Thursday, July 03, 2008
Sonics & Seattle settle for $45 - $70 million
From the Seattle Times:
I infer from the following that the commish was at work behind the scenes:
The Sonics name and "history of the team" were transferred to the city of Seattle. I'll put the over/under for the NBA's return at four seasons. If there is a team with happy feet, it could be shorter.
The city of Seattle will be paid $45 million in exchange for letting the Sonics move to Oklahoma City this year as part of last-minute settlement announced this afternoon.The $30 million requires that state legislation be passed next year to finance renovation of KeyArena. Politics can be strange, but the $30 million (present value more like $24 million) from Clay Bennett presumably would tilt the balance in favor of a bill. One downside of this feature of the settlement is that it puts a non-trivial sum of Bennett's money at work to preserve public financing of a basketball arena in Seattle.
Sonics owner Clay Bennett may have to pay an additional $30 million in five years if the city is unable to secure another NBA team, under the terms of the settlement announced at simultaneous press conferences in Seattle and Oklahoma City.
I infer from the following that the commish was at work behind the scenes:
Nickels said the settlement preserves the possibility of NBA basketball in Seattle in the future — noting that NBA Commissioner David Stern agreed as part of the deal that a renovated KeyArena could be suitable for basketball.Pleased as punch, I'm sure. Seattle fans feel hosed by the process (do read Horsey's fine piece and check out the comments below it). But once they get their jones going for basketball, which won't take long, Seattle will jump to the head of the queue for the next relocation.
In a statement, Stern said he was "pleased" with the settlement and said the NBA still regards "Seattle as a first-class NBA city that is capable of serving as home for another NBA team."
The Sonics name and "history of the team" were transferred to the city of Seattle. I'll put the over/under for the NBA's return at four seasons. If there is a team with happy feet, it could be shorter.
Labels: NBA, relocation, The Stadium Game
Tuesday, February 13, 2007
David Stern, cartel manager
How does The Las Vegas Kings sound?
NBA commissioner David Stern said yesterday that he's "positive" the All-Star Game in Las Vegas this weekend will lead to "initial discussions" about allowing a team to relocate permanently to that city.The story was sent by a longtime TSE reader who understands how an effective cartel operates. He opines:
In an interview with Newsday, Stern said he has not dropped his objections to having a team in Las Vegas while NBA games are on the city's gambling books. But in a significant change in position, Stern said he would not stand in the way if league owners voted to move a team to Las Vegas without taking games off the betting lines.
"Absolutely, not, I wouldn't," Stern said in a 20-minute phone conversation advancing the league's first All-Star Game in a non-NBA city.
So, let's see, the Maloofs just lost in a landslide election in Sacramento, there are no new prospects around here, the Maloofs have stronger ties to Vegas than to Sacramento, and are hosting the All Star game in Vegas this coming weekend, and all the early-exit clauses that went with the original Kings loan expire this coming summer...
Nah. All just a long sequence of pure coincidences. There's no connection here. Nothing to see here, ladies and gentlemen. Move ahead, please.
Har.
Labels: David Stern, NBA, relocation
