Timberwolves’ Aborted 1994 Sale Gives Sacramento Kings Fans Hope
Although five NBA teams have been allowed to relocate by NBA owners over the past 35 years, Sacramento Kings fans are hoping what happened to the Minnesota Timberwolves in 1994 will be more applicable.
Timberwolves owners sold the team to a group intent on moving the team to New Orleans for $152 million. A press conference was held in which then Governor of Louisiana Edwin Edwards welcomed the team and the owners to New Orleans. But the NBA board of governors nixed the deal after they suspected the sale was based on shaky financing.
That move was an invitation for local investors to raise the money to buy the team. Eventually businessman Glen Taylor purchased the team and kept it in Minnesota.
The sale of the Kings to a group in Seattle was confirmed by the NBA and again the board of governors will consider the sale.
Sacramento Mayor and former Phoenix Suns point guard Kevin Johnson is actively trying to put together a local group to buy the Kings.
While the group that sought to buy and move the Timberwolves eventually filed for bankruptcy, the buyer of the Kings appear to have deep pockets. They have arranged to build a $450 million dollar arena as well as pay more than $500 million for the team.