on the 13th.

A Seattle group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer has offered $357.5 million dollars for a 65-percent share of the team. 

A group of investors who would keep the team in Sacramento matched Seattle's initial offer of $341.25 million but did not match a last-minute increase by Hansen.

If the Board of Governors votes on both a sale and a possible move on the 13th, the relocation vote would take place first.  If there are not enough votes for relocation, the Seattle group could withdraw its bid, but the current majority owners -the Maloof family- have said that wouldn't mean the Sacramento investors would automatically become the new owners. 

The Maloof family says it never received an offer from the Sacramento investors as backup to the one made by Seattle.  They have not agreed -at least publicly- to sell to the Sacramento group if the Seattle deal is voted down by the NBA. 

Commissioner Stern has given no indication that the Maloofs would retain control of the team.  But, he has said the owners have the right to sell to whom they wish, and that one city will be unhappy when this process is over.

The owners on the committee who will make a recommendation on April 29 are: Micky Arison (Miami Heat,) Clay Bennett (Oklahoma City Thunder,) Jeanie Buss (Los Angeles Lakers,) James Dolan (New York Knicks,) Peter Holt (San Antonio Spurs,) Wyc Grousbeck (Boston Celtics,) Ted Leonsis (Washington Wizards,) Greg Miller (Utah Jazz,) Robert Sarver (Phoenix Suns,) Herb Simon (Indian Pacers,) Larry Tanenbaum (Toronto Raptors,) and Glen Taylor (Minnesota Timberwolves.)  

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