Hiccup in Kings sale to Seattle: Maloofs want to maintain control
Initial reports of the negotiations to sell the Sacramento Kings indicated that the Maloofs intended to retain a small share in the franchise after it moved to Seattle. But the question of importance here is if that share holds enough power to allow the Maloofs a part in the decision making process. According to sources, money aside a key feature of the negotiations stresses on Maloof family’s desire to serve as more than as namesake owners to the team and maintain their ties in the NBA.
The Maloofs brought the Sacramento Kings back in 1998. Although it’s a family run business, older brother Joe and Gavin Maloof have been at the forefront of running the franchise since the start.
Negotiations for the sale of the sale of the Sacramento Kings between the Maloofs and Hansen group had been reportedly taking place since a week, with rumblings that the parties were close to a deal on Wednesday. But both sides reportedly seized negotiations on Thursday. However, Maloof brother George Jr., also went on record and said that the two parties were no longer close to a deal.
Many Sacramento sports fans, who fear of losing the city’s only major pro sports franchise since it moved in on 1985, have previously witnessed the Maloofs get cold feet on several occasions. In the past, the Maloofs have backed-down on deals at the last minute, including their hand in killing the proposal for the construction of a new arena in Sacramento last year.
Majority hedge fund manager Chris Hansen has worked hard towards getting the support and creating the circumstances to bring a major sports franchise back to Seattle. Including reportedly driving up a $500 million deal for the Sacramento Kings, Chris Hansen has received the city of Seattle and King County’s proposal to build a new arena in Sodo as soon as his investment group gets hold of an NBA team.