Sacramento Kings: High Hopes, Hard Numbers
“We’re in a fight for our lives,” said Mayor Kevin Johnson during a Kings watch party on Saturday.
And its a fight with tight time line too. The mayor is trying to put together a deal that would keep the Kings in Sacramento, and he’s trying to get that deal in front of the NBA as quickly as possible. He’s been promised a chance to present the plan to the NBA’s Board of Governors at their April 18th meeting, but having it before them sooner rather than later can only help Sacramento’s chances.
So what’s the competition look like? Here’s a break-down of the numbers as reported by FOX40, the Sacramento Bee, ESPN.com and Yahoo! Sports:
$525 Million. That’s the current valuation of the team. But the Maloofs wouldn’t get all that.
$341 Million. That would be the price of the 65% of the team the Maloofs have to sell. But they don’t get all that money either.
$278 Million. That would be what goes into Maloof pockets for their 53% stake in the team. But remember, there’s the outstanding debt on Sleep Train Arena.
$77 Million. That’s how much the Maloofs would have to pay the City of Sacramento for leaving Sleep Train early.. leaving them with $201 Million from the deal.
So how confident is the Hanson group out of Seattle that this deal will happen? $30 Million confident. That’s the non-refundable deposit the group will reportedly pay the Maloofs by February 1st- their’s to keep whether the NBA okays the deal or not.
Oh, and they’ll have to pay relocation fees, somewhere between $50 and $100 million. Let’s call it $70 Million.
So the grand total: $411 Million spent by the Hanson group of Seattle on majority ownership of a team that Forbes magazine recently valued at $293 Million.