Big day Friday in fight for Sacramento Kings
It could be another significant day in the saga of the Sacramento Kings.
SEATTLE - It could be another significant day in the saga of the Sacramento Kings.
A King County judge could rule on a motion to dismiss the last remaining lawsuit against Chris Hansen s Seattle Arena proposal.
Mark Baerwaldt, of Citizens for More Important Things, believes the $490 million dollar proposal violates the terms of Initiative 91. That initiative, passed by voters in 2006, says the Seattle must make a profit on any investment in a sports facility.
The Memorandum of Understanding for the Arena, approved by the Seattle City and King County Councils, calls for at least $145 million in public financing, and up to $200 million if Hansen can secure an NBA and NHL franchise. The bonds would be paid back with Arena related revenue. Hansen also agreed to spend $40 million in transportation improvements and $7 million in renovations on Key Arena.
Seattle City Attorney Pete Holmes has asked a judge to toss out the complaint. If he s successful, it would mean Hansen would have cleared both legal hurdles prior to next week s vote on his purchase and relocation of the Sacramento Kings. Holmes, Seattle Mayor Mike McGinn and Seattle City Councilman Tim Burgess have all maintained the deal was I-91 compliant.
The ruling could come hours before a deadline, set by the Maloof family, for a binding, concrete, written backup bid for the Kings franchise. A source says the Maloofs could require a non-refundable $30 million dollar down payment. A group of California based investors, led by Golden State Warriors minority investor Vivek Ranadive, have suggested they will submit a competitive bid.
Hansen, and his investors, which include Microsoft CEO Steve Ballmer, Pete, and Erik Nordstrom, have a signed deal to purchase 65% of the franchise, which would be revalued at $525 million dollars. The group has already submitted a $30 million dollar deposit to the Maloofs.
If a backup offer is submitted, it would come one week before NBA owners are scheduled to vote on Hansen s proposal.
Multiple people with knowledge of the negotiations say it is still unclear whether a vote will be taken. A simple majority is needed to approve relocation, but at least 23 owners need to vote to approve the sale.
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