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NBA Commissioner: Decision on Kings may Not Happen by Board of Governors Meeting



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(Sacramento, CA)
Wednesday, April 03, 2013
Press conference with Mayor Kevin Johnson, Sen. Darrell Steinberg and Vivek Ranadivé
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Press conference held by NBA Commissioner David Stern
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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."
 
 
kings-NYC-presser-rot
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. 
 
stern-presser-rotator
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:
 
kings-nyc-viveck-primary
 

We've got our game faces on! #   HereWeStay pic.twitter.com/ITiUgqhzqp

 
 
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. 
 
keep-kings-nyc-rot

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.

Additional Kings coverage:

Today on Insight 

NBA.com Hang Time Blog

NBA.com Video archive - Watch the press conferences following the presentations

 

 

 
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