I do not pretend to understand all the technical jargon of selling or relocating an NBA team, but from where I am sitting, it seems like the Sacramento Kings’ move to Seattle is going to happen.
The Maloof family has agreed to sell their majority ownership to a Seattle group led by Chris Hansen, who I recently found out is actually NOT the “To Catch a Predator” guy (just kidding).
So how much are the Sacramento Kings worth? Apparently a lot more than you might think.
The Maloofs and another part owner are selling 65 percent of the franchise for $525 million. I know that figure includes fees and other various money amounts but that is still pretty impressive considering the franchise is only valued at $293 million and it was originally bought for $156 million.
Remember last year when the owners fought against the players for every single penny during the lockout because they were bleeding money? LeBron James does.
After news got out about the sale of the Kings, King James took to Twitter to voice his opinion.
“So the Kings getting sold for 525M!! And the owners ain't making no money huh? What the hell we have a lookout for. Get the hell out of here… And from what I hear the 525M isn't even the whole % of the team! Smh. One thing is I can't hate on their hustle though. Crazy”
Lookout means lockout. That threw me off at first too.
Anyway, the point is that LeBron is clearly angry that he and his fellow players had to fight against this group of owners last year and now the Maloofs are walking away with several hundred million dollars.
I cannot speak to their financial situation, but I’m sure owning a losing franchise like the Kings for that long has to be a bit of a money drain, especially when no one shows up to watch.
Unfortunately for LeBron, there is not much he can do about the whole thing, so he has to sit back and enjoy his own millions while this mess gets sorted out.
Image: Yahoo Sports