Press conference with Mayor Kevin Johnson, Sen.
Darrell Steinberg and Vivek
Ranadivé
Press conference held by NBA Commissioner David
Stern
Updated 4:35 p.m. - We don't
anticipate additional updates today. Tune-in to Capital Public
Radio and visit the site for more Kings coverage as the story
continues.
Updated at 4:20 p.m. - Both Cities Present to NBA,
Still Work to be Done
Sacramento and Seattle have made their presentations as to why the
Sacramento Kings should stay in town and play at a new arena.
It appears they both still have work to do.
The Seattle group led off with their leader -Hedge fund manager
Chris Hansen- doing most of the talking. He gave the details
of the deal to buy the team and build an arena. He also
touched on one of the biggest hurdles his group will have to
overcome -proving Seattle should have an NBA franchise just five
years after it lost the Seattle Sonics, "I just think you don't get
anywhere in life looking backwards and dwelling on things that have
gone wrong and maybe the counter to that is also that you know
sometimes you have to lose something that you really hold precious
and dear to really realize just how much it means to you."
The Sacramento group was lead by Mayor Kevin Johnson, with Ron
Burkle giving the arena presentation. But it was Vivek
Ranadive's talk that may have resonated most with the Commissioner.
Ranadive is the first Indian co-owner of an NBA franchise.
He stressed how he hoped the league would expand its reach,
"We talked about globalization -how, at one point china and india
were 2/3 of the world economy and at some point within the next
couple of decades, that will probably happen again. So, it
was important for it to become a global sport."
Kings majority co-owner George Maloof sat in on both presentations
and voice support for the Seattle bid. Stern says the decision will
be more complex than just a comparison of the two cities'
economies.
"Seattle is a vibrant and thriving market with plans for a great
building and Sacramento has been a great and supportive market of
the NBA with plans for a new building. And so we need to
flush out for the owners -every owner seems to have a different
question- but we got a fair amount of work to do."
Stern says there may not be a decision by the April 18-19 Board of
Governors' meetings, but he said a delay would not extend much past
that.
Sacramento and Seattle have made their presentations as to why the
Sacramento Kings should stay in town and play at a new arena.
It appears they both still have work to do.
The Seattle group led off with their leader - hedge fund manager
Chris Hansen - doing most of the talking. He gave the details of
the deal to buy the team and build an arena.
He also touched on one of the biggest hurdles his group will have
to overcome - proving Seattle should have an NBA franchise just
five years after it lost the Seattle Sonics, "I just think you
don't get anywhere in life looking backwards and dwelling on things
that have gone wrong and maybe the counter to that is also that you
know sometimes you have to lose something that you really hold
precious and dear to really realize just how much it means to
you."
The Sacramento group was lead by Mayor Kevin Johnson, with Ron
Burkle giving the arena presentation. But it was Vivek Ranadive's
talk that may have resonated most with the Commissioner.
Ranadive is the first Indian co-owner of an NBA franchise. He
stressed how he hoped the league would expand its reach,
"We talked about globalization - how, at one point China and India
were two-thirds of the world economy and at some point within the
next couple of decades, that will probably happen again. So, it was
important for it to become a global sport."
Sacramento and Seattle have made their presentations as to why
the Sacramento Kings should stay in town and play at a new arena.
It appears they both still have work to do.
The Seattle group led off with their leader -Hedge fund
manager Chris Hansen- doing most of the talking. He gave the
details of the deal to buy the team and build an arena. He
also touched on one of the biggest hurdles his group will have to
overcome -proving Seattle should have an NBA franchise just five
years after it lost the Seattle Sonics, "I just think you don't get
anywhere in life looking backwards and dwelling on things that have
gone wrong and maybe the counter to that is also that you know
sometimes you have to lose something that you really hold precious
and dear to really realize just how much it means to you."
The Sacramento group was lead by Mayor Kevin Johnson, with Ron
Burkle giving the arena presentation. But it was Vivek
Ranadive's talk that may have resonated most with the Commissioner.
Ranadive is the first Indian co-owner of an NBA franchise.
He stressed how he hoped the league would expand its reach,
"We talked about globalization -how, at one point china and india
were 2/3 of the world economy and at some point within the next
couple of decades, that will probably happen again. So, it
was important for it to become a global sport."
Kings majority co-owner George Maloof sat in on both
presentations and voice support for the Seattle bid. Stern says the
decision will be more complex than just a comparison of the two
cities' economies.
"Seattle is a vibrant and thriving market with plans for a
great building and Sacramento has been a great and supportive
market of the NBA with plans for a new building. And so we
need to flush out for the owners -every owner seems to have a
different question- but we got a fair amount of work to
do."
Stern says there may not be a decision by the April 18-19
Board of Governors' meetings, but he said a delay would not extend
much past that.
Sacramento and Seattle have made their presentations as to why
the Sacramento Kings should stay in town and play at a new arena.
It appears they both still have work to do.
The Seattle group led off with their leader - hedge fund
manager Chris Hansen - doing most of the talking. He gave the
details of the deal to buy the team and build an arena.
He also touched on one of the biggest hurdles his group will
have to overcome - proving Seattle should have an NBA franchise
just five years after it lost the Seattle Sonics, "I just think you
don't get anywhere in life looking backwards and dwelling on things
that have gone wrong and maybe the counter to that is also that you
know sometimes you have to lose something that you really hold
precious and dear to really realize just how much it means to
you."
The Sacramento group was lead by Mayor Kevin Johnson, with Ron
Burkle giving the arena presentation. But it was Vivek Ranadive's
talk that may have resonated most with the Commissioner.
Ranadive is the first Indian co-owner of an NBA franchise. He
stressed how he hoped the league would expand its reach,
"We talked about globalization - how, at one point China and
India were two-thirds of the world economy and at some point within
the next couple of decades, that will probably happen again. So, it
was important for it to become a global sport."
Vivek Ranadive, Kevin Johnson and Darrell
Steinberg address the press following the Sacramento presentation
to the NBA Board of Governors. (Photo from NBA.com
video)
Kings majority co-owner George Maloof sat in on both
presentations and voiced support for the Seattle bid.
Stern says the decision will be more complex than just a
comparison of the two cities' economies,
"Seattle is a vibrant and thriving market with plans for a
great building, and Sacramento has been a great and supportive
market of the NBA with plans for a new building. And so we need to
flush out for the owners - every owner seems to have a different
question - but we got a fair amount of work to do."
Stern says there may not be a decision by the April 18-19
Board of Governors' meetings, but he said a delay would not extend
much past that.
Updated at 3:40 p.m. Stern says Decision on Kings Sale
may be Delayed.
Sacramento and Seattle investors made their presentations
before the National Basketball Association today, but they still
have work to do. NBA Commissioner David Stern says the members of
the Board of Governors committee still have a number of questions
they want answered.
NBA Commissioner David Stern talks about the
presentations. (Photo from NBA.com video)
Stern says the questions focus on timelines, financing,
construction, and potential obstacles to the arena proposals in
both cities. Stern says the owners want the information as fast as
it can be provided.
"They're pushing us and I guess all that we want to say about
that it is that we're doing it as fast as we collectively can
together. And, it may slide past the board meeting, but
I wouldn't expect it -if it does- to slide by a lot, because
there's a combined interest in having some clarity come to this
situation."
Stern called both cities' existing arenas "substandard."
He did not comment on the specifics of the competing bids for the
team.
Updated at 2:18 p.m.
Original post at 1:05 p.m. Seattle Group Concludes
Presentation - Maloofs voice support for Seattle during
presentation.
The Seattle contingent made up of investors Chris Hansen and
Steve Ballmer has made its presentation to a special committee of
NBA owners. Also there were the Mayor of Seattle, Mike McGinn and
King County Executive Dow Constantine.
ADDED at 2:18
p.m.:
The leader of the Seattle group of
investors is hedge fund manager Chris Hansen. He gave the
majority of the group's presentation to the NBA committee.
One of the biggest hurdles his group
will have to overcome is to prove Seattle is an NBA city, after it
failed to support the construction of an arena and lost the team
five years ago, "I just think you don't get anywhere in live
looking backwards and dwelling on things that have gone wrong and
maybe the counter to that is also that you know sometimes you have
to lose something that you really hold precious and dear to really
realize just how much it means to you."
Constantine called Hansen's presentation thorough and Ballmer's
energetic, "Our primary purpose there was to
demonstrate we had between the city and the county the political
support for our agreement with the owners and the arena deal and I
think those are the types of things they were looking at is what
was the nature of the deal, what is the nature of the arena deal
and they just wanted to look into that a little bit and understand
where we were coming from and where we were going."
Constantine says Kings majority owner George Maloof spoke on
behalf of the Seattle group, "After owning that interest for so
many years, it was just from a personal perspective as a fan
of the NBA, touching to hear them talking about their long
involvement with the league going back to his parents."
The Sacramento group is currently presenting before the owners'
committee. There will be a press conference following that
presentation and an additional press conference by NBA Commissioner
David Stern.
2:00 p.m. - Photo tweeted by Vivek Randive prior to
Sacramento presentation:
10:59 a.m. NBA Board of Governors
This is the NBA Board of Governors who will be voting on the
potential sale of the Sacramento Kings:
- Micky Arison -Miami Heat
- Clay Bennett -Oklahoma City Thunder
- Jeannie Buss -Los Angeles Lakers
- Jim Dolan -New York Knicks
- Wyc Grousbeck -Boston Celtics
- Ted Leonsis -Washington Wizards
- Greg Miller -Utah Jazz
- Robert Sarver -Phoenix Suns
- Herb Simon -Indiana Pacers
- Larry Tanenbaum -Toronto Raptors
- Glen Taylor -Minnesota Timberwolves
- Peter Holt -San Antonio Spurs
10:16 a.m. BREAKING NEWS -- 7 percent minority share
of Kings will likely stay in Sacramento hands
The 7 percent share of the Sacramento Kings once owned by Bob
Cook will likely stay in the hands of Sacramento owners. Minority
owner
Dave
Lucchetti has submitted a bid for those shares -
matching an offer made by Seattle investor Chris Hansen.
Cook is in bankruptcy court and a trustee has control of his
shares.
Lucchetti's family owns a 2 percent share of the team passed
down by Fred Anderson and has the first right to match any offer
for other minority shares. Sacramento Mayor Kevin Johnson
approached Lucchetti, Gary Benvenutti, and John Kehriotis to ask
each to make an offer.
Lucchetti is President and CEO of Pacific Coast Building
Products.
10:06 a.m. Mayor Kevin
Johnson and Senate leader Darrell Steinberg will
present
Investors from Seattle and Sacramento are in New York City to
tell the NBA where they think the league's Sacramento franchise
should be for the next three decades.
Sacramento Mayor Kevin Johnson and California Senate leader
Darrell Steinberg are expected to make their presentations as part
of the Sacramento group. Steinberg will lay out his efforts
to streamline the environmental review process while touting the
California business climate.
California Senate leader Darrell Steinberg and Mayor
Kevin Johnson arrive at the St. Regis Hotel in New York City to
make their presentation to the NBA.
Seattle's group of investors led by Chris Hansen and Steve
Ballmer went first this morning. The Sacramento group is
expected to start at about 12:30 p.m. EST.
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