The Maloofs have made their decision — they have reached a deal to sell the Sacramento Kings to Chris Hansen and his Seattle based group. As we reported, that sale will be formally announced in the coming days, and by Feb. 1 the Maloof family will get a $30 million deposit.
But that is not the end of the saga. So what’s next? Does Sacramento have any chance of keeping their team?
Here’s what happens from here on out.
• The new ownership group will make their application to the league for team relocation to Seattle for next season, something they must do by March 1. This is key, what nobody wants is a lame duck season where the Seattle group owns the team with plans to move but they play in an empty Sacramento arena.
The relocation committee is expected to easily approve the move, reports Adrian Wojnarowski of Yahoo Sports and the NBC Sports Network. The Kings would play two seasons in Key Arena while their new stadium is built (not far from Safeco Field where the Mariners play). That stadium is going through an environmental review process now but has its financing and most governmental approvals in place already.
• The NBA’s Board of Governors — made up of the owners (or their appointed representative) — has to approve the sale, likely a vote will come when they meet in New York in April (giving the league time to do background checks on the new owners).
This is where Sacramento will makes its last stand — Mayor Kevin Johnson is scheduled to address the BOG and makes his pitch for the owners to reject the sale to Hansen and instead push the Maloofs to sell to a local ownership group. We have detailed how he is putting all of this together and it should be a good offer with legitimate big money. This group will include parties looking to build a new arena in Sacramento.
Johnson will have to show how keeping the team in Sacramento is better for the owners’ bottom line. Sacramento fans can preach image issues if they want, but money is what matters. If the lockout taught us one thing it is that. Which makes things a challenge for Sacramento because Seattle is a larger television market and the owners would get cash in their pockets from a from a relocation fee (which was $30 million for the Sonics to become the Thunder). But as we have detailed Sacramento Mayor Kevin Johnson believes he can make a compelling case because his group would not have to repay a loan to the city of Sacramento, nor would he have to pay relocate.
There are reports the owners just want to approve the sale and get this all behind them, but like always they will vote what is best for their pocketbooks.
• Negotiations with the Thunder over the name Sonics. Clay Bennett’s group, when it moved the team, kept the rights to the name Sonics but would be open to a transfer if a team moved to Seattle. It’s hard to see him standing in the way of this if the sale is approved, or David Stern letting him.
What is interesting is how you treat the history of the franchises. Do the old Seattle records move back to Seattle with the new franchise? What about the history and records of the Kings, a franchise with a long history going back through Kansas City to the early days of the NBA?
• Whatever happens with the sale of the team, look for a radical reorganization of the front office. Kings GM Geoff Petrie is in the last year of his deal and is reportedly going to retire at the end of the season.
Spurs head man R.C. Buford and former Pacers president Larry Bird are targets of the organization, reports Wojnarowski. Longtime NBA writer Peter Vecsey says Phil Jackson is in the mix for a front office spot. But even if the team stays it is expected that how the Kings are run as an organization will get an overhaul.