KB
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Found this interesting with rumors of the Kings being up to re-location, wouldn't be surprised to hear about either the Bobcats, Hornets or Raptors as other teams that come up in the conversation also
http://espn.go.com/nba/story/_/id/8365013/seattle-agrees-plan-build-new-nba-arena
Wuck #247
http://espn.go.com/nba/story/_/id/8365013/seattle-agrees-plan-build-new-nba-arena
Seattle agrees on arena deal
September 11, 2012, 5:02 PM ET
SEATTLE -- Efforts to bring the NBA back to Seattle took a giant step forward in a revised arena deal announced Tuesday, with investor Chris Hansen agreeing to kick in more money for transportation improvements near a proposed new arena, personally guaranteeing the city's debt -- and offering to buy everyone a beer.
The plan for the $490 million arena, which could also host an NHL team, represents the best shot at bringing the NBA back to Seattle. The SuperSonics ended their 41-year run here in 2008 and skipped town for Oklahoma City, where they became the Thunder.
Though formal votes are still required, Tuesday's announcement effectively gave Hansen, a San Francisco hedge-fund manager, and his fellow investors, including Microsoft CEO Steve Ballmer and Peter and Erik Nordstrom, of the department store clan, the green light to begin shopping for an NBA team.
The deal calls for $200 million in public financing to be paid back by arena-related taxes and rent. Under new terms announced by the City Council, Hansen would double to $30 million the reserves required to be kept on hand in case the arena's finances don't perform as expected.
Should the reserve run dry, Hansen would cover the balance himself. He agreed to be independently audited to assure that he's worth at least $300 million.
And at the end of the 30-year use agreement for the new arena, the city could force Hansen to buy it back for $200 million or make him pay to have it torn down should the team move on.
The three City Council members who announced the deal said the new terms mark a significant improvement for taxpayers over the original deal reached between Hansen and Mayor Mike McGinn in May. A council committee is expected to vote on the agreement Thursday, and the full council could vote as early as Monday. The King County Council already approved the earlier deal but would have to approve the changes as well.
"This agreement could fundamentally change the model of how public-private partnerships involving sports franchises are structured," said Councilman Tim Burgess.
Hansen, a Seattle native, early Facebook investor and big Sonics fan, said the talks were difficult, but that he was happy to be able to find common ground with the council. He thanked the fans who supported him through the process, and -- though not actually part of the deal -- he offered to buy a celebratory beer for anyone who shows up on Thursday evening at FX McRory's, a bar near the planned site of the arena.
The initial plan for the deal drew objections from the Port of Seattle, which expressed fears that putting a third sports facility in the neighborhood south of downtown -- next to the Seahawks and Mariners stadiums -- would choke crucial transportation corridors that support 30,000 jobs in the region and generate $3 billion in annual revenue.
The new agreement calls for $40 million to be put into an account to improve the mobility of freight in the area, an amount state Rep. Judy Clibborn described as a down payment that could be used to recruit further investments from the port and other organizations.
The port issued a statement Tuesday saying it would review the deal. The statement said the Port of Seattle Commission appreciates the council's efforts to revise the original proposal to respond to concerns.
The deal also includes $7 million in new money for KeyArena, where the Sonics used to play. The city would have sole discretion over spending that money.
Kris Brannon, a fan better known as "Sonics Guy," attended the news conference decked out entirely in Sonics yellow and green.
"I'm just overjoyed," he said. "Chris Hansen is just like us. He's a fan, and he wants to bring basketball back to Seattle."
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Johnson can be reached at https://twitter.com/GeneAPseattl
Wuck #247
Source: Kings sold to Sacramento group for $535 million
Ken Berger, CBS Sports
<time class="storyDate" pubdate="" datetime="2013-05-17T04:40:11Z">May 17, 2013 12:40 am ET
</time>CHICAGO -- David Stern's powers of persuasion and a closed path to Seattle resulted in the sale of the Kings on Thursday to a group that will keep them in Sacramento, a league source confirmed to CBSSports.com.
The franchise that only months ago seemed ticketed to Seattle was sold to the group led by software magnate Vivek Ranadive for $535 million, the source said. The agreement, signed by both sides, is subject to approval by the NBA's Board of Governors.
The franchise valuation increased by $10 million above the $525 signed offer from the group led by Ranadive that Stern mentioned on Wednesday after the league's Board of Governors meeting in Dallas. The league's owners voted 22-8 on Wednesday to reject relocation of the Kings to Seattle, effectively killing the Maloof family's agreement to sell the team to the Seattle-based group led by Chris Hansen and Steve Ballmer.
Approval of the sale, which requires three-fourths of the NBA's ownership representatives to pass, is expected to be swift and without incident. The purchase agreement is signed by both parties, the league source confirmed, which Stern indicated on Wednesday would represent all but a green light for the team's ownership to be transferred.
"If there is a signed document, we would in quick order convene by conference call the advisory finance committee, which has vetted, as far as you can go without a vote, the Ranadive group," Stern said.
The agreement between the Maloofs and the Ranadive group represents the final hurdle, pending league approval, in a three-year battle to keep the team in Sacramento. Mayor Kevin Johnson and city officials fended off an attempt by the Maloofs to move the team to Anaheim, then put together an ownership group and an arena deal to persuade NBA owners that the city remained capable of supporting the team.
The Hansen-Ballmer group initially agreed to buy 60 percent of the Kings from the Maloofs based on a franchise valuation of $525 million. It subsequently increased its offer to $625 million, with the difference between the two groups' offers essentially represented by the lack of a relocation fee with the team staying in Sacramento. Also, since the team is not moving, the new owners will not have to repay an estimated $76 million owed to the city of Sacramento.
In a last-ditch effort to be awarded the team, the Hansen group made what was characterized as a "backup deal" to buy 20 percent of the team from the Maloofs for $125 million and keep the team in Sacramento temporarily. But league sources told CBSSports.com that owners who'd already decided that relocation was not the preferred outcome saw through that deal and Stern dismissed it on Wednesday as a non-factor in the discussions.
League owners never weighed in with a vote on the proposed sale of the team to the Hansen-Ballmer group, but the agreement became moot once the Board of Governors followed the 7-0 recommendation of the relocation committee to reject the proposed relocation. The only hurdle left for Sacramento will be to follow through on the funding and construction of a new downtown arena, for which a plan has been passed by the City Council using an estimated $258 million in public funds.
Stern and incoming commissioner Adam Silver said on Wednesday that they regretted having left the Seattle market in 2008 when the SuperSonics moved to Oklahoma City. But Seattle is left to hope it can land a future relocated or expansion team with no promises from the NBA.
"Just our promise of fair dealing and ultimate consideration down the road," Stern said.
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