Jan 2013: Sacramento Kings might be sold to Seattle group
Joyce Park stashed this in The Sporting Life
Oklahoma City stole the Sonics... now a bunch of wealthy Seattleites including Steve Ballmer is stealing the Kings and reviving the Sonics name.
Yes, the Thunder left the name and logos behind (presumably to the NBA) when they skipped town.
So is this the end of the Kings, or will someone else be able to pick up that name and logo?
The NBA is like musical chairs...
Forbes had estimated the value of the Kings at $300 million.
Ballmer and San Francisco hedge fund manager Chris Hanson are leading a group that will pay around $500 million to buy the NBA’s Sacramento Kings from the Maloof family. The Maloofs still owe Sacramento $77 million loaned to them to buy the Kings in 1997!
That article says that hedge fund managers keep buying sports franchises:
Hedge fund managers have been buying sports properties with gusto recently. Joshua Harris lead a group that purchased the 76ers of the NBA in 2011 . Most Wall Streeters have generated very good returns on their teams, generally beating the stock market by a wide margin over comparable periods.
Instead of buying the Kings, Ballmer ended up paying $2 billion for the Clippers.
The Kings have been looking to sell or move for a while. There's a better fanbase in Seattle. I think this is a good move.
Would have been a good move.