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[Deleted member 38182]

tell me more about this 

 

[SneakerProSr.]

See the Texas Rangers saga about what control a league has over the ownership group if a team goes to bankruptcy.

tell me more about this 

Basically the people the Bill Hicks (the previous owner of the Texas Rangers) owed money to blocked the Rangers from being sold to the group Hicks and MLB wanted the team to be sold to because it wasn't the highest bid.

The team literally went up for auction in Federal court and the highest bid won. The group MLB wanted to buy the team all along won the auction however Cuban could have easily won the auction he simply didn't want to go that high.

MLB hates Cuban and has blocked him from ever really buying a team but he almost got one due to the team being put up for auction and MLB really wouldn't have been able to do much.

 

[lightweight champion]

See the Texas Rangers saga about what control a league has over the ownership group if a team goes to bankruptcy.

Final approval of the Rangers sale rests with MLB, which had the option of choosing the second-highest bid instead. But it didn't come to that.

http://m.espn.go.com/general/story?storyId=5436579&city=dallas

 

[SneakerProSr.]

I see the NBA doing whatever it can to avoid the Kings going into bankruptcy because then it will be out of their hands. Hicks thought putting the Rangers into bankruptcy would expedite the sale but it didn't and it took away his and MLB's control in who got the Rangers.

Quiet as kept I'm pissed Cuban didn't get the team.

 

[SneakerProSr.]

See the Texas Rangers saga about what control a league has over the ownership group if a team goes to bankruptcy.

Final approval of the Rangers sale rests with MLB, which had the option of choosing the second-highest bid instead. But it didn't come to that.

http://m.espn.go.com/general/story?storyId=5436579&city=dallas

So you really think they had the auction for ***** and giggles?

I mean I know that's in that article but lettuce be cereal the group that won the auction legally tried to block the auction but the creditors weren't having it.

 

[SneakerProSr.]

The question about bankruptcy is who do the Maloofs owe money to?

Hicks owned banks half a billion dollars if the only creditors the Maloofs have for the Kings are the NBA and the city they then there is no point is taking the team into bankruptcy and the league can take over the team and sale it to whomever without worrying about being sued by creditors.

 

[Deleted member 38182]

The question about bankruptcy is who do the Maloofs owe money to?

Hicks owned banks half a billion dollars if the only creditors the Maloofs have for the Kings are the NBA and the city they then there is no point is taking the team into bankruptcy and the league can take over the team and sale it to whomever without worrying about being sued by creditors.

as far as I know the Maloofs only owe major money to the NBA and the city.

The Palms' debt was already taken on by their two creditors, so they seized 98% of the Palms... which was easily their biggest debt owed, had to have been at least $500mil (in all honesty, I feel kinda bad for the Maloofs and how poorly timed their investments on the Palms was)

and then they sold their beer distributorship in 2010, probably so they could continue to try to run the Palms until a year later in 2011 when TPG and some other equity firm took over their debt.

 

[crcballer55]

The question about bankruptcy is who do the Maloofs owe money to?

Hicks owned banks half a billion dollars if the only creditors the Maloofs have for the Kings are the NBA and the city they then there is no point is taking the team into bankruptcy and the league can take over the team and sale it to whomever without worrying about being sued by creditors.

as far as I know the Maloofs only owe major money to the NBA and the city.

The Palms' debt was already taken on by their two creditors, so they seized 98% of the Palms... which was easily their biggest debt owed, had to have been at least $500mil (in all honesty, I feel kinda bad for the Maloofs and how poorly timed their investments on the Palms was)

and then they sold their beer distributorship in 2010, probably so they could continue to try to run the Palms until a year later in 2011 when TPG and some other equity firm took over their debt.

The Palms was built in 2001. They were able to enjoy almost the entire Las Vegas boom minus 2-3 years. It was the desire to build a second building that ultimately did them in. Honestly, I still wonder how a casino can possibly have financial difficulty. Anyone that knows an ounce about gaming odds knows that the margins on casino games are ridiculous! The Maloofs are one of the only casino managers I know that was actually able to go under. Even the Indian Casinos in nowhere California were able to make it through unscathed (and even contribute significantly to political organizations).

At some point, when an owner keeps losing businesses, it ceases to be bad luck and turns into someone with bad management skills who doesn't learn from their mistakes. Even Donald Trump who is also a land developer and filed for Bankruptcy 4 times has learned from each one and turned to licensing instead of direct development.

 

[Deleted member 38182]

I've always wondered myself, how a casino doesn't make money 

but somehow the Maloofs managed to do just that.

With the NBA and pro sports in general, its understandable to not be raking in dough as a business.... but casinos???? Impossible.

 

[Deleted member 38182]

We will not stand by and allow Sacramento to be pushed around by out of state billionaires trying to do an end run. #NBAKings
— Ted Gaines (@TedGaines) May 12, 2013

Damn good read by Ken Berger
[h1] [/h1]

[h1]Will Seattle group's hostile takeover of the Sacramento Kings work?[/h1]May 12, 2013 4:13 pm ET

Owners Phil, George and Gavin Maloof face an uphill battle in their effort to sell the team to a Seattle group. (USATSI)
Let's review: The Maloofs made a deal to sell the Sacramento Kings  to Chris Hansen and Steve Ballmer, who planned to move the team to Seattle. The city of Sacramento put together an ownership group and passed another funding plan for a new arena in an effort to keep the team.

Owners spent weeks considering whether Sacramento's efforts to keep the franchise passed muster under the league's constitution and bylaws, which set forth various specific criteria that must be considered before allowing a team to move. On April 29, the owners' relocation committee voted 7-0 to reject the Kings' bid for relocation, a strong statement that was expected to resonate with the full board of governors in a May 15 vote in Dallas on the Kings' future.

More on Kings sale

Stories

Kings agreed to phase out revenue sharing Owners do what's right, recommend Kings stay Johnson disputes skepticism over city's bid

Before that committee recommendation, which under normal circumstances would be followed nearly 100 percent of the time by the full board of 30 ownership representatives, Hansen announced that his group was raising the ante. The Hansen-Ballmer agreement to purchase 65 percent of the team from the Maloofs would now be based on a valuation of $550 million, an increase of $25 million. Now, Hansen has sweetened the pot again -- increasing the franchise valuation by another $75 million as part of a backup plan to buy 20 percent of the team from the Maloofs  if owners formally reject relocation on Wednesday in Dallas.

Oh, and as part of this backup plan, owners are being offered a relocation fee of $115 million -- approximately $4 million per owner -- in a nearly four-fold increase of the $30 million fee that owners received when the SuperSonics moved from Seattle to Oklahoma City in 2008, league sources confirmed to CBSSports.com on Sunday.

Question No. 1: What?

Question No. 2: Can we please have one of those fast-talking auctioneers with a cowboy hat and a lip full of Skoal at the Board of Governors meeting on Wednesday?

Question No. 3: Pretty please?

I could go on and on with the questions, but let's stop for a moment and call this what it is: an extortion attempt. A hostile takeover.

If you were to point out that the Sacramento group led by software billionaire Vivek Ranadive did the same thing when it agreed as part of its negotiations with the NBA to forgo revenue sharing once the Kings moved into a new Sacramento arena, I'm not going to argue with you. There are no clean hands in this process.

But what the Maloofs and Hansen-Ballmer have conspired to do here is not only shocking for its avarice, but also incredibly shortsighted and illogical. Since we love to analyze what makes NBA owners tick, let's follow this Hansen-Ballmer backup plan to its illogical conclusion.

Let's assume for a moment that the owners on the relocation committee -- Clay Bennett (Thunder), Ted Leonsis (Wizards), Micky Arison (Heat), Greg Miller (Jazz), Herb Simon (Pacers), Glen Taylor (Timberwolves) and Peter Holt (Spurs) -- are so tone deaf and arrogant that they would admit publicly that a bribe of $4 million per owner was sufficient reason to change their minds and say that relocation of the Kings now sounded like a pretty good idea, after all. Let's assume they would actually do that. The NBA would be setting a precedent for future prospective owners that it's OK to circumvent the league's constitution and bylaws and simply continue throwing money at them until they say yes. That would be something; something that's not going to work.

Assuming this would not happen, because the owners presumably would want to maintain at least the appearance of dignity and not open up their own franchises to hostile takeovers, what's the end game? If the full board follows the recommendation to reject relocation, and the Maloofs refuse to sell to the Ranadive group, what happens next?

Would the owners on the advisory finance committee -- James Dolan (Knicks), Wyc Grousbeck (Celtics), Larry Tanenbaum (Raptors), Jeanie Buss (Lakers) and Robert Sarver (Suns) -- recommend that the Maloofs should remain the majority owners of the Kings? Would they recommend that 20 percent of the team should be sold to a group that has vowed to move the team to Seattle, in direct opposition to the relocation committee's recommendation and, presumably, the full board's vote, as well?

Would 75 percent of the owners -- the threshold required to approve an ownership transfer -- vote for such an incongruous arrangement? Clearly, the owners want the Kings to reside in a viable market, with a strong ownership group and a new arena. Does anyone really believe that Hansen and Ballmer are going to buy 20 percent of the team for $125 million and then make an arena deal with Sacramento? If you believe that, then I'll trade you DeMarcus Cousins and Tyreke Evans for LeBron James and a free kick in the groin of your choice.

So this whole thing is a non-starter. The owners on the relocation committee can't change their minds, unless they want to sign off publicly on accepting a bribe. How transparently greedy would that be?

The owners can't sign off on the team staying in Sacramento with minority owners who are determined to move it against the NBA's wishes -- minority owners who obviously have the wherewithal to become majority owners with one wire transfer.

Could you imagine the owners welcoming someone into their exclusive club as part of an unholy alliance with the members they can't wait to get rid of -- and leaving the team stuck in a city where it has no chance of achieving an arena deal?

One more question: Does this just about sum it up?

 

[SneakerProSr.]

If the Maloofs show up in Dallas for the owners meetings ill take them out for a pair Bred 11s and a some carne asada fries.

Srs

 

[thedeek]

If the Maloofs show up in Dallas for the owners meetings ill take them out for a pair Bred 11s and a some carne asada fries.

Srs

How many orders of Carne Asada fries would be enough to take the place of the Bred's for you?

 

[dmbrhs]

Bruski has hit pretty much everytime with his sources' reports since this Seattle saga started...


I was really hoping this 100% Maloofs doing, but it seems like its on Ballmer. Like I've said a few times now, I really hope he doesn't light any bridge on fire with the NBA to the point where there is 0% hope of Seattle getting a team. They absolutely deserve a team, just not the Kings, and not running around like a chicken with it's head cut off acting petulant about it.

Of course it's Ballmer. I've been saying it since Day 1. He will do anything it takes to get what he wants. He's the most cutthroat businessman in the world. He would kill his first child. At this point, I wouldn't be surprised if he said "here's $1 billion, give me a team".

 

[thedeek]

Bruski has hit pretty much everytime with his sources' reports since this Seattle saga started...


I was really hoping this 100% Maloofs doing, but it seems like its on Ballmer. Like I've said a few times now, I really hope he doesn't light any bridge on fire with the NBA to the point where there is 0% hope of Seattle getting a team. They absolutely deserve a team, just not the Kings, and not running around like a chicken with it's head cut off acting petulant about it.

Of course it's Ballmer. I've been saying it since Day 1. He will do anything it takes to get what he wants. He's the most cutthroat businessman in the world. He would kill his first child. At this point, I wouldn't be surprised if he said "here's $1 billion, give me a team".

If it reaches 1 billion, I wouldn't even be mad anymore That's ridiculous power. :x :x

 

[Deleted member 38182]

Ya I remember you telling me about Ballmer a few months ago.

Its just weird to hear reports of Ballmer actually in action with this act. He's willing to kill his first child, and also apparently any chance of the NBA returning to Seattle if he doesn't get the Kings 

 

[SneakerProSr.]

Bruski has hit pretty much everytime with his sources' reports since this Seattle saga started...


I was really hoping this 100% Maloofs doing, but it seems like its on Ballmer. Like I've said a few times now, I really hope he doesn't light any bridge on fire with the NBA to the point where there is 0% hope of Seattle getting a team. They absolutely deserve a team, just not the Kings, and not running around like a chicken with it's head cut off acting petulant about it.

Of course it's Ballmer. I've been saying it since Day 1. He will do anything it takes to get what he wants. He's the most cutthroat businessman in the world. He would kill his first child. At this point, I wouldn't be surprised if he said "here's $1 billion, give me a team".

Its deeper than basketball now or even business now.

Rich dudes have huge egos and don't like being told no.

 

[SneakerProSr.]

I shouldn't admit this but this saga is more entertaining than the NBA playoffs to me.

This **** like a movie you got villains and everything.

 

[SneakerProSr.]

Double

 

[lightweight champion]

“@jonhumbert: ALSO NEW: Source also confirms that both #NBASeattle & #nbakings groups will be allowed to present one final time Weds.”

 

[Deleted member 38182]

We can only hope the Maloofs and Ballmer are there as well 

"I will give you, the NBA, Microsoft for the Sacramento Kings"

 

[thedeek]

They better really mean final this time.

 

[tsamshox]

I ******g HATE the Maloofs

 

[noblekane]

sounds like terrible news for the kings

 

[niketalker23]

sounds like terrible news for the kings

False.

Everything the Maloofs have planned or been a part of (including relocation attempts) withing the last ten years, have failed miserably. If they are there to sell the idea of relocating the Kings, it can only be good for Sacramento.

Besides, knowing that the NBA wants to tap into the Indian market, the money to be made by having the first Indian owner + the man who's company has a huge tech presence in India (Qualcomm/Jacobs) is greater than what Hansen is offering.

Not only that, from what we've been transpire these last few years, KJ gives one hell of a presentation.

 

[tyrekeevans]

carmichael dave and peaches know something?

Grant Napear ‏@GrantNapearshow 21m
Wish it was 3pm tomorrow already! Trust me...this is gonna be a GREAT week for our community and all of the Kings fans! #sackings4ever

nvm thats the start of his show right? haha